Photodynamic Therapy Market is Expected to Grow at a Respectable CAGR of ~17% Between 2019 and 2027
Photodynamic Therapy Market is Expected to Grow at a Respectable CAGR of ~17% Between 2019 and 2027
Published by TMR Research Insights
Posted on August 12, 2021
Transparency Market Research (TMR) has published a new report on the photodynamic therapy market for the Forecast period of 2019 – 2027. According to the report, the global photodynamic therapy market was valued at ~US$ 3 Bn in 2018, and is projected to expand at a CAGR of ~17% from 2019 to 2027.
Global Photodynamic Therapy Market: Key Insights
Photodynamic therapy is a part of treatment that uses drugs and devices for the treatment of different chronic diseases such as cancer and malignant musculoskeletal tumors.
Increase in the prevalence as well as incidence of cancer and skin diseases, growth in the number of surgeries, and approval of new biologics are major factors anticipated to drive the global photodynamic therapy market during the forecast period.
According to the National Cancer Institute of the U.S., around 1,735,350 new cancer cases were diagnosed in the U.S. in 2018. It also stated that, there were 15.5 million cancer survivors in the country in 2016, and the number is projected to rise to 20.3 million by 2026.
North America held a leading share of the global photodynamic therapy market in 2018, due to increase in the number of cancer cases and approvals for new photosensitizers by the U.S. Food & Drug Administration (FDA).
In June 2017, Theralase Technologies Inc. was granted a patent for its anti-cancer compound technology by the U.S. Patent and Trademark Office (USPTO). The USPTO granted a patent titled as ‘Metal-based Thiophene Photodynamic Compounds and their Use.’
The photodynamic therapy market in Asia Pacific is expected to expand at a high CAGR of ~18% from 2019 to 2027, due to surge in the number of patients with psoriasis and acne, and rise in the demand for innovative cosmetic therapies in India, China, and South Korea.
Rise in Prevalence of Skin Diseases to Drive Global Photodynamic Therapy Market
Rise in the prevalence of skin diseases, worldwide, is projected to drive the global photodynamic therapy market during the forecast period.
Acne is considered one of the most common skin conditions in the U.S., which affects over 50 million people in the country every year. Its prevalence is known to be higher among women, affecting over 15% of the total population of adult women.
Psoriasis is known to affect over 7.5 million people in the U.S. every year, with a higher rate of prevalence among people aged between 45 and 64 years.
This significant rise in the prevalence of skin diseases and the economic burden of these diseases generate high demand for photodynamic therapy, which is a cost-effective option.
Photosensitizers Drugs Dominate Global Photodynamic Therapy Market
Increase in the number of clinical trials for the development of new photosensitizers, rise in the number of market players strengthening their research and development activities, and increase in expenditure on new drug development are various factors expected to drive the drugs segment during the forecast period.
In September 2018, Health Canada approved the clinical trial application (CTA) filed by Theralase Technologies Inc., allowing clinical study evaluation of Theralase’s lead anti-cancer drug, i.e. TLD-1433.
Cancer the Most Prominent Application in Photodynamic Therapy Market
In terms of application, the global photodynamic therapy market has been segmented into cancer, actinic keratosis (AK), psoriasis, acne, and others. The cancer segment is further categorized into basal cell carcinoma, non-small cell lung cancer, head & neck cancer, and others.
The cancer segment accounted for a major share of the global market in 2018, and is likely to continue its dominance during the forecast period.
Growth of the cancer segment can be attributed to increase in the incidence of various types of cancer, such as head & neck cancer, basal cell carcinoma, breast cancer, and lung cancer.
According to the World Health Organization (WHO), in India, lung, breast, and stomach cancers accounted for nearly 5.9%, 14%, and 5% of the total cancer cases, respectively, in 2018.
Leading players operating in the global photodynamic therapy market have received drug patents for their newly developed molecules, having potential use in the treatment of cancer. In October 2019, Theralase Technologies Inc. was granted a patent in Europe for its anti-cancer light-activated photodynamic compounds (PDCs).
Hospitals a Promising End User of Global Photodynamic Therapy Market
In terms of end user, the global photodynamic therapy market has been categorized into hospitals, cosmetics & dermatology clinics, cancer treatment centers, and others.
The cosmetics & dermatology clinics segment is likely to gain significant market share by 2027. Growth of this segment can be attributed to surge in the demand for photodynamic therapy lasers for use in the treatment of skin conditions such as psoriasis and acne across the globe, and patient preference for treatment in hospitals.
North America to Dominate Global Photodynamic Therapy Market
In terms of region, the global photodynamic therapy market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a leading share of the global photodynamic therapy market during the forecast period, owing to the presence of key players in the U.S., increase in the demand for new biologics for cancer treatment, high adoption of photodynamic therapy, and new product launches by market players.
In January 2019, Biofrontera AG received approval from the U.S. Food and Drug Administration (FDA), and earlier, from the European Medicines Agency (EMA), for up-scaling of the batch size for the production of Ameluz to 35 kilograms from the previous 7 kilograms. Increase in the batch size enabled the company to improve its production capabilities, thereby meeting the increasing demand for drugs.
Growth Strategies of Key Players
Key players operating in the global photodynamic therapy market are Biofrontera AG, Theralase Technologies Inc., Lumibird, Quest PharmaTech Inc., Modulight, Inc., Galderma Laboratories L.P. (Nestlé), Sun Pharmaceutical Industries Ltd., and SUS Advancing Technology Co., Ltd.
One of the major strategies adopted by prominent players operating in the global photodynamic therapy market is extensive R&D efforts for the development of new photosensitizers. This is coupled with geographical expansion, especially in countries such as China and Japan.
