Market Trends of Global Photodynamic Therapy Industry
This section covers the major market trends shaping the Photodynamic Therapy Market according to our research experts:
The 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.
