The market growth can be attributed to several factors, which have led to its wide-scale adoption. The increasing prevalence of skin disorders & cancers and the approval of new biologics for photodynamic therapy are anticipated to further contribute to this substantial market growth during the forecast period. However, risks and side effects associated with the therapy are likely to restrain market growth to a certain extent.
Market Industry Reports (MIR) has published a new report titled “Photodynamic Therapy Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Photodynamic Therapy Market accounted for over US$ 900 million in 2019. The market is anticipated to grow at a CAGR of 16.6% from 2019 to 2030.
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Some of the prominent players in the Photodynamic Therapy Market include:
Sun Pharmaceutical Industries Ltd., BIOFRONTERA AG, Theralase Technologies Inc., LUMIBIRD, Quest PharmaTech Inc., Modulight, Inc., Galderma, Suslaser.com, Biolitec AG, and Bausch & Lomb
The increasing prevalence of cancers and skin disorders, such as actinic keratosis, psoriasis, acne, rosacea, etc., is expected to further promote the adoption of photodynamic therapy, which will attract revenue growth in the photodynamic therapy market globally. According to GLOBCAN, approximately 18.1 million new cancer cases were found in 2018. Furthermore, as per the American Academy of Dermatology, as of 2017, 2.1% of the total population of the U.S. suffered from psoriasis, which accounted for approximately 7.0 million.
To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, in January 2020, Theralase Technologies Inc., a clinical-stage pharmaceutical company dedicated to the research & development of light-activated photodynamic compounds was granted a U.S. Patent for multi-wavelength Photodynamic Therapy (“PDT”) technology.
The Photodynamic Therapy Market is segmented on the basis of Product, Modality, Cancer Type, End-Users and region.
Drugs and Devices
Cancer, Actinic Keratosis, Psoriasis, and Acne
Hospitals, Cosmetics & Dermatology Clinics, and Cancer Treatment Centers
As a standard protocol at MIR, all research assignments go through the following rigorous processes.
- Secondary Research
- Primary Research
- Market Size Estimation & Forecasting
- Data Validation & Triangulation
- Report Generation
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Table of Contents
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2017 & 2018; Base Year – 2019; Forecasted Years – 2020 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Data Validation and Triangulation
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
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