Photodynamic Therapy Market- Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2027)

Photodynamic Therapy Market- Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2027)

The Photodynamic Therapy Market is projected to register a CAGR of 7.5% during the forecast period (2022-2027).

Cancer cells have been treated using photodynamic therapy, which also inactivates viruses and other infections. The photodynamic therapy (PDT) method has recently grown in popularity. Photodynamic therapy (PDT) as an alternative or complementary treatment for COVID-19 has been introduced as part of the search for alternative therapeutic techniques for the efficient management of COVID-19. For instance, as per an article titled “Photodynamic disinfection of SARS-CoV-2 clinical samples using a methylene blue formulation” published in March 2022, to render SARS-CoV-2 inactive, photodynamic disinfection (PDI) was proposed, along with its therapeutic application to COVID-19 patients. It has been emphasized that PDI is a good candidate for treating COVID-19 because SARS-CoV-2 is an enveloped RNA virus, and these viruses are most sensitive to PDI.

The rise in prevalence of cancer and skin disorders, the demand for minimally invasive procedures, and the rising financial burden of cancer are anticipated to drive the expansion of the global market for photodynamic therapy. The market is being driven by increased consumer knowledge of the advantages of photodynamic therapy and an increase in the use of treatments for acne, eyes, and the face. Furtermore, growing R&D in photodynamic treatment analysis is opening attractive commercial potential. The increase in demand for photosensitizer drugs and equipment used in the treatment of different types of cancer is anticipated to propel the growth of the photodynamic therapy market. According to World Health Organization (WHO), Key facts updated in February 2022, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Thus, the increasing prevalence of cancer cases across the globe is expected to rise the demand for photosensitizer drugs, thereby accelerating the market. As per an article titled “Actinic Keratosis Risk Factors” published by Skin Cancer Foundation in January 2022, actinic keratosis (AK) is a skin precancer and has a presence across the globe and much in regions near the equator. Actinic keratosis is most frequently brought on by prolonged, unprotected exposure to UV light. The increasing prevalence of actinic keratosis is expected to boost the demand for photodynamic therapy for the treatment & care of actinic keratosis.

However, the high cost of photodynamic therapy and the risk and side effects associated with the therapy is expected to restrain the growth of the market during the forecast period.

Key Market TrendsThe Photosensitizer Drugs Segment is Expected to Hold a Major Market Share in the Photodynamic Therapy Market

Photosensitizers are the chemical components/drugs which are used along with the light to treat different types of cancers. Photosensitizers absorb the light and change into another form which in turn destroys the cancer cells. Many drugs are approved by the regulatory authorities around the world to treat cancer. For instance, in September 2021, Soligenix, Inc. announced that the Office of Orphan Products Development of the United States Food and Drug Administration (FDA) has granted orphan drug designation to the active ingredient hypericin for the treatment of T-cell lymphoma, extending the target population beyond cutaneous T-cell lymphoma

Moreover, growing R&D investment by the market players to discover new photosensitizers to improve clinical outcomes is anticipated to boost the market growth over the forecast period. Photodynamic therapy devices are anticipated to witness lucrative growth owing to the advancements in technology which have reduced side effects coupled with growing awareness among the general population. The increase in cancer cases coupled with the growing adoption of photodynamic therapy for the treatment is expected to boost the segmental growth in the market. According to the National Board Of Health And Welfare, in 2020, 68,318 malignant tumors for 62,555 people were reported to the Cancer Registry in United States. The number of people who received a cancer diagnosis was considerably higher than the number of deaths from cancer. Moreover, the growing application of photodynamic therapy such as breast cancer, lung cancer, and others are anticipated to fuel the segment growth over the forecast period.

North America is Expected to Hold a Significant Share in the Market and is expected to do the same in the Forecast Period

North America is expected to dominate the photodynamic therapy market, due to the presence of key players in the United States, an increase in demand for new biologics for cancer treatment, a high rate of adoption of photodynamic therapy, and new product launches by market players. An increase in product approvals by the United States Food and Drug Administration, a surge in usage of photodynamic therapy for the treatment & care of actinic keratosis, and a rise in the number of cosmetologists providing photodynamic therapy are boosting the photodynamic therapy market in North America. In December 2021, Biofrontera Inc. announced that the first subject has been enrolled in a Phase 1 study to evaluate the safety and tolerability of photodynamic therapy (PDT) for the treatment of actinic keratosis (AK) using three tubes of Ameluz together with the company’s BF-RhodoLED XL lamp. Such product approvals are expected to drive the market in the region.

According to the American Cancer Society, data updated in January 2022, sround 1,918,030 new cancer cases and 609,360 cancer deaths are projected to occur in the United States. More targeted cancer control interventions and investment in improved early detection and treatment would facilitate reductions in cancer mortality. Thus, the increasing cases of cancer in the United States are expected to promote and drive the demand for treatment and thereby accelerate the market in the region.

Competitive Landscape

The Photodynamic Therapy Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are BIOFRONTERA AG, Lumibird (Quantel Medical), Galderma S.A., Bausch Health Companies Inc., and Sun Pharmaceutical Industries Limited. among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.