Photodynamic Therapy Global Market Report 2023
Major players in the 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.
New York, March 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Photodynamic Therapy Global Market Report 2023" - https://www.reportlinker.com/p06241910/?utm_source=GNW
, SUS Advancing Technology Co. Ltd., Lumenis Ltd., PhotoMedex Inc., Dusa Pharmaceuticals, Soligenix Inc., Biolitec AG, Valeant Pharmaceuticals International Inc., Sanofi, Beiersdorf, and Ambicare Health.
The global photodynamic therapy market grew 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 is expected to grow to $9.35 billion in 2027 at a CAGR of 15.3%.
The photodynamic therapy market includes revenues earned by entities by treating actinic keratoses and superficial basal cell carcinomas.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Photodynamic therapy refers to a procedure that uses a light source and medication that is light-sensitive to eliminate aberrant cells.Some eye and skin disorders, as well as specific cancers, can be treated with it.
Photodynamic therapy (PDT) is a two-stage treatment that combines light energy with a drug (photosensitizer) designed to destroy cancerous and precancerous cells after light activation.
North America was the largest region in the photodynamic therapy market in 2022. The regions covered in the photodynamic therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main type of products in the photodynamic therapy market are drugs and devices.PDT drugs are light-sensitive drugs that get activated with certain kinds of lights and destroy abnormal cells to treat various diseases.
PDT devices include lamps, LED devices, and other devices that emit light to activate PDT drugs. Photodynamic therapy is used in the treatment of various diseases such as acne, actinic keratosis, cancer and psoriasis, others and is implemented in various sectors such as cosmetics and dermatology clinics, hospitals, cancer treatment centres, and others.
The rising prevalence of skin cancer is contributing to the growth of the photodynamic therapy market.Skin cancer is observed to be the most common cancer of all cancers.
Melanoma attributes for only about 1% of skin cancers but causes a large number of skin cancer deaths.Photodynamic treatment (PDT) uses a combination of a light sensitizing medication and very intense light to destroy cancer cells.
The doctor applies a light sensitizing chemical-containing lotion to the skin cancer and surrounding area.According to the American Cancer Society, it is estimated that about 106,110 new melanomas will be diagnosed (about 62,260 in men and 43,850 in women) in the USA in 2021.
Therefore, the increasing prevalence of skin cancer is expected to fuel the growth of the photodynamic therapy market in the coming years.
Players in the photodynamic therapy market are increasingly focusing on clinical trials for PDT in combination with different drugs. For instance, in December 2021, Biofrontera Inc., a U.S.-based biopharmaceutical company, announced that Phase 1 research to assess the safety and tolerability of photodynamic therapy (PDT) for the treatment of actinic keratosis (AK) utilizing three tubes of Ameluz® and the company’s BF-RhodoLED® XL lamp had enrolled its first participant. This therapy involves the administration of three tubes of Ameluz® in conjunction with the brand-new BF-RhodoLED® XL light for the treatment of mild-to-severe actinic keratosis (AK) on the face and scalp.
In May 2020, AbbVie, a US-based biopharmaceutical company that engages in the development and sale of pharmaceutical products acquired Allergan plc for $193.23 per Allergan share. Through this acquisition, AbbVie plans to expand and diversify AbbVie’s revenue base and also complement its existing leadership positions in Immunology. Allergan plc is a US-based pharmaceutical company that manufactures, markets, and/or distributes brand-name drugs and medical devices in the areas of medical aesthetics, photodynamic therapy, eye care, central nervous system, and gastroenterology.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The photodynamic therapy market research report is one of a series of new reports that provides photodynamic therapy market statistics, including photodynamic therapy industry global market size, regional shares, competitors with a photodynamic therapy market share, detailed photodynamic therapy market segments, market trends and opportunities, and any further data you may need to thrive in the photodynamic therapy industry. This photodynamic therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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