Dublin, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The "Global Photodynamic Therapy Market Analysis & Forecast 2024-2034: Market By Product; By Applications; By End-user; and By Region" report has been added to ResearchAndMarkets.com's offering.
The global photodynamic therapy market, estimated at USD 6.49 billion in 2023, is poised for significant growth, with expectations to reach USD 25.48 billion by 2034. This growth is forecasted to occur at a robust Compound Annual Growth Rate (CAGR) of 13.24% during the period from 2024 to 2034.
Several factors are contributing to this upward trajectory, including the increasing incidence of cancer and skin conditions, a growing demand for minimally invasive procedures, heightened consumer awareness of the benefits of photodynamic therapy, and a surge in the usage of this technology for treatments such as acne, eye conditions, and facial treatments. Furthermore, the rise in research and development activities related to photodynamic treatment, coupled with a growing demand for photosensitizer drugs and associated technologies to treat various cancers, along with proactive initiatives by key market players, are driving the expansion of this market.
One significant driver of market growth is the surge in approvals of advanced photodynamic systems by regulatory authorities. Photodynamic therapy plays an essential role in the treatment of chronic illnesses, including dermatological therapy. Innovations in light-emitting devices are gaining popularity, as seen with the approval of the ML6710i photodynamic laser by Bausch + Lomb Corp. and Modulight Oyj in the United States in February 2023. This laser complements Bausch + Lomb's Visudyne photodynamic therapy for eye health.
In terms of product segments, photosensitizer drugs held the highest revenue in 2023. This can be attributed to the increasing investment in research and development by industry participants aiming to discover new photosensitizers that enhance clinical results, along with the growing approval of novel drugs for cancer treatment. On the other hand, photodynamic therapy devices are projected to experience the fastest growth during the forecast period. This is driven by technological advancements, a reduction in adverse effects, increased awareness among the general population, a rising prevalence of cancer, greater adoption of photodynamic therapy, and expanded usage for conditions like breast cancer, lung cancer, and others. For instance, Biofrontera AG initiated a Phase 3 clinical trial in January 2023, focusing on the safety and effectiveness of Ameluz in the treatment of actinic keratosis.
Regarding applications, cancer dominated the market in 2023 due to the increasing prevalence of the disease, approvals of advanced therapies, intensive research and development, and funding from market leaders. However, actinic keratosis is expected to witness the fastest growth during the forecast period. This is primarily due to rising concerns about the illness, a growing prevalence of skin cancers, an increase in medication approvals, the introduction of novel medicines, heightened research and development activities, and approvals from regulatory bodies. For instance, Biofrontera Inc. received FDA approval for its contracted facility for Ameluz, allowing essential testing for production batches to be conducted in-house.
In terms of end-users, hospitals led the market in 2023, driven by increased demand for less-invasive therapies, a growing number of hospitals offering PDT to cancer patients, heightened awareness of PDT's anticancer benefits, and a surge in clinical trial procedures. Cosmetic and dermatology clinics are expected to experience the fastest growth during the forecast period due to the rising prevalence of cancer and skin conditions, an increasing demand for minimally invasive procedures, and an increase in the number of clinics offering photodynamic therapy.
Geographically, North America is anticipated to dominate the market in terms of revenue share during the forecast period. This can be attributed to the increasing demand for new biologics in cancer treatment, a growing adoption of photodynamic therapy, a surge in new product launches by market leaders, regulatory approvals, and the utilization of PDT in the treatment of actinic keratosis. Europe, on the other hand, is expected to exhibit the fastest growth, driven by research and development activities, an increase in products receiving approvals from regulatory bodies, the use of PDT in cancer treatment, and the introduction of innovative products. For example, Biolitec Pharma Ltd. unveiled the ELVeS Radial Laser System, a state-of-the-art technology with applications in cancer treatment, benign prostatic hyperplasia, and varicose veins.
Companies Profiled
- Biolitec AG
- Galderma SA
- Biofrontera AG
- Soligenix
- Modulight Inc.
- Lumibird (Quantel Medical)
- Theralase Technologies Inc.
- Bausch Health Companies Inc.
- Sun Pharmaceutical Industries Limited
Key Attributes
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $6.49 Billion |
| Forecasted Market Value (USD) by 2034 | $25.48 Billion |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ee9ybv
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