Photodynamic Therapy Market Size, Share And Growth Forecast 2024- 2032
Global Photodynamic Therapy Market Size
Photodynamic Therapy Market is projected to reach US$ 6.97 Billion by 2032 from US$ 3.63 Billion in 2023. According to Renub Research, it’s predicted to expend at a CAGR of 7.52% from 2024 to 2032
Photodynamic remedy is an antitumor treatment method that uses photosensitizers in various tumors. PDT relies on administering a mild sensitive dye to the target site accompanied by excitation with light of appropriate wavelength and fluence. This photo-activated molecule reacts with intracellular oxygen to induce selective cytotoxicity of centered cells by generating reactive oxygen species.
The demand for complementary treatment like photodynamic therapy is rising due to the upward thrust in cancer rate, particularly skin cancer
The demand for complementary treatment, particularly photodynamic therapy, has increased due to the growing prevalence of cancer worldwide. This opportunity treatment is gaining popularity as many human beings use it to manage their conditions. The growth of the photodynamic therapy marketplace is pushed through elevated consumer knowledge, growing R&D, and growing treatments for various conditions. Additionally, the demand for photosensitizer therapies and equipment used in treating cancers is expected to propel the boom of the photodynamic therapy market. Cancer is one of the substantial reasons of loss of life globally, accounting for more than 10 million deaths in 2020, and demand for photosensitizer therapies is expected to increase due to the growing cancers cases international. Actinic keratosis is a skin precancer more often delivered on via extended, unprotected exposure to UV mild, and its increasing occurrence is expected to enhance the demand for photodynamic remedy for its treatment and care.
Request for free Sample Report: https://www.renub.com/request-sample-page.php?gturl=photodynamic-therapy-market-p.php
PDT therapy is gaining popularity as people analyze more approximately its advantages and uses
Photodynamic therapies is a scientific procedure that makes use of mild and photosensitizing chemical compounds to deal with cancer and skin problems. The demand for PDT treatment is rising because of its effectiveness, low invasiveness, and capacity benefits over traditional cures. The increasing cognizance of photodynamic therapy’s benefits is found to behave as a motive force for the worldwide market. This growing consciousness is raising interest from academic, investors, and healthcare specialists and growing patients acceptance rates. PubMed study performed in 2019 revealed that 86.2% of Chinese sufferers with oral leukoplakia answered definitely to photodynamic remedy. The study confirmed complete remission in 55.2% of instances and partial remission in 31.0%.
United States PDT Therapy Market
The United States market for photodynamic treatment devices is predicted to grow profitably because of improved R&D spending, technological traits, and public consciousness of the treatment. The upward push in cancer cases and the expanding use of photodynamic therapy as a treatment are also predicted to contribute to the enlargement of the marketplace. The National Board of Health and Welfare said that during 2020, the USA Cancer Registry received reviews of 68,318 malignant tumors from 62,555 individuals. PDT is a less invasive treatment that minimizes damage to healthful tissues, enhancing patient’s quality of life. Its financial advantages and tailored approach are driving the Photodynamic Therapy marketplace revenue notwithstanding the quantity of cancer-associated deaths being higher than the number of humans recognized with the disease.
In January 2023, Biofrontera Bioscience GmbH received a notice of allowance from USA Patent Office for a patent application on a novel lights method for Photodynamic Therapy (PDT) treatment of skin issues.
Biofrontera Inc.’s BF-RhodoLED XL has achieved a considerable milestone through being indexed inside the FDA’s Orange Book. This reputation via the FDA, coupled with the tool’s previous patent in the US in March 2022 under patent range 11,235,169, validates the devices protection and efficacy, bolstering investor confidence inside the photodynamic treatment devices marketplace.
Global Photodynamic Therapy Company Analysis
Several competitors, which include Gladerma S.A., Sun Pharmaceutical Industries Ltd., Biofrontera Inc., Lumibird S.A., Bausch Health Companies Inc., Soligenix Inc., Modulight Corporation, and Theralase Technologies Inc lead the photodynamic therapy Industry.
Global Photodynamic Therapy Company New
- Jan 2024 – Metallopolymer strategy to explore hypoxic energetic slim-bandgap photosensitizers for powerful cancer photodynamic therapy
- In Jan 2023 – Biofrontera Bioscience GmbH granted a patent by the United States Patent and Trademark Office for a brand-new technique for treating skin conditions with Photodynamic Therapy (PDT).
- In February 2023 – the FDA accredited the ML6710i photodynamic laser for treating Age-related Macular Degeneration patients with conventional subfoveal choroidal neovascularization.
- In May 2023 – Rakuten Medical got approval from the Indian CDSCO to behavior a Phase III clinical trial on Alluminox treatment for patients with head and neck squamous cell carcinomas in India.
- In August 2023 – ImPact Biotech partnered with Maastricht University to research treating myopic macular degeneration the use of ImPact’s Padeliporfin VTP platform.
According to a statement from the medicine’s inventor, in July 2023, ImPact Biotech’s product, which uses the photosensitizer padeliporfin and laser light delivery to treat locally advanced pancreatic cancer, has been granted orphan drug status by the FDA. It works by boosting antitumor immunity and intensifying cancer cell destruction.
- In February 2023 – The FDA gave Elranatamab’s biologics license software top priority to deal with humans who have relapsed or refractory multiple myeloma (RRMM).
- In Sept 2022 – Quest PharmaTech Inc. sold its ownership interest in Bioceltran Co., Ltd. and returned its PDT technology license.
- In Jan 2021 – Olympus Corporation acquired Quest Photonic Devices B.V. to strengthen its surgical endoscopy abilities.
About the Company:
Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.
Media Contact:
Company Name: Renub Research
Contact Person: Rajat Gupta, Marketing Manager
Phone No: +1-478-202-3244 | +91-120-421-9822 (IND)
Address: 225 Kristie Ln, Roswell, GA 30076
Email: info@renub.com
LinkedIn: https://linkedin.com/company/renub-research
Website: www.renub.com