Global Photodynamic Therapy (PDT) Market Is Expected To Grow At An Impressive Growth With A 5.7% CAGR
The latest market report published by Brisk Insights “Global Photodynamic Therapy (PDT) Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global photodynamic therapy market is set to expand at a CAGR of 5.7% from 2018 to 2026.
Market Insights
Photodynamic therapy is being studied thoroughly by researchers throughout the globe to employ its mechanism of action for the treatment of cancer related to brain, cervix, prostate and peritoneal cavity. Nanotechnology is being harnessed for developing photosensitizer drugs for specifically targeting cancerous cells and lesion. The major limitation of photodynamic therapy is its inability to treat cancer in metastatic stage and burning sensation, swelling, itching etc., at the site of light exposure.
Technological revolution has taken place in the last decade regarding the production of photosensitizing drugs. Currently third generation photosensitizers are available possessing minimal toxicity and ability to produce reactive oxygen species on exposure to light emitted by laser sources. Laser diodes emitting light wavelength of 733 nm are being manufactured by medical device manufacturers to be extensively employed in the photodynamic therapy pertaining to skin and eye disorders.
Presently, oncology is leading the application segment for photodynamic therapy market. Photodynamic therapy is used in combination with immunotherapy for shrinking the blood vessels proving nutrients to the tumor cells. In dermatology PDT is widely employed for the treatment of disorders such as acne, atopic dermatitis and psoriasis. Extensive research is being conducted to develop PDT as a potent antimicrobial therapy for the treatment of drug resistant pathogens occurring on the skin surface and oral cavity. PDT is employed for targeting and destroying the neovasculature formation occurring in wet age related macular degeneration (AMD).
In the present scenario North America is reigning the regional segment for photodynamic therapy market. According to Center for Disease Control and Prevention (CDC), it is estimated that annually 9,500 people are diagnosed with skin cancer in the United States. Existence of excellent healthcare facilities and early diagnosis drive the photodynamic therapy market in the North America region. As per the latest research findings of Melanoma Patient Network Europe (MPNE), in Europe annually 104,000 new cases of skin cancer are diagnosed. Existence of major players such as Biofrontera, AG, Allergan Plc., and Galderma S.A. and rising prevalence of age related macular degeneration in elderly population drive the photodynamic therapy market. Asia Pacific serves as lucrative market opportunity on account of rising prevalence of eye and skin disorders and market expansion options for key players.
Browse the full report Photodynamic Therapy (PDT) Market - Growth, Future Prospects, Competitive Analysis, 2018 – 2026 at https://www.briskinsights.com/report/photodynamic-therapy-market
Pharmaceutical companies actively engaged in providing products for photodynamic therapy are Allergan, Plc., Biofrontera AG, Biolitec AG, Dusa Pharmaceuticals, Galderma S.A., Lumenis, Ltd., PhotoMedex, Inc., Soligenix, Inc., Quest Pharmatech, Inc. and Valeant Pharmaceuticals International, Inc.
Key Market Movements:
• Increasing number of people suffering with eye and skin disorders throughout the globe
• Technological advancement in the development of third generation photosensitizing drugs with negligible toxicity and excellent body compatibility
• Supportive regulatory environment for the approval and distribution of laser devices and photosensitizing drugs employed in PDT therapy