LONDON, 08 Feb. 28, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the photodynamic therapy market, artificial intelligence models have shown great promise in the diagnosis and treatment of cancer. Funding to advance product design and clinical testing is growing among companies, including advances in artificial intelligence in photodynamic therapy (PDT). Among other trends in the photodynamic therapy market, the use of artificial intelligence to study pain and outcomes of superficial basal cell carcinomas and other diseases treated by PDT is an important development.
For example, in 2021, Lumeda Inc., a technology company advancing PDT as an intraoperative adjuvant therapy for patients, announced the closing of its Series A funding that helped them raise $5.3 million. The funding is to be used to develop Lumeda’s groundbreaking PDT system that leverages artificial intelligence and proprietary software and hardware. The artificial intelligence software automates and digitizes the delivery of PDT light 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 has grown from $3.39 billion in 2020 to $3.96 billion in 2021 at a compound annual growth rate (CAGR) of 16.9%. The change in growth trend is mainly due to companies’ production stabilizing after meeting the demand which increased exponentially during the COVID-19 pandemic in 2020. The growth analysis of the therapy market Photodynamics by TBRC believes the market is expected to reach $7.10 billion in 2025 at CAGR of 15.7%.
The photodynamic therapy market is driven by emerging economies such as India and China. These countries have high potential for healthcare spending which will drive the photodynamic therapy market over the forecast period. For example, about 90% of teenagers in China have skin problems like acne, eczema, and rashes. Moreover, 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 cases of cancer are expected. be registered in India, and there will be around 700,000 deaths from various forms of cancer. The large pool of consumers in emerging economies is expected to drive the growth of the photodynamic therapy market.
The global photodynamic therapy market is quite concentrated and the market has a limited number of major players. the the nine best competitors in the composite market 31.23% of the total market in 2020. This may be due to high barriers to entry as well as high research and development costs associated with drug development and commercialization. Galderma SA was the biggest competitorwith a 13.14% market share, 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 in actinic keratosis (AK), cancer, acne, psoriasis, others; by the end user in cosmetic and dermatology clinics, hospitals, cancer treatment centers, etc.
Global photodynamic therapy market overview identifies North America as the largest region, representing 37.2% of the total market in 2021. It was followed by Asia-Pacific, then the other regions. In the future, the fastest growing regions in the photodynamic therapy market will be Asia-Pacific and South Americawhere growth will be CAGR of 9.1% and 8.8%, respectively. Eastern Europe and the Middle East will follow.
Global Photodynamic Therapy Market Report 2020-30: COVID-19 Growth And Change is part of a series of new reports by The Business Research Company that provide insights into the photodynamic therapy market, analyze the photodynamic therapy market and forecast market size and growth for overall market, Photodynamic Therapy market segments and geographies, Photodynamic Therapy market trends, Photodynamic Therapy market drivers, Photodynamic Therapy market restraints photodynamics, revenue, profiles and market shares of top photodynamic therapy market competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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