Wilmington, Delaware, United States, July 26, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc.: The photodynamic therapy (PDT) market is projected to advance at a CAGR of 13.5% during the forecast period from 2022 to 2031. Increasing incidence of skin diseases, rise in demand for minimally invasive procedures, and mounting economic burden of cancer are some key factors driving the photodynamic therapy market.
Besides, approval of novel biologics by regulatory agencies expands the line of available therapies for patients of cancer and skin diseases. This is attracting companies in the photodynamic therapy market to develop techniques to increase transdermal delivery of ALA, which is likely to influence photodynamic therapy market growth.
North America is anticipated to hold the leading share of PDT market during the forecast period. Increase in demand for new biologics for cancer treatment, high rate of adoption of photodynamic therapy, and new product launches strengthen the growth of North America photodynamic therapy market.
High prevalence of acne in the U.S. which affects nearly 50 million individuals each year, of which more than 15% are women demonstrates demand for advanced skin treatment. This is anticipated to influence photodynamic therapy market size in the region.
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Photodynamic Therapy Market – Key Findings of the Report
- High incidence of skin infections, which ranks fourth among common ailments globally is anticipated to create opportunities in the photodynamic therapy market. Skin infections remain one of the leading causes of non-fatal disability, and are associated with immense economic burden in developing countries.
- Rise in genital herpes among other sexually transmitted diseases accounts for increasing economic burden in emerging economies that requires cost-effective treatment options. This is anticipated to accentuate the photodynamic therapy market in these countries.
- Photosensitizer product type segment held key share of photodynamic therapy market in 2021. Characteristics of high speed, low cost, and synthetic construction will account for the product segment to display a significant CAGR during the forecast period. Chemical and physical stability of photosensitizer drugs and their photo cytotoxicity is anticipated to boost growth of photosensitizer drugs segment.
- Cancer is the leading application segment of the photodynamic therapy market. Growing demand for photosensitizer drugs and equipment to treat various types of cancer is likely to boost the cancer application segment of photodynamic therapy market. Additionally, leading players in the photodynamic therapy market have obtained drug patents for newly found compounds with potential for use in photodynamic therapy for cancer treatment. This is likely to strengthen growth of the cancer application segment.
- Hospitals is a key end user in the photodynamic therapy market. Demand in the hospitals segment is driven by rising number of minimally invasive surgeries, clinical success of antitumor effects of PDT, and increasing number of hospitals offering PDT for the treatment of cancer.
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Photodynamic Therapy Market – Growth Drivers
- Rising awareness about the benefits of photodynamic therapy leading to the adoption of face photodynamic therapy, acne photodynamic therapy, and eye photodynamic therapy are driving the photodynamic therapy market
- Approval of novel biologics to provide additional therapy alternative for patients of cancer and skin diseases to fuel the growth of photodynamic therapy market
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Photodynamic Therapy Market – Key Players
Some of the key players operating in the photodynamic therapy market are;
- Galderma Laboratories L.P.
- Excel Lasers Limited
- Modulight Corporation
- Theralase Technologies Inc.
- Biofrontera AG
- LUMIBIRD Group
- Quest Pharma Tech Inc.
- SUS Advancing Tchnology Ltd.
The photodynamic therapy market is segmented as follows;
Photodynamic Therapy Market, by Product type
- Photosensitizer Drugs
- Porphyrin Derivative
- Benzoporphyrin Derivative
- Texaphyrins
- Others
- Aminolevulinic Acid
- Chlorines
- Others
- Devices
- Disposable Fiber Optic Light Delivery Devices
- Diode Laser
- Porphyrin Derivative
Photodynamic Therapy Market, by Application
- Cancer
- Basal Cell Carcinoma
- Non-small Cell Lung Cancer
- Head & Neck Cancer
- Others
- Actinic Keratosis
- Psoriasis
- Acne
- Others
Photodynamic Therapy Market, by End-user
- Hospitals
- C&DC
- CCC
- Others
Photodynamic Therapy Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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