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Photodynamic therapy is a minimally invasive treatment that uses light-activated photosensitizing drugs to destroy cancerous or pre-cancerous cells. It involves application of a photosensitizing drug which is activated by exposure to a specific wavelength of light that is absorbed by the photosensitizer. The drug localizes selectively in abnormal or cancerous cells and upon irradiation with light of a specific wavelength, produces reactive oxygen species such as singlet oxygen, which destroy the cells. Photosensitizing drugs used include porphyrin derivatives, chlorine, hematoporphyrin derivatives, and phthalocyanines. These drugs accumulate more in hyperproliferative or dysplastic tissue, making the targeted tissue highly susceptible to photoactivation. Advantages of PDT over other therapies include minimal invasiveness, ability to treat large areas of tissue, minimal scarring and damage to surrounding tissues. It is used to treat various cancers like lung, esophageal, gastric, non-melanoma skin cancers and pre-cancerous conditions including Barrett’s esophagus, and age-related macular degeneration. Growing prevalence of skin diseases and cancers worldwide is anticipated to drive the demand for photodynamic therapy over the forecast period.
The global Photodynamic Therapy Market is estimated to be valued at US$ 4.51 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the photodynamic therapy market is the development of targeted photodynamic therapy. Researchers are working on developing targeted photosensitizing agents that can be more selectively delivered to cancerous cells or tissues, minimizing damage to healthy cells. For example, researchers are developing cancer cell-targeted photosensitizers conjugated to antigens, antibodies, polymers, proteins and peptides to enhance selective accumulation in tumor tissues. This would allow lower light doses and drug concentrations to be used, improving treatment efficacy and reducing side effects. Further, combination therapy approaches using photodynamic therapy along with chemotherapy, immunotherapy or other treatment modalities are being explored to enhance therapeutic outcomes.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the photodynamic therapy market is moderate due to the presence of stringent regulations set by regulatory authorities and high capital investment required for R&D.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have limited options and suppliers have a differentiated product.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute products and technologies.
Threat of new substitutes: Threat of substitutes is moderate as there are alternate treatment options for various cancer and dermatology indications.
Competitive rivalry: The competition in the market is high due to the presence of global and local market players.
Key Takeaways
The global photodynamic therapy market is expected to witness high growth at a CAGR of 8.6% during the forecast period.
Regional analysis: North America is expected to hold the largest share in the photodynamic therapy market during the forecast period due to growing prevalence of skin cancer, rising awareness among physicians regarding photodynamic therapy for treatment of various cancer and dermatology indications.
Key players operating in the photodynamic therapy market are Gladerma S.A., Sun Pharmaceutical Industries Ltd., Biofrontera, Novartis AG, Valeant Pharmaceuticals International, Inc., Quest Pharmatech, Inc., Hologic, Inc., Lumibird (Quantel Medical), Theralase Technologies Inc., Photocure ASA, Biolitec AG, IPG Photonics Corporation. Gladerma S.A has the dominant market share in the global photodynamic therapy market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
