Categories: Healthcare

Photodynamic Therapy Market : Global Opportunity Analysis

The Photodynamic Therapy Global Market Report 2023 by The Business Research Company, provides photodynamic therapy market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Photodynamic Therapy Global Market Report 2023, the global photodynamic therapy market size will grow from $4.58 billion in 2022 to $5.29 billion in 2023 at a compound annual growth rate (CAGR) of 15.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the photodynamic therapy is expected to grow to $9.35 billion in 2027 at a CAGR of 15.3%.

The rising prevalence of skin cancer is contributing to the growth of the photodynamic therapy market. Skin cancer is observed to be the most common cancer of all cancers. Melanoma attributes for only about 1% of skin cancers but causes a large number of skin cancer deaths. Photodynamic treatment (PDT) uses a combination of a light sensitizing medication and very intense light to destroy cancer cells. The doctor applies a light sensitizing chemical-containing lotion to the skin cancer and surrounding area.

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The photodynamic therapy market 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

Players in the photodynamic therapy market are increasingly focusing on clinical trials for PDT in combination with different drugs. For instance, in December 2021, Biofrontera Inc., a U.S.-based biopharmaceutical company, announced that Phase 1 research to assess the safety and tolerability of photodynamic therapy (PDT) for the treatment of actinic keratosis (AK) utilizing three tubes of Ameluz® and the company’s BF-RhodoLED® XL lamp had enrolled its first participant. This therapy involves the administration of three tubes of Ameluz® in conjunction with the brand-new BF-RhodoLED® XL light for the treatment of mild-to-severe actinic keratosis (AK) on the face and scalp.

The photodynamic therapy market report table of contents includes: