Photodynamic Therapy Market Growth Trajectory Through 2024-2033

The Photodynamic Therapy by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Photodynamic Therapy, 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 growth in the historic period can be attributed to aging population pool, an increase in cancer prevalence, an increase in skin diseases, rising 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 growth in the forecast period can be attributed to the rise in healthcare expenditure, insurance coverage for photodynamic therapy, high potential in emerging economies, increasing teenage population, increasing older population, increasing prevalence of cancer and chronic diseases and emergence of infectious diseases. Major trends in the forecast period include introduction of portable photodynamic therapy device that help in at-home dermatological pdt treatments, investing in artificial intelligence enabled pdt for improved treatment of patients, expanding product portfolio in cosmetic procedures, continue to invest in research and development, focus at providing photoimmunotherapy devices and expand portfolio to include photothermal therapy.

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 contributes to 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 the surrounding area. According to the American Cancer Society, it is estimated that about 106,110 new melanomas will be diagnosed (about 62,260 in men and 43,850 in women) in the USA in 2021. Therefore, the increasing prevalence of skin cancer is expected to fuel the growth of the photodynamic therapy market in the coming years.

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The photodynamic therapy market covered in this report 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:

1. Executive Summary
2. Photodynamic Therapy Market Characteristics
3. Photodynamic Therapy Market Trends And Strategies
4.Photodynamic Therapy Market analysis
5.Photodynamic Therapy Market Size And Growth
6. Photodynamic Therapy Segmentation
7. Photodynamic Therapy Regional And Country Analysis
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27. Photodynamic Therapy Competitive Landscape And Company Profiles
28. Photodynamic Therapy Key Mergers And Acquisitions
29.Photodynamic Therapy Future Outlook and Potential Analysis

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