PUBLISHER: The Business Research Company | PRODUCT CODE: 1429906
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429906
Photodynamic therapy (PDT) is a procedure that involves using a light source and light-sensitive medication to eliminate abnormal cells. It is applied in the treatment of certain eye and skin disorders, as well as specific types of cancers. PDT is a two-stage treatment process that combines light energy with a light-activated drug (photosensitizer) designed to destroy cancerous and precancerous cells.
The primary product categories in the photodynamic therapy market are drugs and devices. PDT drugs are light-sensitive substances that, when activated by specific types of light, work to destroy abnormal cells for the treatment of various diseases. PDT devices include lamps, LED devices, and other light-emitting devices used to activate PDT drugs. Photodynamic therapy finds applications in treating diseases such as acne, actinic keratosis, cancer, and psoriasis, among others. It is employed in various sectors, including cosmetics and dermatology clinics, hospitals, cancer treatment centers, and others.
The photodynamic therapy market research report is one of a series of new reports from The Business Research Company that provides photodynamic therapy market statistics, including photodynamic therapy industry global market size, regional shares, competitors with a photodynamic therapy market share, detailed photodynamic therapy market segments, market trends and opportunities, and any further data you may need to thrive in the photodynamic therapy industry. This photodynamic therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The photodynamic therapy market size has grown strongly in recent years. It will grow from $1.36 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The expansion observed in the historical period can be attributed to factors such as an aging population pool, an increase in the prevalence of cancer, a rise in skin diseases, escalating pollution rates, increased healthcare expenditure, and growth in the number of healthcare facilities.
The photodynamic therapy market size is expected to see strong growth in the next few years. It will grow to $1.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to various factors, including the increase in healthcare expenditure, insurance coverage for photodynamic therapy, high potential in emerging economies, a growing teenage population, a rising older population, an increasing prevalence of cancer and chronic diseases, and the emergence of infectious diseases. Key trends expected in the forecast period include the introduction of portable photodynamic therapy devices for at-home dermatological PDT treatments, investment in artificial intelligence-enabled PDT for improved patient treatment, expansion of product portfolios in cosmetic procedures, continued investment in research and development, a focus on providing photoimmunotherapy devices, and the expansion of portfolios to include photothermal therapy.
The growth of the photodynamic therapy market is being driven by the increasing prevalence of skin cancer. Skin cancer stands out as the most commonly diagnosed cancer, with melanoma, although constituting only about 1% of skin cancers, causing a significant number of skin cancer-related deaths. Photodynamic therapy (PDT), a treatment method that utilizes a combination of light-sensitive medication and intense light to eliminate cancer cells, is applied by doctors to the affected skin and surrounding areas. The American Cancer Society estimates that approximately 106,110 new cases of melanoma were diagnosed in the USA in 2021, underlining the substantial impact of skin cancer. Consequently, the rising incidence of skin cancer is anticipated to contribute to the expansion of the photodynamic therapy market.
The growth of the photodynamic therapy market is expected to be fueled by the increasing healthcare expenditure. Healthcare expenditure encompasses the total spending on healthcare services and products, including medical equipment, hospital services, physician services, prescription drugs, and public health activities. This financial support is crucial for advancing photodynamic therapy through research, education, infrastructure development, and improved patient access. For example, in May 2023, the Office for National Statistics reported a 9.4% increase in healthcare spending in the UK in nominal terms, reaching $367.25 billion (£280.7 billion) in 2021. Pharmaceutical expenditure amounted to $51.84 billion (£39.6 billion), while spending on preventive care more than doubled to $45.93 billion (£35.1 billion). Consequently, the escalating healthcare expenditure is a key driver for the growth of the photodynamic therapy market.
Companies in the photodynamic therapy market are increasingly emphasizing clinical trials involving PDT in combination with various drugs. An example of this is Biofrontera Inc., a U.S.-based biopharmaceutical company, which initiated a Phase 1 study in December 2021 to evaluate the safety and tolerability of PDT for treating actinic keratosis using Ameluz and the BF-RhodoLED XL lamp. The study involves administering three tubes of Ameluz in combination with the new BF-RhodoLED XL light for treating actinic keratosis on the face and scalp.
Artificial intelligence (AI) models are showing promise in cancer diagnosis and treatment, and companies are directing funds toward advancing product design and clinical testing, particularly in the context of PDT. Lumeda Inc., a technology company focusing on PDT as an intraoperative adjuvant treatment, raised $5.3 million in its Series A financing in 2021. This funding aims to develop Lumeda's PDT system, incorporating AI and proprietary software and hardware to enhance control and outcomes for cancer patients during treatment.
In March 2021, Fluoguide, a Denmark-based company, acquired exclusive rights to use FG001 for photothermal therapy, an extension of PDT, for an undisclosed amount. Photothermal therapy involves exciting a photosensitizer such as FG001 with specific wavelength light. Fluoguide's primary focus is on maximizing surgical outcomes in oncology, including the application of photodynamic therapy.
Major companies operating in the photodynamic therapy market report are Galderma S.A., Modlight Inc., PhotoMedex Inc., Soligenix Inc., Quest PharmaTech Inc., 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, Bausch Health, Lumenis Ltd., Sun Pharmaceutical Industries Ltd., BiofronteraRoche Latvija SIA, Hologic, Inc., Dusa Pharmaceuticals, PDT Pharma Industria e Comercio de ProdutosFarmaceuticos, MMOptics Ltd., Global Healthcare Solutions Peru, DMC Equipmentos LTDA, Biolite, SyMed LLC, Alma Lasers, Candela Medica, Velt International Group Inc.
North America was the largest region in the photodynamic therapy market in 2023. The regions covered in the photodynamic therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the photodynamic therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The photodynamic therapy market includes revenues earned by entities by treating actinic keratoses and superficial basal cell carcinomas. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Photodynamic Therapy Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on photodynamic therapy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for photodynamic therapy? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The photodynamic therapy market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The continued but declining impact of covid 19 on supply chains and consumption patterns.