Photodynamic Therapy Market to Observe Rugged Expansion at a CAGR of 16.6% : Top Players Pharmaceutical, BIOFRONTERA AG, Theralase Technologies
The increasing prevalence of skin disorders & cancers and the approval of new biologics for photodynamic therapy are anticipated to contribute to this substantial market growth.
New York, NY -- (SBWire) -- 03/30/2020 --According to research, Photodynamic therapy, also known as PDT is a medical treatment that uses photosensitizing agents or special drugs with the support of light to destroy cancer cells. These drugs perform only on the application of special type of lights. Owing to use of light, this therapy is also called as photo-radiation therapy, photochemotherapy, or phototherapy. One the basis of the treated part of the body, the photosensitizing agent used here is either administered into the bloodstream with the help of vein or is applied directly on the skin.
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.
Top Key Players:
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, among others.
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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 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.
The Research Provides Answers To The Following Key Questions:
-How are the manufacturers operating in the Photodynamic Therapy Market plan to adjust their production according to the status of demand during the forecast period, 2019 to 2030?
-How are prominent leaders planning to secure economies in the distribution of their products?
-What are the defects in the existing products and what corrective measures should the product owners take to improve the product?
-How can companies explore new uses for their existing and new products or services, and thereby increasing the demands in the Photodynamic Therapy Market?
-What will be the market share over the estimated period?
-What are the general conditions prevailing in the Photodynamic Therapy Market?
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Table of Content:
GLOBAL PHOTODYNAMIC THERAPY MARKET – ANALYSIS & FORECAST, BY PRODUCT
GLOBAL PHOTODYNAMIC THERAPY MARKET – ANALYSIS & FORECAST, BY APPLICATION
GLOBAL PHOTODYNAMIC THERAPY MARKET – ANALYSIS & FORECAST, BY END USER
Cosmetics & Dermatology clinics
Cancer treatment centers
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