July 14, 2024
Photodynamic Therapy Market

The rising adoption of minimally invasive medical procedures is anticipated to openup the new avenue for Photodynamic Therapy Market

Market Overview:

Photodynamic therapy involves the use of a photosensitizing agent, most commonly porphyrins, hypericin or chlorins, and a source of visible light for the treatment of cancer and age-related macular degeneration. These photosensitizing agents absorb light and use the absorbed energy to destroy tumor cells through a photochemical reaction. PDT has minimal invasiveness and can be used to treat cancers of the skin, lungs, oesophagus, stomach, duodenum and bladder. It causes less damage to healthy tissues.

Market Dynamics:

The rising prevalence of cancer across the globe is driving the photodynamic therapy market. According to the World Cancer Research Fund International, in 2020, there were around 19.3 million new cancer cases and 10 million cancer deaths worldwide. Furthermore, the increasing research and development activities to develop new photosensitizing agents and light sources for improved PDT outcomes is also fueling market growth. Major players are focusing on clinical trials to evaluate the efficacy and safety of PDT for various cancer indications. For instance, in January 2022, Photocure announced positive topline results from the Phase 3 LIGHTSITE III pivotal study evaluating blue light cystoscopy (BLC) plus hexaminolevulinate hydrochloride (HAL) for non-muscle invasive bladder cancer. In addition, growing demand for minimally invasive procedures is providing lucrative opportunities for market players.

Segment Analysis

The photodynamic therapy market is segmented into condition and application. The condition segment can be further divided into actinic keratosis, basal cell carcinoma, squamous cell carcinoma, and others. The actinic keratosis segment dominates the market, accounting for more than 30% of the market share. This is because actinic keratosis is a common precancerous growth found on sun-exposed areas of the skin like the face, lips, ears, hands, forearms, scalp and neck. Actinic keratosis causes rough, red or dark spots on the skin and its prevalence increases with age. According to the American Academy of Dermatology, more than 58 million Americans have actinic keratosis.

PEST Analysis

Political: Regulations regarding approval of photodynamic therapy devices differ across countries which impacts market growth. However, the development of guidelines can boost adoption.
Economic: Growth in geriatric population suffering from skin conditions fosters market expansion. Also, rising healthcare expenditure supports market value.
Social: Increasing public awareness about advantages of minimally invasive procedures like photodynamic therapy drives its demand.
Technological: Advancements in light delivery systems and development of new photosensitizers with superior properties aid market revenue.

Key Takeaways

The Global Photodynamic Therapy Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing geriatric population suffering from skin conditions.

Regionally, North America dominated the market and accounted for more than 35% revenue share in 2023 due to rising preference for minimally invasive treatments and developed healthcare infrastructure in the region. Asia Pacific is anticipated to register the fastest CAGR through 2030 facilitated by growing medical tourism industry and improving access to healthcare in emerging countries.

Key players operating in the photodynamic therapy market are Biofrontera AG, Theralase Technologies Inc., Photocure ASA, Quest PharmaTech Inc., Galderma S.A., DUSA Pharmaceuticals, Lumenis Ltd., Biolitec AG, IPG Photonics Corporation, Boston Scientific Corporation, Asieris Meditech Co., Ltd., PDT Pharmaceuticals, Inc., Candela Corporation, Biolase, Inc., Photothera. These companies majorly focus on new product launches and research collaborations to strengthen their global presence.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it