Market Size of Global Photodynamic Therapy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Photodynamic Therapy Market Analysis
The Photodynamic Therapy Market is projected to register a CAGR of 7.5% during the forecast period (2022-2027).
Cancer cells have been treated using photodynamic therapy, which also inactivates viruses and other infections. The photodynamic therapy (PDT) method has recently grown in popularity. Photodynamic therapy (PDT) as an alternative or complementary treatment for COVID-19 has been introduced as part of the search for alternative therapeutic techniques for the efficient management of COVID-19. For instance, as per an article titled 'Photodynamic disinfection of SARS-CoV-2 clinical samples using a methylene blue formulation' published in March 2022, to render SARS-CoV-2 inactive, photodynamic disinfection (PDI) was proposed, along with its therapeutic application to COVID-19 patients. It has been emphasized that PDI is a good candidate for treating COVID-19 because SARS-CoV-2 is an enveloped RNA virus, and these viruses are most sensitive to PDI.
The rise in prevalence of cancer and skin disorders, the demand for minimally invasive procedures, and the rising financial burden of cancer are anticipated to drive the expansion of the global market for photodynamic therapy. The market is being driven by increased consumer knowledge of the advantages of photodynamic therapy and an increase in the use of treatments for acne, eyes, and the face. Furtermore, growing R&D in photodynamic treatment analysis is opening attractive commercial potential. The increase in demand for photosensitizer drugs and equipment used in the treatment of different types of cancer is anticipated to propel the growth of the photodynamic therapy market. According to World Health Organization (WHO), Key facts updated in February 2022, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Thus, the increasing prevalence of cancer cases across the globe is expected to rise the demand for photosensitizer drugs, thereby accelerating the market. As per an article titled 'Actinic Keratosis Risk Factors' published by Skin Cancer Foundation in January 2022, actinic keratosis (AK) is a skin precancer and has a presence across the globe and much in regions near the equator. Actinic keratosis is most frequently brought on by prolonged, unprotected exposure to UV light. The increasing prevalence of actinic keratosis is expected to boost the demand for photodynamic therapy for the treatment & care of actinic keratosis.
However, the high cost of photodynamic therapy and the risk and side effects associated with the therapy is expected to restrain the growth of the market during the forecast period.
