ALBANY, N.Y., Oct. 13, 2020 /PRNewswire/ -- From about USD 3 billion in the year 2018 the global photodynamic therapy market will witness an increase in valuation to about USD 11.8 billion by 2027. A compound annual growth rate of about 17% from 2019 to 2027 will be recorded. A number of growth factors will line the landscape, taking the growth trajectory higher.
As per Transparency Market Research, "The long list of trends and drivers that are helping the global photodynamic therapy market chart an impressive growth curve over the forecast period include factors like increasing prevalence of skin diseases and cancer, increasing research and development activities, and innovation."
Key Drivers of Growth in Global Photodynamic Therapy Market:
Incidence of skin diseases is growing and that is paving way for global photodynamic therapy market's growth
Increasing cases of cancer across the world are contributing to the high growth trajectory, which is anticipated for the market over the forecast period
Research and development (R&D) activities in the landscape is both intense and extensive and that is leading the market towards a host of novel opportunities
Innovation is also paving way for future growth in the global photodynamic therapy market
Growing demand for biologics to treat cancer is also marking the growth trajectory
Analyze global photodynamic therapy market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study https://www.transparencymarketresearch.com/sample.php
Regional Analysis of Global Photodynamic Therapy Market:
In the year, 2018, major regional markets were Europe and North America
High and growing number of cancer cases and presence of key global photodynamic therapy players are enabling growth in the latter over the forecast period
From 2019 to 2027, high CAGR will be recorded by the Asia Pacific (APAC) region
Competitive Landscape of Global Photodynamic Therapy Market:
Product development holds a key place in growth strategies of a number of proactive players in the global photodynamic therapy market. This is the reason why a number of top-tier players are highly focused upon research and development (R&D).
Notable players in the market are Biofrontera AG, Theralase Technologies Inc., Lumibird, Quest PharmaTech Inc., Modulight, Inc., Galderma Laboratories L.P. (Nestlé), Sun Pharmaceutical Industries Ltd., and SUS Advancing Technology Co., Ltd, among others. These players are striving for a larger revenue share of the market over the coming years and that is pushing them towards a variety of growth strategies.
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