Bizizz Market Research has recently published a research report, “Photodynamic Therapy Market By Type (Photosensitizer drugs and Laser devices), Application (Ophthalmology, Oncology and Dermatology), Component, and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Photodynamic Therapy Market was valued at US$ XX Bn in 2018 and it is anticipated to reach a market value of US$ 2.8 Bn by 2027, witnessing a CAGR of 5.7 % during the forecast period. Key drivers of the market are raising awareness among the patients and advanced technologies in cancer treatment.
Advanced discoveries of photodynamic therapy (PDT) are contributing to cancer patients. According to the observations made on the treatment of PDT multidrug-resistant breast cancer is an efficient method. Thus, companies offering photodynamic therapy in the global market are becoming aware in complexities of breast cancer resistance, thus supporting the PDT in healthcare and cancer treatments. The Cancer is projected to register a higher revenue share by various uses associated with photodynamic therapy market. Thus, healthcare organizations are involved in raising awareness among patients on PDT for breast cancer resistant patients. PDT is also utilized as a substitute to a range of therapies basing on antibiotics, in reducing drug resistance among patients. Companies are increasingly getting involved in Research and Development to access the PDT-resistant cells to perform research and study the influence of PDT for cellular targets. The healthcare institutions are enhancing the performance of PDT technology in offering therapeutic measures are favourable photosensitizer in the retention of the target tissue.
The Photodynamic Therapy market is anticipated to register a CAGR of 5.7% during the forecast period.
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By Product, Device segment held a prominent share in Global Photodynamic Therapy Market in 2018.
Photodynamic therapy devices are expected to exhibit lucrative opportunities through technological advancements that decrease the side effects along with rising awareness among patients. It is because of a rise in cancer patients along with increasing adoption rate of photodynamic therapy for cancer treatment. Increasing usage of photodynamic therapy including breast cancer, lung cancer and others are expected to boost devices market growth during the forecast period.
Europe is anticipated to be the fastest in the Global Photodynamic Therapy Market during the Forecast Period.
Europe accounts for about 23.4% of the cancer cases worldwide. Drivers in the rise of adoption of photodynamic therapy in the European market, latest offerings and rise in cancer cases are expected to foster the regional growth during the forecast period. As this region is developed there is high sustainability of healthcare institutions who could offer these products and services to treat cancer in this market. The companies in this region are also involved in investing Research and development in Cancer treatment shall contribute to the Photodynamic therapy market.
Global Photodynamic Therapy market was moderately consolidated with key players accounting for a significant share in 2018. The organizations in this market are offering technologically advanced products that contribute to the competency of the organizations globally.
Prominent players operating in the Global Photodynamic Therapy Market are Lumibird (Quantel Medical), BIOFRONTERA AG., Bausch Health Companies Inc., Galderma S.A., and Sun Pharmaceutical Industries Limited., among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
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