Photodynamic Therapy (PDT) Market Growth Is Significantly Impacted By Insurance Coverage
August 5, 2022
Rising prevalence of cancer and increasing investments in research & development activities for innovative photodynamic therapies in clinical applications
VANCOUVER, BC, CANADA, August 5, 2022 /EINPresswire.com/ -- The Global Photodynamic Therapy (PDT) Market size is expected to reach USD 2,385.5 Million at a revenue CAGR of 8.3% in 2028, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising prevalence of cancer. It has been estimated that there were over 1.8 million new cancer cases diagnosed in the U.S. in 2020 and over 0.6 million people died owing to cancer in 2020. Photodynamic therapy finds application for treating specific cancer types to improve life span and quality of life of cancer patients. This therapy is gaining increasing popularity as an essential treatment procedure for certain localized cancers. Various photosensitizing drugs are approved by U.S. Food and Drug Administration (FDA) for treatment of pre-cancers/cancers with Porfimer sodium (Photofrin) and Aminolevulinic acid (ALA or Levulan) being the most widely used.
Growing geriatric population is another key factor driving revenue growth of the photodynamic therapy market. In individuals 65 years and above, prevalence of developing cancer is 11 times higher as compared to younger individuals. Also, in the last three decades, cancer prevalence has increased by 26% in the geriatric patient pool, while there has been a 10% increase in prevalence rate in population below 65 years of age. Researchers are emphasizing use of nanomaterials in photodynamic therapy to curb drawbacks associated with traditional photosensitizers. Progressive nanomedicines improve efficacy of photodynamic therapy by addressing primary obstacles of PDT such as ACQ, tumor hypoxia, and off-target effects. As a result, assisted PDT has a far higher potential for inducing immune responses, boosting systemic cancer immunotherapy even further.
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The key companies studied in the report are:
Biofrontera AG, LUMIBIRD, Bausch Health Companies Inc., Modulight Corporation, SUS Advancing Technology Co., Ltd., Theralase Technologies Inc., Galderma Laboratories LP, Sun Pharmaceutical Industries Ltd., Hologic Inc., and Quest PharmaTech Inc., Others
However, side effects associated with photodynamic therapy, such as increased sensitivity to ultraviolet light from sun and bright lights, are hindering market growth. Such reactions resulting due to photodynamic therapy light can appear on skin where the drug is applied and generally involves a burning/tingling sensation and redness. Also, post-treatment, for a certain period of time patient need to be careful and should not get treated areas exposed to light, especially face and scalp.
Some Key Highlights From the Report
On 8 April 2021, Lumeda Inc., which is a technology startup that is developing PDT as an intraoperative adjuvant treatment for patients, announced completion of its Series A fundraising. This funds will be used to further improve Lumeda's groundbreaking PDT system, which combines Artificial Intelligence (AI) with specialized software and hardware. The AI program automates and digitizes PDT light distribution to improve physician control of PDT equipment during treatment and improve cancer patient outcomes.
By product type, the photosensitizers drugs segment accounted for a significantly robust revenue share in 2021. Photosensitizer drugs may be excited by light sources such as LED or Lasers to generate Reactive Oxygen Species (ROS) for destroying microorganism cells or mammalian cells resulting in cell death. Photosensitizer performs an essential role in photodynamic therapy for generating reactive oxygen species upon light irradiation. PDT's dual-specificity is based on deposition of photosensitizers in targeted tissues as well as delivery of targeted radiation. PDT involves extensively researched tetrapyrrole structures such as porphyrins, chlorins, bacteriochlorins, and phthalocyanines, as new potential photosensitizer drugs with proper functionalization and some of these PS drugs have received clinical approval. These are key factors driving revenue growth of this segment.
By application, the psoriasis segment revenue is expected to register a steady CAGR during the forecast period. Photodynamic therapy is considered an effective approach in psoriasis treatment by alleviating itchiness and pain due to the condition. This therapy often entails use of Ultraviolet (UV) light sources that are beneficial in reducing inflammation and slowing down formation of skin cells. Also, this restricts growth of skin cells by influencing DNA functioning.
The photodynamic therapy market in Asia Pacific accounted for largest revenue share in 2021, attributed to increasing adoption of advanced technologies, robust government initiatives and support, and increasing improvements in healthcare infrastructure. Furthermore, rising incidences of acne and skin problems and considerable improvements in photodynamic therapeutic treatment in countries in this region can be attributed to rising adoption of PDT therapies, which is driving revenue growth of the market.
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Emergen Research has segmented the global photodynamic therapy market based on product type, application, end-use, and region:
Product Type Outlook (Revenue, USD Million; 2018–2028)
Photodynamic Therapy Devices
Disease Outlook (Revenue, USD Million; 2018–2028)
Application Outlook (Revenue, USD Million; 2018–2028)
Cancer Treatment Centers
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Regional Outlook (Revenue, USD Million; 2018–2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of Middle East & Africa
The report addresses the following key points:
The report estimates the expected market size from 2020-2028
The report provides a forecast of market drivers, restraints, and future opportunities for the Photodynamic Therapy market
The report further analyses the changing market dynamics
Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
Extensive competitive landscape mapping with profiles of the key competitors
In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
Revenue forecast, country scope, application insights, and product insights
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