USD 2.05 billion growth in the Photodynamic Therapy Market from 2022 to 2027, highlighting major innovations and key vendor offerings- Reported by Technavio

NEW YORK, Feb. 16, 2024 /PRNewswire/ -- The photodynamic therapy market size to grow by USD 2,053.68 million from 2022 to 2027, progressing at a CAGR of 8.22% during the forecast period. The report provides competitive landscape of the market and information about 20 market companies, including: Bausch Health Co. Inc., Biofrontera AG, BIOLASE Inc., biolitec AG, Galderma SA, II VI Inc., IRIDEX Corp., Lotus Global Group Inc., LUMIBIRD SA, Lutronic Inc, Modulight Inc., Photocure ASA, Pinnacle Biologics Inc., Quanta Systems Spa, Soligenix Inc., SpectraCure AB, Sun Pharmaceutical Industries Ltd., SUS Advancing Technology Co. Ltd., Theralase Technologies Inc., Eufoton srl.  Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). Download Sample Report in minutes!

Company Offering

• Bausch Health Co. Inc.- The company offers photodynamic therapy through its subsidiary Bausch and Lomb.
• Biofrontera AG - The company offers a photodynamic therapy device namely BF-RhodoLED.
• LUMIBIRD SA - The company offers photodynamic therapy devices through its subsidiary Omnilux Medical.

Early detection of cancer is a key factor driving growth. Lack of exercise and excessive tobacco and alcohol consumption can lead to many types of cancer, including lung, stomach, kidney, head and neck, and laryngeal cancer. Photodynamic therapy is gaining popularity as an effective method of cancer treatment. The growing demand for this treatment encourages manufacturers to develop more advanced and improved versions of their products. Hence, the early detection of cancer is expected to drive growth during the forecast period. 

• An increase in R&D and advances in technology is a major trend. 
• The high cost of treatment is a significant challenge restricting growth. Drivers, Trends, and challenges have an impact on dynamics, which can impact businesses. Find more insights in a sample report!

The market is segmented by application (cancer, actinic keratosis, psoriasis, acne, and others), product (photosensitizer drugs, and photodynamic therapy devices), and geography (North America, Europe, Asia, and the Rest of the World (ROW)).

• The growth by the cancer segment will be significant during the forecast period. Various factors such as age, lifestyle habits, family history, or inherited conditions, along with prolonged chronic diseases, can increase the risk of developing cancer. Globally, photodynamic therapy is a widely used treatment for cancer. This therapy utilizes a drug activated by a light agent, known as a photosensitizer, to target and kill cancer cells. Hence, these factors are expected to drive segment growth during the forecast period.
• North America is estimated to contribute 36% to the growth during the forecast period. This report presents a detailed picture by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

The Photodynamic Therapy (PDT) market is witnessing remarkable growth due to its efficacy in treating various conditions, including cancer cells, viruses, and infections. PDT utilizes light-sensitive compounds to target and destroy diseased cells, making it a promising therapy for combating ailments such as SARS-CoV-2 and RNA viruses. Moreover, PDT extends its benefits beyond medical realms with applications like photodynamic disinfection (PDI) for sanitation. With rising prevalence of cancer and skin disorders, PDT offers a non-invasive alternative, reducing the need for minimally invasive procedures and alleviating the financial burden of cancer treatments. Educating consumers about PDT's potential benefits, especially in addressing conditions like acne and eye disorders, is crucial to expanding its adoption and impact.

In the rapidly evolving landscape of medical treatments, Photodynamic Therapy (PDT) stands out as a promising modality for combating various skin conditions. PDT involves the administration of photosensitizer drugs, activated by UV light, to target affected areas like actinic keratosis (AK) on the face. This innovative approach requires specialized equipment and thorough research and development (R&D) to optimize efficacy and minimize side effects. As trends shift towards non-invasive treatments, the demand for PDT, particularly in the photosensitizer drugs segment, is on the rise. Regulatory authorities like the World Health Organization (WHO) and the Office of Orphan Products Development play pivotal roles in ensuring the safety and efficacy of PDT. Soligenix, Inc., a key player in this arena, continues to drive advancements in PDT, addressing concerns such as the cost of therapy and expansion. Understanding the chemical components of these drugs is crucial for enhancing treatment outcomes and complying with regulatory standards. In navigating the PDT industry, stakeholders must stay attuned to emerging technologies and evolving regulatory landscapes to capitalize on its full potential.

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

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SOURCE Technavio