Covina, July 30, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global photodynamic therapy devices market size and share is projected to grow from USD 2.1 Billion in 2024 to USD 15.8 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 24.8% during the forecast period (2024 - 2034).
Photodynamic Therapy Devices Market Report Overview & Introduction
Photodynamic therapy devices in the medical technology industry deal with equipment that falls under photodynamic therapy. The latter is a medical treatment that is targeted against certain cells by light and photosensitizer medications to produce reactive oxygen species that kill those targeted cells. It is one of the popular, minimally invasive treatments for psoriasis, acne, and skin cancer. It is expected to grow exponentially due to an increase in cancer cases, expanding therapeutic applications, and continuous development in light sources, delivery systems, and photosensitizer drugs. As PDT is precise and concentrated for the treatment of various medical needs, it is expected that shortly, it will be more exclusive in its adoption as the most common treatment methodology. PDT is an important modality in the treatment of various types of skin malignancies because the incidences of skin cancer are increasingly rising.
Treatment of psoriasis, acne vulgaris, and actinic keratosis using PDT devices has prolonged the market. Innovations like better light sources and distribution systems are expanding the business. Some of these innovations include more light wavelengths that permit increased tissue penetration depths. Also, novel photosensitizing drugs developed to be more efficient and specific are likely to contribute to further growth in the market. Development is in process, and some markets do exist for PDT devices.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Photodynamic Therapy Devices Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- GALDERMA
- Biofrontera AG
- Sun Pharmaceuticals Industries Ltd.
- LUMIBIRD Groups (Quantel Medical)
- Modulight Corporation
- Quest PharmaTech, Inc.
- Theralase Technologies Inc.
- SUS Advancing Technology CO., Ltd
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Market Dynamics:
Drivers:
The incidence of cancer is on the rise.
- With the increasing cases of cancer and the aging population, PDT devices are in huge demand. New developments in the area of technologies for early cancer detection have opened new patient populations to PDT, and its benefits like minimal invasiveness, quick recovery time, and potential for combination therapy drive this market.
The Aging Population and PDT
- The world population is getting older. This demographic shift is of importance to the medical device industry and the healthcare industry in general. Elderly people have a higher tendency to suffer from chronic diseases, of which cancer is one. PDT, being a minimally invasive modality of treatment, is suitable for an elderly patient who might not be able to tolerate traditional therapies. The increasing prevalence of age-related conditions, like macular degeneration, also unleashes newer opportunities in PDT application. PDT also goes in line with the growing need for more affordable treatment modalities, as it reduces hospitalization, improves patient outcomes, and probably lowers treatment costs.
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Market Trends:
Growing Costs of Healthcare
- Healthcare infrastructure, and related technical enhancements, have contributed to the growth of the PDT devices market. In this manner, healthcare providers and investors alike, from government-funded to private investors, are increasingly recognizing the potential of PDT both as a cost-effective and efficient treatment alternative; therefore, PDT has started to be applied in healthcare settings and further supported by funds for research and development. However, the entry of the healthcare sector, led by increased disposable income and economic prosperity, has provided the necessary environment for the commercialization of PDT devices.
Segmentation:
Photodynamic Therapy Devices Market is segmented based on Product Type, Application, and Region.
Product Type Insights
- For photodynamic therapy, photo-sensitizer drugs are very much needed as they will collect in target tissues and allow the activation of light that releases reactive oxygen species, leading to cell death. Taken topically or by inhalation, aminolevulinic acid, an endogenous precursor molecule to the biosynthetic pathway for porphyrins, will selectively accumulate in premalignant or malignant cells. Some of the advantages of synthetic drugs include those being porphyrins or porphyrin derivatives that have better light absorption and longer tissue retention times. Under clinical trials are chlorine-based photosensitizers, which have better tissue penetration and drug delivery with targets. Some special characteristics are possessed by drugs such as compounds of fullerene and phthalocyanines.
Application Insights
- PDT devices find applications in several areas, such as psoriasis, acne, cancer, and other diseases. Cancer occupies the biggest application segment due to the less invasiveness of PDT devices used in the treatment of many types of skin cancers. Another major application is actinic keratosis, wherein the PDT devices are used to treat the early stages and in the simplicity of treatment. It is also used in the treatment of moderate to severe acne, bringing down the inflammation by identifying and destroying bacteria that aggravate the inflammation. PDT devices are under research and development for age-related macular degeneration, bacterial infections in body cavities, or wounds. The business of psoriasis PDT devices is at a very nascent stage; a lot can be expected soon. Therefore, it can be predicted that PDT will keep growing in these areas and move further the cure of many diseases.
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Recent Development:
- In June 2024, Biofrontera announced the launching of a New, FDA-cleared red-light Source, the RhodoLED XL Lamp. This new device represents a leap in innovation for the treatment of PDT, with state-of-the-art engineering, robust, sleek construction, and an intuitive user interface. It should be easy to move around and accommodate different patient positions during the treatment process.
Regional Insights
- North America: North America holds a significant share of the industry at present for many reasons. First, PDT devices can be easily adopted by staffed and well-equipped medical centers such as hospitals and clinics. PDT happens to be one of the more recent medical treatments which patients in North America have relatively better access.
- Asia Pacific: With increasing disposable incomes and higher investments by the government in healthcare infrastructure, this region is expected to grow at the fastest rate in the coming years, thereby fueling the growth of the PDT device market. Just like the North American region, the PDT market in the Asia Pacific region is also expected to grow due to an increase in the cases of skin cancer.
Browse Detail Report on "Photodynamic Therapy Devices Market Size, Share, By Product Type (Photosensitizer Drugs, Aminolevulinic Acid, Porphyrin Derivatives, Chlorine, Others) By Application (Cancer, Actinic Keratosis, Acne, Psoriasis, and Others), By Region – Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/photodynamic-therapy-devices-market-5531
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