$6.97 Billion Photodynamic Therapy Market Outlook, 2024-2032, Featuring Detailed Analysis of Gladerma, Sun Pharmaceutical Industries, Biofrontera, Lumibird, Bausch Health Companies, and More

Dublin, June 06, 2024 (GLOBE NEWSWIRE) -- The "Photodynamic Therapy Market Report by Product Types, Application, End-user, Countries and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.

The Global Photodynamic Therapy Market was worth US$ 3.63 billion in 2023. The report forecasts a 7.52% CAGR from 2024 to 2032. The market is projected to be valued at US$ 6.97 billion by 2032.

Photodynamic therapy emerges as a versatile remedy beyond oncology as cancer rates surge. Initially, for cancers, PDT now reveals utility in age-associated macular degeneration management. The BMC Ophthalmology estimates a prevalence of 10.8% in males and 9.8% in women. PDT also shows promise in treating acne vulgaris and psoriasis. This drives the global photodynamic therapy market boom through expanded investments and research.

Approvals from Clinical Trials

Clinical approvals are pivotal for the global photodynamic therapy market, expanding its applications past oncology. As regulatory bodies greenlight PDT for numerous medical situations, confidence in its efficacy grows. These approvals propel the demand for PDT, fueling investment in studies and improvement to enhance its accessibility and effectiveness. Consequently, clinical approvals catalyze the PDT market, facilitating its adoption in mainstream clinical practice and fostering growth. For instance, in July 2023, the FDA specified the orphan drug padeliporfin VTP as a potential healing alternative in domestically advanced pancreatic cancer patients.

Increase in Healthcare Expenditure on a Global Scale

Healthcare spending worldwide is growing, creating substantial possibilities for photodynamic therapy and other superior treatments. The World Health Organization's report in 2023 documented global health spending hitting a record $9.8 trillion in 2021, making up 10.3% of the sector's general income. Governments and corporations are spending more on healthcare, particularly for new and better ways to deal with complicated ailments. PDT is one such way. It is regarded capable of treating many distinct concerns and has appropriate results. More cash going into healthcare gives extra chances for PDT to grow and become familiar with dealing with ailments, boosting the photodynamic therapy market.

United States Photodynamic Therapy Market

United States photodynamic therapy market is seen as a promising part of the worldwide market. It is mainly valued for its success in treating skin cancer. This is because skin cancer rates are going up, and more individuals understand how powerful PDT can be. According to Cancer.Net, about 97,610 adults in the US had been recognized with invasive melanoma of the skin in 2023. At the same time, technological improvements, similar to what's taking place around the sector, are making the US market even more potent. New photosensitizer traits and light delivery structures make PDT work better for many exclusive uses.

Medicare coverage for specific PDT procedures in the United States also aids in market expansion by improving patient access and affordability. The Centers for Medicare & Medicaid Services (CMS) are extending coverage to ocular photodynamic therapy (OPT) with verteporfin for "wet" age-related macular edema (AMD). Follow-up treatments require fluorescein angiography (FA) testing for coverage. The growing elderly population in the US also reflects global demographics. This offers chances for PDT use in managing age-related macular degeneration, which is especially critical among seniors.

Global Photodynamic Therapy Company News

Gladerma S.A., Sun Pharmaceutical Industries Ltd., Biofrontera Inc., Lumibird S.A., Bausch Health Companies Inc., Soligenix Inc., Modulight Corporation, and Theralase Technologies Inc. are the leading companies in the global photodynamic therapy market.

  • In January 2023 - Biofrontera AG disclosed that its subsidiary, Biofrontera Bioscience GmbH, was granted a notice of allowance for the patent application "Photodynamic therapy comprising two light exposures at different wavelengths" by the US Patent and Trademark Office (USPTO). The patent safeguards several advancements concerning a novel illumination technique for treating dermatological skin conditions with Photodynamic Therapy (PDT).
  • In February 2023 - Bausch + Lomb Corporation and Modulight Corporation revealed FDA approval for the ML6710i photodynamic laser. It's cleared for use alongside Bausch + Lomb's VISUDYNE (verteporfin for injection) photodynamic therapy (PDT) to treat patients with predominantly classic subfoveal choroidal neovascularization, a complication of Age-related Macular Degeneration (AMD).
  • In May 2023 - Rakuten Medical received approval from the Indian Central Drugs Standard Control Organization (CDSCO) to conduct its global Phase III clinical trial on Alluminox treatment (photoimmunotherapy) with ASP-1929 for patients with locoregional, recurrent head and neck squamous cell carcinomas (HNSCC) in India.
  • In August 2023 - ImPact Biotech, a leader in photodynamic therapy, partnered with Maastricht University to research treating Pathological Myopia, also known as Myopic Macular Degeneration (MMD). They will utilize ImPact's Padeliporfin Vascular targeted photodynamic therapy (VTP) platform.
  • In July 2022 - Biolitec Pharma Ltd. unveiled the ELVeS Radial Laser System, its latest-generation laser device. This innovation expands treatment options for cancer, benign prostatic hyperplasia, and varicose veins, demonstrating ongoing advancements in photodynamic therapy technologies.
  • In June 2022 - DUSA Pharmaceuticals launched Levulan (aminolevulinic acid HCl), a new photodynamic therapy product for treating actinic keratosis. It improves comfort and enhances patient experience, advancing photodynamic therapy in dermatology.

Product types - market breakup in 2 viewpoints:

  • Photodynamic Therapy Devices
  • Photosensitizer Drugs

Application - market breakup in 5 viewpoints:

  • Cancer
  • Actinic Keratosis
  • Psoriasis
  • Acne
  • Others

End-user - market breakup in 4 viewpoints:

  • Hospitals
  • Cosmetics & Dermatology Clinics
  • Cancer Treatment Centers
  • Others

Country - market breakup of 25 countries:

  • North America
    • United States
    • Canada
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • United Kingdom
    • Belgium
    • Netherlands
    • Turkey
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
    • Malaysia
    • Indonesia
    • Australia
    • New Zealand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

Company analysis:

  • Gladerma S.A.
  • Sun Pharmaceutical Industries Ltd.
  • Biofrontera Inc.
  • Lumibird S.A.
  • Bausch Health Companies Inc.
  • Soligenix Inc.
  • Modulight Corporation
  • Theralase Technologies Inc.

The players have been covered from 3 viewpoints:

  • Overview
  • Recent Developments
  • Revenue Analysis

Key Attributes

Report AttributeDetails
No. of Pages210
Forecast Period2023-2032
Estimated Market Value (USD) in 2023$3.63 Billion
Forecasted Market Value (USD) by 2032$6.97 Billion
Compound Annual Growth Rate7.5%
Regions CoveredGlobal

For more information about this report visit https://www.researchandmarkets.com/r/7vk56c

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Photodynamic Therapy Market

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