Photodynamic Therapy Market to See Huge Growth by 2030 | Theralase Technologies Inc., LUMIBIRD, Quest PharmaTech Inc., Modulight

Photodynamic therapy (PDT) is a medical treatment for cancer that uses photosynthesizing substances with light to kill the cancer causing cells. This therapy has proved its efficiency to destroy microbial cells, like viruses, bacteria, and fungi. Essentially, the therapy is majorly used for treating acne and several medical conditions, such as psoriasis, age-related macular degeneration, and atherosclerosis. Photodynamic therapy has also proved its ability in various anti-viral treatments, such as herpes. The major types of cancers that use PDT therapy include lung, neck, bladder, and head. The treatment is also proved to be minimally toxic and minimally invasive. Photodynamic therapy essentially reduces the need for delicate surgeries, faster recovery from illnesses, and lessens the development of disfigurement and scar tissue.

Market Industry Reports (MIR) has published a new report titled "Photodynamic Therapy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2030." According to the report, 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:

INTRODUCTION
Market Definition
Market Classification
Geographic Scope
Years Considered for the Study: Historical Years - 2016 & 2017; Base Year - 2018; Forecast Years - 2019 to 2030
Currency Used

RESEARCH METHODOLOGY
Research Framework
Data Collection Technique
Data Sources
Secondary Sources
Primary Sources
Market Estimation Methodology
Bottom Up Approach
Top Down Approach
Data Validation and Triangulation
Market Forecast Model
Limitations/Assumptions of the Study

ABSTRACT OF THE STUDY

MARKET DYNAMICS ASSESSMENT
Overview
Drivers
Barriers/Challenges
Opportunities

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