Photodynamic Therapy Market | Sluggish Growth Rate Foreseen by 2031

The global photodynamic therapy market is expected to be driven by the increase in incidence of skin diseases & cancer, rise in demand for minimally invasive procedures, and growth in the economic burden of cancer. Approval of novel biologics by regulatory agencies in developed and developing countries has provided patients with additional therapy alternatives. Companies offering photodynamic therapy are working on techniques to increase transdermal ALA delivery. They are creating micro-hole grating with high-power CO2 lasers. The usage of a soluble microneedle patch is another method that allows for continual ALA administration until the material gets entirely dissolved inside the lesion. Rise in awareness about photodynamic therapy benefits; and increase in adoption of face photodynamic therapy, eye photodynamic therapy, and acne photodynamic therapy are driving the global market. Rise in R&D activities in photodynamic therapy analysis is creating lucrative opportunities for market players.

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Rise in Prevalence of Skin Diseases to Drive Global Photodynamic Therapy Market
Skin infections are quite frequent, ranking fourth among the most common ailments globally. These are one of the leading causes of non-fatal disability, particularly in developing countries. Hence, there is a need to create a treatment regimen in order to reduce the economic burden of skin disorders in low-resource settings. Acne is one of the most prevalent skin disorders in the U.S., affecting around 50 million individuals each year. Its prevalence is higher in women, affecting more than 15% of the entire adult female population. The prevalence of herpes is higher in poor countries than in wealthy countries. Rise in genital herpes cases is part of a rapidly shifting picture of sexually transmitted disease epidemiology in emerging economies. Increase in prevalence of skin disorders and surge in economic burden of these illnesses have created a need for cost-effective treatment options. This is likely to augment the global photodynamic treatment market.

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Chemical & Physical Stability and Photo Cytotoxicity of Photosensitizer Drugs Augmenting Market

In terms of product type, the global photodynamic therapy market has been bifurcated into photosensitizer drugs and devices. The photosensitizer drugs segment has been classified into porphyrin derivative (PD), aminolevulinic acid (ALA), and chlorines. The devices segment has been split into disposable fiber optic light delivery devices (DFOLDD) and diode lasers. The photosensitizer drugs segment held major share of the global market in 2021. The segment is projected to grow at a high CAGR during the forecast period owing to benefits such as high speed, low cost, and synthetic construction. Moreover, the chemical & physical stability of photosensitizer drugs and their photo cytotoxicity are anticipated to propel the segment.

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Increase in Incidence of Cancer Augmenting PDT Treatment
Based on application, the global photodynamic therapy market has been categorized into cancer, actinic keratosis (AK), psoriasis, acne, and others. The cancer segment has been split into basal cell carcinoma, non-small cell lung cancer, head & neck cancer, and others. Cancer is the biggest cause of mortality globally. Tobacco use, pollution, changing lifestyles, and transfer of carcinogens and carcinogenic illnesses such as HPV, H. Pylori, and HCV contribute to the increase in cancer prevalence throughout the world. For instance, according to the National Cancer Institute, about 1,735,350 new cancer cases were likely to be diagnosed in the U.S. in 2018. The global photodynamic therapy market is expected to be driven by the rise in demand for photosensitizer medication and equipment used in the treatment of various forms of cancer.

Surge in demand for PDT due to increase in incidence of various malignancies, rise in number of surgeries, and accessibility of photosensitizer medications & devices are expected to augment the cancer segment during the forecast period. Increase in incidence of various forms of cancer, such as head and neck cancer; and rise in demand for treatment for breast cancer, lung cancer, and basal cell carcinoma treatment are propelling the cancer segment. Leading companies operating in the global photodynamic therapy market have secured drug patents for newly discovered compounds with potential use in photodynamic therapy for cancer treatment. Companies have also increased their focus on developing breast cancer drugs that can be used in photodynamic therapy.

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Surge in Number of Hospitals Offering PDT to Cancer Patients Bolstering Hospitals Segment

In terms of end-user, the global photodynamic therapy market has been divided into hospitals, cosmetics & dermatology clinics, cancer treatment centers, and others. The hospitals segment is driven by the rise in demand for minimally invasive treatments, increase in awareness about the antitumor effects of PDT, and surge in number of hospitals offering PDT to cancer patients. Hospitals take special precautions to reduce or eliminate exposure to light or laser in order to protect healthy cells. Health care experts offer advice about what to do after treatment and what to avoid so that the therapy is more effective. Useful guidelines related to photodynamic therapy are given to patients in hospitals before and after extraction. This is expected to propel the hospitals segment during the forecast period.

Regional Outlook of Global Photodynamic Therapy Market
North America is projected to account for the leading share of the global photodynamic therapy market during the forecast period, owing to the presence of key players in the U.S., increase in demand for new biologics for cancer treatment, high rate of adoption of photodynamic therapy, and new product launches by market players. Increase in product approvals by the FDA, surge in usage of photodynamic therapy for the treatment & care of actinic keratosis, and rise in number of cosmetologists providing photodynamic therapy are boosting the photodynamic therapy market in North America.

Europe was the second-largest region of the global photodynamic therapy market in 2021. The market in the region is driven by the increase in research & development activities, rise in number of products receiving CE mark approval, and growth in usage of PDT in cancer treatment. The market in Asia Pacific is driven by the increase in incidence of cancer, psoriasis, and acne; patent awards by regulatory bodies in countries such as China; and geographic expansion by key companies.

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Analysis of Key Players in Global Photodynamic Therapy Market
The global photodynamic therapy market is consolidated, with the presence of a small number of large-scale players. Key players operating in the global photodynamic therapy market include Galderma Laboratories, L.P., Biofrontera AG, Excel Lasers Limited, LUMIBIRD Group (Quantel Medical), Modulight Corporation, Quest PharmaTech, Inc., Theralase Technologies Inc., and SUS Advancing Technology Co., Ltd. These players are adopting growth strategies such as new product development, product launches, product approval, agreement, partnerships, and mergers.

Key Developments in Global Photodynamic Therapy Market

In April 2021, Lumeda, Inc., a medical technology company that is developing photodynamic therapy (PDT) as intraoperative adjuvant therapy for patients undergoing lung cancer surgery, announced the completion of its Series A funding

In May 2020, Theralase Technologies, Inc., a company specializing in research and development of light-activated photodynamic compounds (PDC) and their associated drug formulations to safely and effectively destroy various cancers, received FDA Investigational New Drug (IND) approval to conduct a phase II non-muscle invasive bladder cancer (NMIBC) clinical study (study II) in the U.S.

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Each of these players has been profiled in the photodynamic therapy market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.

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