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Description
Photodynamic Therapy Market size was valued at USD 3,387.5 million in 2021, growing at a CAGR of 14.0% during 2022–2028. Photodynamic Therapy (PDT) is a form of phototherapy that combines photosensitizer drugs with light and oxygen to produce cytotoxic reactive oxygen species (ROS) and induce tumor regression. Photosensitizers (PS) are recognised to play a vital part in photodynamic treatments because of their biological effectiveness, while laser and oxygen offer sufficient and adaptable delivery for disease therapy. Many photodynamic therapies have been carefully researched and approved by regulatory authorities. A number of photosensitizers have received clinical use approval or are presently undergoing clinical testing. According to the World Health Organization report 2020, Cancer is the main cause of mortality globally, accounting for up to 10 million fatalities, or close to one in every six lives., lung, Breast, colon, prostate, and rectum cancers are the most prevalent types of cancer. PDT has been demonstrated to be beneficial in treating breast cancer that is resistant to many drugs. According to a report by the Skin Care Foundation, skin cancer is the most common cancer in the US and worldwide. One in five Americans may have skin cancer by the time they are 70 years old. In the United States, skin cancer causes the death of more than two individuals every hour. The chance of developing melanoma is doubled if someone had five or more sunburns. According to estimates, the yearly cost of treating skin cancers in the United States is $8.1 billion, of which $3.3 billion goes toward melanoma and $4.8 billion goes toward nonmelanoma skin cancers. Between 1994 and 2014, the U.S. had a 77 percent rise in the detection and treatment of nonmelanoma skin malignancies, which may have boosted the market for photodynamic therapy. Increase in cancer prevalence, continuous research projects, acceptance of cutting-edge technology, an increase in government support and initiatives, and high healthcare costs will boost the market of photodynamic therapy. Side effects of the photodynamic therapy and high cost of product development and treatment can hinder the market growth of photodynamic therapy.
The Recent Photodynamic Therapy Market Developments:
In April 2021, Lumeda Inc., which is a technology startup, is announced the conclusion of its Series A funding. The company is developing PDT as intraoperative adjuvant therapy for patients. With the help of this funding, Lumeda will continue to develop their ground-breaking PDT system, which blends AI with specialized hardware and software.
In May 2021, Modulight Developed heat shock protein 90-targeted PDT for inflammatory breast cancer, a clinical trial of HS201-PDT will soon be initiated at Duke University for breast cancer patients.
