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How Will the Market Growth Rate of the Photodynamic Therapy Market Impact Future Demand?
The photodynamic therapy market size has grown strongly in recent years. It will grow from $1.45 billion in 2024 to $1.53 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to an 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 $1.93 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. 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 the emergence of infectious diseases. Major trends in the forecast period include the introduction of a portable photodynamic therapy device that helps in at-home dermatological PDT treatments, investing in artificial intelligence-enabled PDT for improved treatment of patients, expanding the product portfolio in cosmetic procedures, continuing investment in research and development, focusing at providing photoimmunotherapy devices and expand the portfolio to include photothermal therapy.
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What Are the Major Factors Fueling Growth in the Photodynamic Therapy Market?
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. For instance, in January 2024, according to the American Cancer Society, a US-based professional organization company, skin cancer is the most prevalent cancer in the U.S., with melanoma representing about 1% of cases but responsible for the majority of skin cancer deaths. Additionally, in 2024, an estimated 100,640 new melanoma cases will be diagnosed in the U.S., with approximately 59,170 in men and 41,470 in women. Around 8,290 deaths from melanoma are projected, including about 5,430 men and 2,860 women. Therefore, the increasing prevalence of skin cancer is expected to fuel the growth of the photodynamic therapy market in the coming years.
What Are the Emerging Segments in the Photodynamic Therapy Market?
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
Subsegments:
1) By Drugs: Photosensitizers, Combination Drug Therapies, Novel Photosensitizer Formulations
2) By Devices: Light Sources (Laser Systems, LED Systems), Delivery Devices (Fiber Optics, Handheld Devices), Treatment Systems (Portable Devices, Fixed Systems)
Which Emerging Trends Are Driving the Photodynamic Therapy Market?
Players in the photodynamic therapy market are increasingly focusing on clinical trials for PDT in combination with different drugs. For instance, in February 2024, Kintara Therapeutics, a US-based biotechnology company, announced the initiation of a clinical trial for its REM-001 therapy targeting cutaneous metastatic breast cancer. The clinical trial NCT05374915 is an open-label study involving 15 patients with cutaneous metastatic breast cancer (CMBC), evaluating the second-generation photodynamic therapy agent REM-001 at a 0.8 mg dose. The trial aims to optimize the study design ahead of a Phase 3 trial and focuses on the Best Overall Objective Response Rate (bORR) in treatment fields within 24 weeks. The primary endpoint includes measuring complete and partial responses.
Which Are the Key Companies Shaping the Photodynamic Therapy Market Landscape?
Major companies operating in the photodynamic therapy market include Galderma S.A., Bausch Health, Lumenis Ltd., Sun Pharmaceutical Industries Ltd., Biofrontera, Modlight Inc., PhotoMedex Inc., Soligenix Inc., Quest PharmaTech Inc., Novartis AG, Theralase Technologies Inc., Quantel Medical, Axcan Pharma, Sihealth, MediGlobus, Steba Biotech, Ambicare Health, Nuovo Therapy, Pharmstandard, Rusatom Healthcare, Roche Latvija SIA, Hologic, Inc., Dusa Pharmaceuticals, PDT Pharma Indústria e Comércio de ProdutosFarmacêuticos, MMOptics Ltd, Global Healthcare Solutions Perú, DMC Equipmentos LTDA, Biolite, SyMed LLC, Alma Lasers, Candela Medica, Velt International Group Inc.
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What Are the Key Regional Trends in the Photodynamic Therapy Market?
North America was the largest region in the photodynamic therapy market in 2024. The regions covered in the photodynamic therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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