What Has Driven the Growth of the Photodynamic Therapy Market in Recent Years?
The photodynamic therapy market has seen considerable growth due to a variety of factors.
• The market for photodynamic therapy has seen considerable expansion over the past few years. The market is projected to rise from $1.45 billion in 2024 to $1.55 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%.
Factors contributing to the growth during the historical period include the growing elderly population, rising incidences of cancer and skin diseases, escalating pollution levels, growing expenditure in healthcare, and an increase in the number of healthcare facilities.
What Is The Projected Growth And Market Size For The Photodynamic Therapy
The photodynamic therapy market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the photodynamic therapy market is anticipated to experience robust growth, reaching a valuation of $2 billion by 2029, with a compound annual growth rate (CAGR) of 6.5%.
This upward trend in the estimated period can be linked to factors such as heightened healthcare expenditure, insurance policies covering photodynamic therapy, untapped potential in developing economies, an escalating teenage demographic, a growing elderly population, rising occurrences of cancer and chronic illnesses, and the surfacing of infectious diseases. Significant trends seen during this future period include the incorporation of a transportable photodynamic therapy device enabling at-home dermatological PDT procedures, investments in artificial intelligence-enhanced PDT for enhanced patient care, broadening of product range in cosmetic surgeries, persistent funding in research and development, with an emphasis on supplying photoimmunotherapy devices and broadening the range to incorporate photothermal therapy.
What Factors Are Driving Growth In The Photodynamic Therapy Market?
The escalating number of skin cancer cases is fostering the expansion of the photodynamic therapy market. Among all types of cancer, skin cancer is the most widespread. Despite one percent of all skin cancer cases being diagnosed as melanoma, it accounts for a significant proportion of skin cancer fatalities. Photodynamic therapy, also known as PDT, combines a light-sensitive medicine with high-intensity light to eliminate cancer cells. This therapy involves a doctor administering a lotion that contains a photosensitizing chemical to the skin cancer and the adjacent area. The American Cancer Society revealed in January 2024 that skin cancer is the most common cancer in the United States. The pernicious melanoma represents approximately one percent of all cases but is responsible for majority of skin cancer fatalities. Furthermore, it is projected that, in 2024, there will be around 100,640 new melanoma diagnoses in the U.S., distributed between roughly 59,170 in men and 41,470 in women. Predictions also suggest that approximately 8,290 melanoma-related deaths will occur, with about 5,430 males and 2,860 females affected. Consequently, the surging prevalence of skin cancer is anticipated to drive the growth of the photodynamic therapy market in future years.
What Are The Main Segments Of The Global Photodynamic Therapy Market?
The photodynamic therapy market covered in this report is segmented –
1) By Product: Drugs, Devices
2) By Application: Actinic Keratosis (AK), Cancer, Acne, Psoriasis, Other Applications
3) By End-User: Cosmetics And Dermatology Clinics, Hospitals, Cancer Treatment Centers, Other End-Users
Subsegments:
1) By Drugs: Photosensitizers, Combination Drug Therapies, Novel Photosensitizer Formulations
2) By Devices: Light Sources (Laser Systems, LED Systems), Delivery Devices (Fiber Optics, Handheld Devices), Treatment Systems (Portable Devices, Fixed Systems)
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What Emerging Trends Are Influencing The Growth Of The Photodynamic Therapy Market Landscape?
The photodynamic therapy market players are channeling their efforts towards clinical trials for integrating photodynamic therapy (PDT) with various drugs. For instance, Kintara Therapeutics, a biotech firm from the US, declared the onset of a clinical trial for its therapy named REM-001, intended for cutaneous metastatic breast cancer, in February 2024. The open-label study that goes by the clinical trial number NCT05374915, includes 15 patients diagnosed with cutaneous metastatic breast cancer (CMBC). It will evaluate the efficacy of the second-generation photodynamic therapy agent, REM-001 at a 0.8 mg dosage. The objective of the trial is to create an optimal blueprint for a Phase 3 trial, focusing primarily on the Best Overall Objective Response Rate (bORR) in the treatment fields within a span of 24 weeks. The primary outcome will determine the complete and partial responses.
Who Are the Key Players in the Photodynamic Therapy Market?
Major companies operating in the photodynamic therapy market include:
• Galderma S.A.
• Bausch Health
• Lumenis Ltd.
• Sun Pharmaceutical Industries Ltd.
• Biofrontera
• Modlight Inc.
• PhotoMedex Inc.
• Soligenix Inc.
• Quest PharmaTech Inc.
• Novartis AG
• Theralase Technologies Inc.
• Quantel Medical
• Axcan Pharma
• Sihealth
• MediGlobus
• Steba Biotech
• Ambicare Health
• Nuovo Therapy
• Pharmstandard
• Rusatom Healthcare
• Roche Latvija SIA
• Hologic. Inc.
• Dusa Pharmaceuticals
• PDT Pharma Indústria e Comércio de ProdutosFarmacêuticos
• MMOptics Ltd
• Global Healthcare Solutions Perú
• DMC Equipmentos LTDA
• Biolite
• SyMed LLC
• Alma Lasers
• Candela Medica
• Velt International Group Inc.
What Is The Most Dominant Region In The Photodynamic Therapy Market?
North America was the largest region in the photodynamic therapy market in 2024. The regions covered in the photodynamic therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
