Global To Define Growth For The Photodynamic Therapy Market

Posted by Merin John on May 17th, 2021

The Photodynamic Therapy Market report by Persistence Market Research takes into consideration the healthcare industry’s transformation concerning services, infrastructure, coupled with support extended from the governments all across. Technological advancements are capable of catering to patients on an urgent basis. As such, both – stress and time could be saved.

Actinic keratosis, psoriasis, acne, rosacea, esophageal cancer, and basal cell carcinoma are considered to be the topmost risk factors that are boosting the demand for photodynamic therapy among the general population. However, the growing availability of FDA-approved photosensitizer drugs and laser systems is contributing to the increased adoption of novel and innovative technologies to treat various conditions of dermatology, ophthalmology, and oncology.

According to the Skin Cancer Foundation, one in five Americans are projected to develop skin cancer by the age of 70 years. Moreover, actinic keratosis has been registered as the most common precancer that affects over 58 million Americans. The above mentioned skin disorders, along with other indications, such as non-small cell lung cancer and esophageal cancer, can be treated effectively with the help of photosensitizer drugs. Thus, photodynamic therapy is the most preferred treatment among prevalent people for skin disorders and associated cancers, which is driving the demand for phototherapy devices and photosensitizer drugs, thus generating growth opportunities for the photodynamic therapy market.

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According to the latest research by PMR, the global photodynamic therapy market is estimated to have accounted for US$ 1,202.1 Mn in terms of value in 2019. The report on the photodynamic therapy market further projects that the photodynamic therapy market is likely to grow at a CAGR of 6.2% during the period 2019-2029.

The growing prevalence and incidence of skin cancers and dermatology disorders, mostly basal cell carcinoma, psoriasis, actinic keratosis, and rosacea, is boosting the demand for photodynamic therapy, and this is one of the leading factors contributing to the revenue growth of the photodynamic therapy market. Moreover, according to National Psoriasis Foundation, approximately 125 million people worldwide, which account for 2 to 3% of the total population, are known to suffer from psoriasis.

The photodynamic therapy market report tracks some of the key companies operating in the photodynamic therapy market, such as Sun Pharmaceutical Industries Ltd., Galderma SA, Biofrontera AG, Bausch Health Companies Inc., Novartis AG, Allergan Plc., Hologic, Inc., and Quest PharmaTech Inc.