Photodynamic Therapy Market Forecast 2023-2027 By The Business Research Company
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s photodynamic therapy market report forecasts the photodynamic therapy market size to grow to $9.35 Billion by 2027, with a CAGR (compound annual growth rate) of more than 15%.
Learn More On The Photodynamic Therapy Market Report 2023 – https://www.thebusinessresearchcompany.com/report/photodynamic-therapy-global-market-report
Photodynamic Therapy Market Size Forecast
The global photodynamic therapy market is expected to grow from $4.58 billion in 2022 to $5.29 billion in 2023 at a compound annual growth rate (CAGR) of 15.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The photodynamic therapy market size is expected to grow to $9.35 billion in 2027 at a CAGR of 15.3%.
North America held the largest photodynamic therapy market share.
Key Photodynamic Therapy Market Driver – Rise In The Prevalence Of Skin Cancer
The American Cancer Society predicts that approximately 106,110 new melanomas will be diagnosed in the United States in 2021. (62,260 in men and 43,850 in women). As a result, rising skin cancer prevalence is expected to drive the photodynamic therapy market in the coming years.
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Key Photodynamic Therapy Market Trend – Focusing On Clinical Trials For PDT In Combination With Different Drugs
Participants in the photodynamic therapy market are increasingly focusing on clinical trials for PDT in combination with various drugs. For example, in December 2021, Biofrontera Inc., a biopharmaceutical company based in the United States, announced that its Phase 1 research to assess the safety and tolerability of photodynamic therapy (PDT) for the treatment of actinic keratosis (AK) using three tubes of Ameluz® and the company’s BF-RhodoLED® XL lamp had enrolled its first participant. Three tubes of Ameluz® are used in conjunction with the brand-new BF-RhodoLED® XL light to treat mild-to-severe actinic keratosis (AK) on the face and scalp.
Photodynamic Therapy Market Segment
1) By Product: Drugs, Devices
2) By Application: Actinic Keratosis (AK), Cancer, Acne, Psoriasis,Other Applications
3) By End-User: Cosmetics And Dermatology Clinics, Hospitals, Cancer Treatment Centers, Other End-Users
Photodynamic Therapy Market Major Players and Strategies
Major players in the photodynamic therapy market are Theralase Technologies Inc., Biofrontera AG, Hologic Inc., Bausch Health, Quest PharmaTech Inc., LUMIBIRD, Galderma Laboratories L.P., Sun Pharmaceutical Industries Limited, Allergan plc, Modulight Inc., SUS Advancing Technology Co. Ltd., Lumenis Ltd., PhotoMedex Inc., Dusa Pharmaceuticals, Soligenix Inc., Biolitec AG, Valeant Pharmaceuticals International Inc., Sanofi, Beiersdorf, and Ambicare Health.
AbbVie, a biopharmaceutical company based in the United States that develops and sells pharmaceutical products, acquired Allergan plc in May 2020 for $193.23 per Allergan share. AbbVie intends to use this acquisition to broaden and diversify its revenue base, as well as to supplement its existing leadership positions in Immunology. Allergan plc is a pharmaceutical company based in the United States that manufactures, markets, and/or distributes brand-name drugs and medical devices for medical aesthetics, photodynamic therapy, eye care, the central nervous system, and gastroenterology.
The Photodynamic Therapy Global Market Report 2023 covers regional data on photodynamic therapy market size, photodynamic therapy market trends and drivers, opportunities, strategies, and photodynamic therapy market competitor analysis. The countries covered in the photodynamic therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Photodynamic therapy is a procedure that uses a light source and light-sensitive medication to eliminate abnormal cells. It can be used to treat certain eye and skin disorders, as well as certain cancers. Photodynamic therapy (PDT) is a two-stage treatment that combines light energy with a drug (photosensitizer) that, when activated by light, destroys cancerous and precancerous cells.
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