The Business Research Company’s Photodynamic Therapy Global Market Report 2021: COVID-19 Implications And Growth To 2030
LONDON, GREATER LONDON, UK, August 13, 2021 /EINPresswire.com/ — 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.
The global photodynamic therapy market size is expected to grow from $3.39 billion in 2020 to $3.96 billion in 2021 at a compound annual growth rate (CAGR) of 16.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The photodynamic therapy market is expected to reach $7.10 billion in 2025 at a CAGR of 15.7%.
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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 centers, others.
The photodynamic therapy market consists of sales of photodynamic therapy products by entities (organizations, sole traders, and partnerships) that are engaged in manufacturing and selling phototherapy treatment drugs, light therapy devices, and related products. 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.
Major players in the photodynamic industry 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.
Photodynamic Therapy Global Market Report 2021 – By Product (Drugs, Devices), By Application (Actinic Keratosis (AK), Cancer, Acne, Psoriasis), By End-User (Cosmetics And Dermatology Clinics, Hospitals, Cancer Treatment Centers), COVID-19 Implications And is one of a series of new reports from The Business Research Company that provides photodynamic therapy market overview, forecast photodynamic therapy market size and growth for the whole market, photodynamic therapy market segments, and geographies, photodynamic therapy market trends, photodynamic therapy market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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