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.
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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.
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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.
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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.
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