The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Photodynamic Therapy Global Market Report 2024, the photodynamic therapy market is expected to show significant growth in the forecast period.

Overview of Market Growth

The photodynamic therapy (PDT) market has experienced significant growth recently, rising from $1.36 billion in 2023 to an expected $1.45 billion in 2024, with a compound annual growth rate (CAGR) of 7.0%.

Historical Growth Drivers

• Aging Population: Increasing elderly demographics needing medical care.
• Cancer Prevalence: Rise in various cancer types requiring effective treatments.
• Skin Diseases: Higher rates of skin conditions driving demand.
• Rising Pollution: Increased environmental factors affecting skin health.
• Healthcare Expenditure: More spending on advanced medical treatments.
• Healthcare Facilities: Growth in the number of medical institutions.

Future Market Projections

The PDT market is projected to continue its robust expansion, reaching $1.85 billion by 2028 with a CAGR of 6.2%.

Key Factors for Future Growth

• Healthcare Expenditure: Continued rise in spending on health services.
• Insurance Coverage: Increased coverage for PDT treatments.
• Emerging Economies: High growth potential in developing markets.
• Demographic Shifts: Growing teenage and older populations.
• Cancer and Chronic Diseases: Higher incidence rates necessitating advanced treatments.
• Infectious Diseases: Emerging diseases increasing the need for PDT.

View More On The Photodynamic Therapy Market Report 2024 – https://www.thebusinessresearchcompany.com/report/photodynamic-therapy-global-market-report

Major Trends in the Forecast Period

• Portable PDT Devices: Introduction of at-home treatment options.
• AI-Enabled PDT: Investments in artificial intelligence for improved patient outcomes.
• Cosmetic Procedures: Expansion of PDT applications in cosmetic treatments.
• Research and Development: Continued investment in advancing PDT technology.
• Photoimmunotherapy Devices: New devices enhancing immunotherapy.
• Photothermal Therapy: Expansion of PDT to include thermal applications.

Rising Prevalence of Skin Cancer

The increasing prevalence of skin cancer, particularly melanoma, is a significant driver for the PDT market.

Impact of Skin Cancer on PDT Growth

• Common Cancer: Skin cancer is the most diagnosed cancer type.
• Melanoma: Though only 1% of skin cancers, it causes a high number of deaths.
• Treatment Method: PDT uses light-sensitizing medication and intense light to destroy cancer cells.
• Statistics: According to the American Cancer Society, about 106,110 new melanomas were diagnosed in the USA in 2021.

Leading Companies in the PDT Market

• Galderma S.A.
• Bausch Health
• Lumenis Ltd.
• Sun Pharmaceutical Industries Ltd.
• Biofrontera
• Modlight Inc.
• PhotoMedex Inc.
• Soligenix Inc.
• MediGlobus
• Steba Biotech
• Ambicare Health
• Nuovo Therapy
• Pharmstandard
• Rusatom Healthcare
• Roche Latvija SIA

Growing Investments in AI-Powered PDT

Artificial intelligence is playing a transformative role in enhancing PDT for cancer diagnosis and treatment.

AI-Driven Advancements

• Enhanced Diagnostics: AI models improve cancer detection and treatment outcomes.
• Funding: Significant investments in AI to advance PDT technology.
• Example: Lumeda Inc. raised $5.3 million in Series A financing in 2021 to develop AI-driven PDT systems.

Strategic Acquisitions and Expansions

Fluoguide’s Acquisition for Photothermal Therapy

• Exclusive Rights: In March 2021, Fluoguide acquired rights to FG001 for photothermal therapy.
• Focus: Enhancing surgical outcomes in oncology.

Market Segmentation

By Product

• Drugs
• Devices

By Application

• Actinic Keratosis (AK)
• Cancer
• Acne
• Psoriasis
• Other Applications

By End-User

• Cosmetics and Dermatology Clinics
• Hospitals
• Cancer Treatment Centers
• Other End-Users

Regional Insights

• North America: The largest region in the PDT market in 2023, with continued growth expected due to advanced healthcare infrastructure and high adoption rates.

Conclusion

The photodynamic therapy market is poised for substantial growth, driven by rising cancer rates, technological advancements, and increasing healthcare investments. With ongoing innovation and strategic expansions, the PDT market will continue to evolve, offering improved treatments and expanding its applications across various medical and cosmetic fields.

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