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Photodynamic Therapy Global Market Rising Trends, Industry Size, Share Report, Growing Demand and Business Opportunities And Forecast 2024-2033
Photodynamic Therapy Global Market
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According to The Business Research Company's, The photodynamic therapy market size has grown strongly in recent years. It will grow from $1.36 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to aging population pool, an increase in cancer prevalence, an increase in skin diseases, rising pollution rates, increased healthcare expenditure and growth in the number of healthcare facilities.
The photodynamic therapy market size is expected to see strong growth in the next few years. It will grow to $1.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to the rise in healthcare expenditure, insurance coverage for photodynamic therapy, high potential in emerging economies, increasing teenage population, increasing older population, increasing prevalence of cancer and chronic diseases and emergence of infectious diseases. Major trends in the forecast period include introduction of portable photodynamic therapy device that help in at-home dermatological pdt treatments, investing in artificial intelligence enabled pdt for improved treatment of patients, expanding product portfolio in cosmetic procedures, continue to invest in research and development, focus at providing photoimmunotherapy devices and expand portfolio to include photothermal therapy.
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Market Drivers and Trends:
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 contributes to 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 the 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.
Players in the photodynamic therapy market are increasingly focusing on clinical trials for PDT in combination with different drugs. For instance, in December 2021, Biofrontera Inc., a U.S.-based biopharmaceutical company, announced that Phase 1 research to assess the safety and tolerability of photodynamic therapy (PDT) for the treatment of actinic keratosis (AK) utilizing three tubes of Ameluz and the company's BF-RhodoLED XL lamp had enrolled its first participant. This therapy involves the administration of three tubes of Ameluz in conjunction with the brand-new BF-RhodoLED XL light for the treatment of mild-to-severe actinic keratosis (AK) on the face and scalp.
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Major Key Players of the Market:
Veolia Water Technologies, WesTech Engineering Inc., Smith & Loveless, Fluence Corporation Limited, Ovivo Water,Bio-Microbics, Inc., Clearford Water System Inc., Arvind Envisol Ltd., Winelco, Aguapuro Equipments Pvt. Ltd., VA Tech Wabag GMBH, Thermax India, General Electric Water, Voltas Limited, Kubota Corporation, Hitachi, Ltd., LG Chem, Samsung Engineering Co., Ltd., Osmoflo, Suez, Degremont, Siemens Water Technologies, BASF, Evoqua Water Technologies, Acciona Agua, Aqualia, Xylem, Aqua Italia, Thames Water, Apa Nova Bucuresti, S.C. Apa Canal 2000 S.A., Ecol-Unicon, EKO-KOM, DuPont, Alliance Water Resources, Ecologix Environmental Systems, Ecolab, Calgon Carbon, Parkson, LuminUltra Technologies, Lystek, Fibracast, ChemTreat, Inquinat S.A, Agua y Saneamientos Argentinos, Triple A S.A. E.S.P, SNF Brazil, AL KAFAAH, Arabian Water FZE, Emvees Wastewater Treatment LLC, Gulfa Mineral Water, Utico FZC, Arab Water Treatment Company, Water Treatment Solutions Company, Egyptian German Company for Water Treatment, WECO Engineering and Construction Company Limited, Global Water Engineering Company Limited, Davis & Shirtliff Group
Photodynamic Therapy Market 2024 Key Insights:
• The photodynamic therapy market size is expected to see strong growth in the next few years. It will grow to $1.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Rising Prevalence Of Skin Cancer Drives Growth In The Photodynamic Therapy Market
• Clinical Trials Explore Photodynamic Therapy Combinations For Enhanced Treatment Efficacy
• North America was the largest region in the photodynamic therapy market in 2023
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