Photodynamic Therapy MarketSize and Trends
Global photodynamic therapy market is estimated to be valued at US$ 4.51 Bn in 2023. Projections indicated a promising trajectory, with an anticipated compound annual growth rate (CAGR) of 8.6% from 2023 through 2030. By 2030, the market is poised to expand significantly, nearing the valuation of nearly US$ 8.02 Bn.
Global Photodynamic Therapy Market- Trends
- Combination Therapies: Combination therapies involving PDT are gaining traction. The synergistic effects of combining PDT with other treatment modalities, such as immunotherapy or targeted therapies, show potential for enhanced treatment efficacy, particularly in challenging cases like resistant cancers.
- Product Launches: Increasing new product launches in the market is expected to drive the market growth over the forecast period. For instance, in July 2022, Biolitec Pharma Ltd., a medical technology company, introduced the latest generation laser device named ELVeS Radial Laser System. The device offers advanced treatment options for various medical conditions including cancer, benign prostatic hyperplasia, and varicose veins, and thus, showcasing the continuous innovation in photodynamic therapy technologies.
- Minimally Invasive and Outpatient Procedures: The trend towards minimally invasive and outpatient procedures is boosting demand for PDT. Patients seek treatments that offer shorter recovery times and reduced hospital stays, aligning with PDT's characteristics.
- Advancements in Photosensitizers: Research efforts are focusing on developing more efficient and selective photosensitizers. Novel photosensitizers with improved pharmacokinetics, enhanced selectivity for cancer cells, and reduced side effects are being explored.
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