Global Photodynamic Therapy Market Sees Impressive Growth, Forecast to Reach USD 8.9 Billion by 2031

Posted May 30, 2024 by GoPhotonics Editorial Team

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Transparency Market Research, a U.S.-based provider of syndicated research, customized research, and consulting services, published a report on, "Photodynamic Therapy Market Outlook 2031". According to the report, the Global Photodynamic Therapy Market stood at US$ 4.5 billion in 2022, and the global market is projected to reach US$ 8.9 billion by 2031. The global industry is anticipated to record a CAGR of 7.9% between 2023 and 2031.

The value of photodynamic therapy market is increasing, owing to the increasing prevalence of cancer, which continues to be a major global health concern, with a rising incidence across various regions.

Photodynamic therapy offers a promising alternative or adjunct to traditional cancer treatments such as surgery, chemotherapy, and radiation therapy. The ability of PDT to selectively target cancer cells while minimizing damage to healthy tissues makes it an attractive option for cancer treatment. The demand for photodynamic therapy is expected to grow, as the prevalence of cancer increases.

Advancements in photosensitizing agents, is another significant factor contributing to the market growth. The development of more efficient and targeted photosensitizing agents is a key factor driving the growth of the photodynamic therapy market. Researchers are actively exploring and designing novel photosensitizers with improved properties, such as enhanced light absorption, increased selectivity for tumor cells, and reduced side effects. The availability of advanced photosensitizing agents expands the scope and effectiveness of photodynamic therapy, contributing to market growth.

The market prospects have been driven by factors such as technological advancements in light sources and delivery systems. The success of photodynamic therapy relies on the precise delivery of light to the target area. Technological advancements in light sources, such as lasers and light-emitting diodes (LEDs), have improved the efficiency and safety of light delivery in PDT. The development of innovative light delivery systems, including fiber optics and light-guiding devices, enables the precise and controlled illumination of target tissues. The technological advancements drive the growth of the photodynamic therapy market by enhancing treatment outcomes and expanding the range of treatable conditions.

Key Findings of the Market Report

On the basis of product type, the photosensitizer drugs segment is expected to fuel at a significant share, and is likely to be most preferred, attributed to the increasing prevalence of cancer, and advancements in drug development.
By application, the cancer segment is anticipated to fuel the market growth, owing to the factors such as high efficacy & selectivity, as well as growing demand for non-invasive & minimally invasive treatments.
By end-user, the hospitals segment is expected to augment the market growth, attributed to the factors including availability of specialized infrastructure and equipment, and collaboration with healthcare professionals.

Global Photodynamic Therapy Market: Growth Drivers

The global photodynamic therapy market is projected to expand at a steady pace from 2022 to 2031, owing to the rising awareness regarding benefits of photodynamic therapy, as well as supportive regulatory environment & reimbursement policies.
Other factors that are projected to augment the market growth include advancements in imaging techniques, and expanding applications in dermatology.
Emerging applications in ophthalmology, and increasing research and development activities, are the major factors that are anticipated to fuel the market prospects in the near future.

Global Photodynamic Therapy Market: Regional Landscape

North America is expected to dominate the photodynamic therapy market, and is expected to hold a significant share during the forecast period, attributed to high prevalence of cancer, and technological advancements in the field of photodynamic therapy in the region.
The regional market is witnessing an increase, due to the factors such as robust healthcare infrastructure, as well as increasing investment in research & development.
Favorable reimbursement policies, and growing patient awareness in the region, are also anticipated to escalate the growth of the regional market over the analysis period.

Global Photodynamic Therapy Market: Key Players

Some of the key market players in the global photodynamic therapy market are:

Competitive Landscape

Prominent players in the photodynamic therapy industry are taking advantage of the rapidly increasing demand for photodynamic therapy. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

In July 2022, Biolitec Pharma Ltd. introduced the latest generation laser device, known as the ELVeS® Radial Laser System. The device offers advanced treatment options for various medical conditions, including cancer, benign prostatic hyperplasia, and varicose veins, showcasing the continuous innovation in photodynamic therapy technologies.
In June 2022, DUSA Pharmaceuticals announced the launch of its new photodynamic therapy product, Levulan® (aminolevulinic acid HCl), for the treatment of actinic keratosis. The product offers enhanced convenience and improved patient experience, contributing to the advancement of photodynamic therapy in dermatology.
In October 2021, Biofrontera AG announced positive results from a Phase III clinical trial evaluating their photodynamic therapy product, Ameluz®, for the treatment of actinic keratosis. The trial demonstrated high efficacy and tolerability of Ameluz®, reinforcing its potential as an effective treatment option for actinic keratosis.

Global Photodynamic Therapy Market: Segmentation

Product Type