In May 2019, Theralase Technologies Inc. received a notice of acceptance for photodynamic compounds from the Chinese Patent Office for PDCs.
More Trending Reports by Transparency Market Research –
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Transparency Market Research (TMR) has published a new report on the photodynamic therapy market for the Forecast period of 2019 – 2027. According to the report, the global photodynamic therapy market was valued at ~US$ 3 Bn in 2018, and is projected to expand at a CAGR of ~17% from 2019 to 2027.
Global Photodynamic Therapy Market: Key Insights
Photodynamic therapy is a part of treatment that uses drugs and devices for the treatment of different chronic diseases such as cancer and malignant musculoskeletal tumors.
Increase in the prevalence as well as incidence of cancer and skin diseases, growth in the number of surgeries, and approval of new biologics are major factors anticipated to drive the global photodynamic therapy market during the forecast period.
According to the National Cancer Institute of the U.S., around 1,735,350 new cancer cases were diagnosed in the U.S. in 2018. It also stated that, there were 15.5 million cancer survivors in the country in 2016, and the number is projected to rise to 20.3 million by 2026.
North America held a leading share of the global photodynamic therapy market in 2018, due to increase in the number of cancer cases and approvals for new photosensitizers by the U.S. Food & Drug Administration (FDA).
In June 2017, Theralase Technologies Inc. was granted a patent for its anti-cancer compound technology by the U.S. Patent and Trademark Office (USPTO). The USPTO granted a patent titled as ‘Metal-based Thiophene Photodynamic Compounds and their Use.’
The photodynamic therapy market in Asia Pacific is expected to expand at a high CAGR of ~18% from 2019 to 2027, due to surge in the number of patients with psoriasis and acne, and rise in the demand for innovative cosmetic therapies in India, China, and South Korea.
Rise in Prevalence of Skin Diseases to Drive Global Photodynamic Therapy Market
Rise in the prevalence of skin diseases, worldwide, is projected to drive the global photodynamic therapy market during the forecast period.
Acne is considered one of the most common skin conditions in the U.S., which affects over 50 million people in the country every year. Its prevalence is known to be higher among women, affecting over 15% of the total population of adult women.
Psoriasis is known to affect over 7.5 million people in the U.S. every year, with a higher rate of prevalence among people aged between 45 and 64 years.
This significant rise in the prevalence of skin diseases and the economic burden of these diseases generate high demand for photodynamic therapy, which is a cost-effective option.
Photosensitizers Drugs Dominate Global Photodynamic Therapy Market
Increase in the number of clinical trials for the development of new photosensitizers, rise in the number of market players strengthening their research and development activities, and increase in expenditure on new drug development are various factors expected to drive the drugs segment during the forecast period.
In September 2018, Health Canada approved the clinical trial application (CTA) filed by Theralase Technologies Inc., allowing clinical study evaluation of Theralase’s lead anti-cancer drug, i.e. TLD-1433.
Cancer the Most Prominent Application in Photodynamic Therapy Market
In terms of application, the global photodynamic therapy market has been segmented into cancer, actinic keratosis (AK), psoriasis, acne, and others. The cancer segment is further categorized into basal cell carcinoma, non-small cell lung cancer, head & neck cancer, and others.
The cancer segment accounted for a major share of the global market in 2018, and is likely to continue its dominance during the forecast period.
Growth of the cancer segment can be attributed to increase in the incidence of various types of cancer, such as head & neck cancer, basal cell carcinoma, breast cancer, and lung cancer.
According to the World Health Organization (WHO), in India, lung, breast, and stomach cancers accounted for nearly 5.9%, 14%, and 5% of the total cancer cases, respectively, in 2018.
Leading players operating in the global photodynamic therapy market have received drug patents for their newly developed molecules, having potential use in the treatment of cancer. In October 2019, Theralase Technologies Inc. was granted a patent in Europe for its anti-cancer light-activated photodynamic compounds (PDCs).
Hospitals a Promising End User of Global Photodynamic Therapy Market
In terms of end user, the global photodynamic therapy market has been categorized into hospitals, cosmetics & dermatology clinics, cancer treatment centers, and others.
The cosmetics & dermatology clinics segment is likely to gain significant market share by 2027. Growth of this segment can be attributed to surge in the demand for photodynamic therapy lasers for use in the treatment of skin conditions such as psoriasis and acne across the globe, and patient preference for treatment in hospitals.
North America to Dominate Global Photodynamic Therapy Market
In terms of region, the global photodynamic therapy market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a leading share of the global photodynamic therapy market during the forecast period, owing to the presence of key players in the U.S., increase in the demand for new biologics for cancer treatment, high adoption of photodynamic therapy, and new product launches by market players.
In January 2019, Biofrontera AG received approval from the U.S. Food and Drug Administration (FDA), and earlier, from the European Medicines Agency (EMA), for up-scaling of the batch size for the production of Ameluz to 35 kilograms from the previous 7 kilograms. Increase in the batch size enabled the company to improve its production capabilities, thereby meeting the increasing demand for drugs.
Growth Strategies of Key Players
Key players operating in the global photodynamic therapy market are Biofrontera AG, Theralase Technologies Inc., Lumibird, Quest PharmaTech Inc., Modulight, Inc., Galderma Laboratories L.P. (Nestlé), Sun Pharmaceutical Industries Ltd., and SUS Advancing Technology Co., Ltd.
One of the major strategies adopted by prominent players operating in the global photodynamic therapy market is extensive R&D efforts for the development of new photosensitizers. This is coupled with geographical expansion, especially in countries such as China and Japan.
In May 2019, Theralase Technologies Inc. received a notice of acceptance for photodynamic compounds from the Chinese Patent Office for PDCs.
More Trending Reports by Transparency Market Research –
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
