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Photodynamic Therapy Market Size Worth $7.28 billion by 2031: Exclusive Report by Growth Plus Reports

/EIN News/ -- Pune, May 16, 2022 (GLOBE NEWSWIRE) -- The Global Photodynamic Therapy Market is expected to clock US$ ~7.28 billion by 2031 owing to the rising incidence of cancer and skin diseases as well as the rising number of R&D activities for developing new photosensitizers

Growth Engines

Companies in the market are focused on developing and launching new products in the market. They are also adopting inorganic growth strategies such as mergers and acquisitions. For instance, in November 2020, DelMar Pharmaceuticals, Inc. entered into a definitive merger agreement to acquire Adgero Biopharmaceuticals, a biopharmaceutical company developing late-stage photodynamic therapy platform for the treatment of serious cutaneous oncology indications.  

Further, researchers are focused on developing new compounds and drugs. For instance, in May 2020, Theralase Technologies Inc., a company focused on the R&D of light-activated Photo Dynamic Compounds (PDC) and their associated drug formulations to safely and effectively destroy various cancers, received FDA Investigational New Drug (IND) authorization to conduct a Phase II non-muscle invasive bladder cancer (NMIBC) clinical study (Study II) in the U.S. Such initiatives are anticipated to propel the photodynamic therapy market growth.

The global photodynamic therapy market has been analyzed from four perspectives: Product Type, Application, End-User, and Region.

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Excerpts from ‘By Product Type Segmentation      

Based on product type, the photodynamic therapy market has been segmented into

  • Drugs
  • Devices

Drugs segment is further divided into aminolevulinic acid (ALA), porphyrin derivative (PD) (benzoporphyrin derivative (BPD), hematoporphyrin derivative (HpD), texaphyrins, and others), chlorines, and others. Devices segment is further bifurcated into disposable fiber optic light delivery devices (DFOLDD) and diode laser. Drugs segment held the largest share of the photodynamic therapy market in 2020. There is greater demand for photosensitizer drugs as they help effectively destroy the tumors/cancerous cells. Further, companies in the market are focused of R&D activities for developing new photosensitizer drugs, which will further drive the growth of the drugs segment in the forecast period.

Excerpts from ‘By Region Segmentation’

Regionally, the global photodynamic therapy market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).

North America held the largest share of the global photodynamic therapy market in 2020. Factors attributing to the growth of photodynamic therapy market in this region include rising incidence of cancer coupled with growing demand for new biologics in cancer treatment. Moreover, the presence of key players in this region, new product launches, and high adoption of photodynamic therapy are also playing a key role in driving the market growth. Companies in this region are also focused on signing agreements, entering partnerships, and collaborations for developing and marketing their products. These factors are driving the photodynamic therapy market growth.

Restraints: -

However, photodynamic therapy has several limitations. Limitations such as difficulty in treating large tumor masses, lower tissue penetration properties of visible light used in photodynamic therapy, and limited therapeutic depth. These are hindering the adoption of photodynamic therapy. Moreover, there are some disadvantages of using photodynamic therapy. These include the risk of adverse reactions such as swelling, burning sensation, and scarring in the nearby normal tissues, among others. The therapy also causes temporary side-effects such as coughing, shortness of breath, or painful breathing. Such factors are limiting the use of photodynamic therapy and in turn, restraining the market growth to a certain extent.

Excerpts from ‘Competitive Landscape’

Some of the prominent players operating in the global photodynamic therapy market include:-

  • Quantel Medical (Subsidiary of the Lumibird Group)
  • Theralase Technologies Inc
  • Modulight, Inc
  • Quest PharmaTech Inc
  • Biofrontera AG
  • Galderma
  • Sun Pharmaceutical Industries Ltd
  • Bausch & Lomb
  • SUS Advancing Technology Co., Ltd
  • Sagentia
  •  Among others

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Photodynamic Therapy Market Segmentation

Growth Plus Reports has segmented the global photodynamic therapy market on the Product Type, Application, End Users

Product Type:

  • Drugs
  • Devices

Application:

  • Cancer
  • Actinic Keratosis (AK)
  • Acne
  • Psoriasis

End Users:

  • Hospitals
  • Cancer Treatment Centers
  • Cosmetic & Dermatology Clinics

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Manan Sethi
Director, Market Insights
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