LONDON, Feb. 08, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the photodynamic therapy market, artificial intelligence models have shown great promise in cancer diagnosis and treatment. Funding to advance product design and clinical testing is growing among companies, including advances in artificial intelligence in Photodynamic Therapy (PDT). Amongst the other photodynamic therapy market trends, the use of artificial intelligence to study the pain and outcomes of superficial basal cell carcinomas and other diseases that are treated with PDT is an important development.
For instance, in 2023, Lumeda Inc., a technology company advancing PDT as an intraoperative adjuvant treatment for patients, announced the closing of its Series A financing that helped them raise $5.3 million. The funding is to be used to develop Lumeda’s breakthrough PDT system that leverages artificial intelligence and proprietary software and hardware. The artificial intelligence software automates and digitize PDT light delivery to improve control of the PDT device used by the physician during treatment and improve outcomes for cancer patients.
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The global photodynamic therapy market size grew from $3.39 billion in 2020 to $3.96 billion in 2023 at a compound annual growth rate (CAGR) of 16.9%. The change in growth trend is mainly due to companies’ stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. TBRC’s photodynamic therapy market growth analysis estimates the market to reach $7.10 billion in 2025 at a CAGR of 15.7%.
The photodynamic therapy market is driven by emerging economies such as India and China. These countries have high spending potential on healthcare, which will boost the photodynamic therapy market in the forecast period. For instance, around 90% of teens in China have skin problems like acne, eczema, and rashes. Also, in India, the number of people affected by acne is estimated to reach 23 million by the end of 2026. According to a 2020 report published by the Indian Council of Medical Research (ICMR), more than 1.7 million new cancer cases are expected to be registered in India, and there will be around 700,000 deaths due to various forms of cancer. The large consumer pool in emerging economies is expected to drive the growth of the photodynamic therapy market.
The global photodynamic therapy market is fairly concentrated, and the market has a limited number of large players. The top nine competitors in the market made up 31.23% of the total market in 2020. This can be due to high entry barriers along with high research and development costs associated with drug development and commercialization. Galderma S.A. was the largest competitor, with a 13.14% share of the market, followed by Bausch Health, Lumenis Ltd., Sun Pharmaceutical Industries Ltd., Biofrontera, LUMIBIRD, Modulight Inc., PhotoMedex Inc., and Soligenix Inc.
The global photodynamic therapy market is segmented by product into drugs, devices; by application into actinic keratosis (AK), cancer, acne, psoriasis, others; by end-user into cosmetics and dermatology clinics, hospitals, cancer treatment centers, others.
The global photodynamic therapy market overview identifies North America as the largest region, accounting for 37.2% of the total market in 2023. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the photodynamic therapy market will be Asia-Pacific and South America, where growth will be at CAGRs of 9.1% and 8.8%, respectively. These will be followed by Eastern Europe and the Middle East.
Photodynamic Therapy Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide photodynamic therapy market overviews, photodynamic therapy market analyze and forecast market size and growth for the whole market, photodynamic therapy market segments and geographies, photodynamic therapy market trends, photodynamic therapy market drivers, photodynamic therapy market restraints, photodynamic therapy market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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