Photodynamic Therapy Devices Market Analysis & Forecast to 2024-2034: Market By Product; By Application; By End-user; and By Region

The global photodynamic therapy devices market size was estimated to be USD 0.560 billion in 2023 and is expected to reach at USD 1.41 billion by 2034 with a CAGR of 8.73% during the forecast period 2024-2034. The increasing occurrence of skin cancer and diverse malignancies, a rising inclination towards less invasive procedures, elevated consumer awareness regarding the applications of photodynamic therapy, a growing embrace of treatments for conditions like acne and procedures to enhance facial features, expanding research and development in the study of photodynamic treatment, a surge in the demand for drugs and equipment utilizing photosensitizers for treating different cancer types, swift technological progress, and an uptick in approvals for photodynamic therapy devices are some of the key factors boosting the market growth.

An uptick in approvals for photodynamic therapy devices is predicted to boost the market growth during the forecast period. Photodynamic therapy (PDT) is a medical technique that employs light-sensitive medication and a light source to eradicate abnormal cells. PDT devices play a crucial role in managing various medical conditions, including cancer and dermatological disorders. These devices combine the use of photosensitizing substances and light sources, working in tandem to efficiently initiate therapeutic processes. For instance, in February 2023, Bausch + Lomb Corporation, a prominent global eye health company committed to enhancing people's vision for a better quality of life, and Modulight Corporation, a biomedical laser firm, have revealed that the U.S. Food and Drug Administration (FDA) granted approval for the ML6710i photodynamic laser for use equivalent to Bausch + Lomb's VISUDYNE (verteporfin for injection) photodynamic therapy (PDT). This approval pertains to the treatment of patients with predominantly classic subfoveal choroidal neovascularization, which involves the formation of abnormal choroidal blood vessels, caused by Age-related Macular Degeneration (AMD).

By product, diode lasers was the highest revenue-grossing segment in the global photodynamic therapy devices market in 2023 owing to continuous technological advancements are continually improving the efficiency and precision of Photodynamic Therapy (PDT) procedures, accompanied by a growing introduction of advanced systems. For instance, in July 2022, Biolitec Pharma Ltd., a medical technology company, has launched the ELVeS Radial Laser System, the newest iteration of their laser device. This device presents advanced treatment possibilities for a range of medical conditions, such as cancer, benign prostatic hyperplasia, and varicose veins, highlighting the ongoing innovation in photodynamic therapy technologies. Additionally, disposable fiber optic light delivery devices is predicted to grow at the fastest CAGR during the forecast period owing to the increasing progress in fiber optic technology and the rising demand for minimally invasive procedures.

By application, cancer was the highest revenue-grossing segment in the global photodynamic therapy devices market in 2023 owing to the rising incidence of cancer and a growing need for cancer treatment underscore the increasing demand. Photodynamic therapy for cancer presents added advantages compared to conventional treatments such as surgery or chemotherapy. Additionally, actinic keratosis is predicted to grow at the fastest CAGR during the forecast period owing to the increasing occurrence of conditions like skin wrinkling, baldness, and sunburn patches, along with a rise in approvals from regulatory bodies. For instance, in June 2023, CUTERA, INC. has obtained approval from the U.S. Food and Drug Administration for AviClear. This clearance establishes AviClear as an innovative, extended-term solution specifically crafted for mild to severe inflammatory acne vulgaris. This milestone represents a noteworthy progression in acne treatment, highlighting AviClear's distinctive role in effectively addressing various levels of acne severity over an extended period.

By end-user, hospitals was the highest revenue-grossing segment in the global photodynamic therapy devices market in 2023 owing to the rising utilization of photodynamic therapy in hospital settings for treating diverse medical conditions, an increasing incidence of cancer and dermatological disorders, a growing demand for efficient and non-invasive treatment alternatives, a surge in technological advancements in photodynamic therapy, and an uptick in collaborations among market participants. For instance, in August 2023, ImPact Biotech, a prominent figure in photodynamic therapy, has entered into a partnership with Maastricht University for joint research centered on eye treatment aimed at halting the advancement of the serious eye condition Pathological Myopia, alternatively referred to as Myopic Macular Degeneration (MMD). The initiative will leverage ImPact's Padeliporfin Vascular Targeted Photodynamic Therapy (VTP) platform. Additionally, clinics & dermatology centers is predicted to grow at the fastest CAGR during the forecast period owing to the growing need for photodynamic therapy in dermatological treatments, an increasing incidence of skin disorders and cancers, and the availability of these therapies in clinics and dermatology centers.

North America region is anticipated for the highest revenue share during the forecast period owing to the growing healthcare spending, the existence of qualified professionals, a robust healthcare infrastructure, an increasing need for cutting-edge biologics in cancer therapy, extensive acceptance of photodynamic therapy, ongoing introduction of new products, a surge in cancer cases, and rising regulatory approvals. For instance, in January 2023, Biofrontera AG, a global biopharmaceutical company, reported that its wholly-owned subsidiary, Biofrontera Bioscience GmbH, has been granted a notice of allowance for the patent application "Photodynamic therapy comprising two light exposures at different wavelengths" (US Appl. No. 17/269,816) from the U.S. Patent and Trademark Office (USPTO). This patent safeguards various innovations associated with a novel illumination technique for treating dermatological skin conditions using Photodynamic Therapy (PDT). Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the heightened awareness of Photodynamic Therapy (PDT), a surge in the incidence of skin disorders and cancer, enhanced accessibility to healthcare services, augmented investments in healthcare, and an increased emphasis on expansion strategies by industry leaders. For instance, in June 2022, LUMIBIRD has inaugurated a new subsidiary, Lumibird Medical India, located in Mumbai. The central goal of this initiative is to boost the sales of Quantel Medical and Ellex products within the Indian market. Lumibird Medical India will concentrate on providing a varied range of ophthalmic lasers, ultrasound platforms, and state-of-the-art equipment tailored for both diagnostic and therapeutic applications. This expansion underscores LUMIBIRD's dedication to fortifying its presence in India and providing cutting-edge medical technologies to the healthcare sector in the area.

Segmentation: Photodynamic Therapy Devices Market Report 2023 - 2034

Photodynamic Therapy Devices Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)

• Disposable Fiber Optic Light Delivery Devices
• Diode Lasers

Photodynamic Therapy Devices Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)

• Actinic Keratosis
• Acne
• Psoriasis
• Cancer
• Others

Photodynamic Therapy Devices Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)

• Hospital
• Clinics & Dermatology Centers
• Others

Photodynamic Therapy Devices Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa