Major players in the photodynamic therapy market 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.
New York, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Photodynamic Therapy Global Market Report 2021: COVID-19 Implications And Growth" - https://www.reportlinker.com/p06144643/?utm_source=GNW
, SUS Advancing Technology Co. Ltd, Lumenis Ltd., PhotoMedex Inc., Dusa Pharmaceuticals, Soligenix Inc., Biolitec AG, Valeant Pharmaceuticals International Inc, Sanofi, Beiersdorf, and Ambicare Health.
The global photodynamic therapy market 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 market is expected to reach $7.10 billion in 2025 at a CAGR of 15.7%.
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.
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.
North America was the largest region in the photodynamic therapy market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Players in the photodynamic therapy market are increasingly focusing on clinical trials for PDT in combination with different drugs.For instance, in 2019, Biofrontera AG, a German-based biopharmaceutical player, launched its Phase III clinical trial assessing the safety and effectiveness of photodynamic therapy (PDT) with Ameluz and the BF-RhodoLED lamp for the use in the diagnosis of actinic keratoses (AK).
The clinical study reported positive results.
In May 2020, AbbVie, a US-based biopharmaceutical company that engages in the development and sale of pharmaceutical products acquired Allergan plc for $193.23 per Allergan share. Through this acquisition, AbbVie plans to expand and diversify AbbVie’s revenue base and also complementing its existing leadership positions in Immunology. Allergan plc is a US-based pharmaceutical company that manufactures, markets, and/or distributes brand name drugs and medical devices in the areas of medical aesthetics, photodynamic therapy, eye care, central nervous system, and gastroenterology.
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 countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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