New York, Jan. 18, 2024 (GLOBE NEWSWIRE) -- According to Market.us, the Photodynamic therapy market size is projected to surpass around USD 5.53 Billion by 2033, and it is poised to reach a registered CAGR of 8.3% from 2024 to 2033.
A photosensitizing drug and light energy that helps to kill the cancer cells is known as Photodynamic therapy (PDT). The process works only after specific lights are activated. The PDT is also referred to as phototherapy, photo radiation therapy or photochemotherapy. The rise of skin diseases and cancer and increase in the demand for less invasive treatments, is expected to grow the market of photodynamic therapy in the foreseen period.
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Key Takeaway
- The destruction of cancer cells and treatment of skin related issues, can be performed by PDT, which makes use of photosensitizing drug and light energy.
- Based on product type, the photosensitizer drugs dominate the market of photodynamic therapy in 2023.
- Skin cancers are effectively treated by photodynamic therapies.
- North America is responsible for large revenue generation in the photodynamic therapy market.
- The high cost of cancer treatment using PDT, is expected to pose a challenge in the market growth.
Factors affecting the growth of the Global Photodynamic Therapy Market
Several factors are affecting the growth of the photodynamic market. These include:
- Government initiatives: The government across the globe is focusing on healthcare, hence, they are taking initiatives to expand the healthcare sector. Therefore, the market is witnessing high growth.
- Minimal invasive procedures: The need of minimal invasive procedures to treat various skin related issues, for example, for the treatment of skin cancers, is expected to drive the market of photodynamic therapy.
- Limited damage to healthy cells: The PDT often lead to less damage to healthy cells as, photosensitizers tend to build in abnormal cells and light is focused only on them.
Top trends in the Photodynamic Therapy Market
The introduction of Portable Photodynamic Therapy Devices provided ease for the patients, especially in the developing countries, where patients need to travel long distances to receive the advanced dermatological care. The device can be easily regulated at home to treat skin cancers. The new Portable Irradiation Devices being compact can be easily attached to skin with the aid of medical adhesive tape.
Market Growth
The companies offering photodynamic therapy are working on techniques to increase transdermal ALA delivery. The creation of micro hole grating with high power CO2 lasers is mainly focused by the market key players. The awareness of photodynamic therapy advantages, increase in adoption of face, eye and acne photodynamic therapy is driving the global photodynamic therapy market. In addition to this, the rise of research & development activities to further improve the PDT process is aiding to upsurge the market.
Regional Analysis
Based on region, North America dominates the PDT market, followed by Europe, Asia-Pacific and rest of the world. Owing to the rise in demand for new biologics for cancer treatment, introduction of new products and technologies, the presence of major market key players, and the rise of skin diseases and cancer North America is responsible to hold large market share of 32.5%, dominating the market in 2023.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | US$ 2.49 Billion |
| Forecast Revenue 2033 | US$ 5.53 Billion |
| CAGR (2024 to 2033) | 8.3% |
| North America Revenue Share | 32.5% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Market Drivers
The rise in demand for photosensitizer medications and devices employed to treat various types of cancers is driving the photodynamic therapy market in 2023. The therapy is chosen for treatment of the most critical cancers such as stomach cancer, lung cancer, kidney cancer, and throat cancer. This has enhanced the popularity of the treatment and researchers are more focusing to make further improvements in the process to make it with less side effects. In addition to this, the development of new light sources, photosensitive drugs and imaging technologies is further boosting the market.
Market Restraints
With the advancement of the treatment, comes the high cost, as the therapy has become more expensive compared to other medical procedures. The high cost of procedure is directly proportional to the cost of apparatus, light source and photosensitizers. Furthermore, the therapy requires several sessions, leading to the high cost of the treatment.
Opportunities
For wound healing of skin, bone and cartilage, a recently introduced technology known as Nanoparticle-based PDT has gained a lot of attention. The process aids to improve tissue regeneration by promoting cell proliferation, leading to the reactive oxygen species generation, by photo dynamically adjusting the temperature of wounds. This advancement provides lucrative opportunities for the growth of the market during the foreseen period.
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Report Segmentation of the Photodynamic Therapy Market
Product Analysis
Based on product analysis, the photodynamic therapy market is segmented into Photosensitizer Drugs, aminolevulinic Acid, porphyrin derivatives, chlorines, Devices, Disposable Fiber Optic Light Delivery Devices (DFOLDD), and Diode Laser. The photosensitizer drug segment dominated the market by accounting a large market share of 57.3%, dominating the photodynamic therapy market. PDT makes use of photosensitizers, which are activated by the absorption of visible light creating excited singlet state before switching to the long lived excited triplet state. This in turn leads to the photochemical reaction, forming the reactive oxygen species, killing the cancer cells, harmful bacteria and unwanted tissues.
Application Analysis
As far as applications are considered, the global PDT market has been divided into cancer, actinic keratosis, acne and psoriasis. The cancer segment is accounted to hold the largest market share of 32.4%, dominating the other segments in 2023. Skin cancer is considered to be one of the most common type of cancer. Acne is one of the most noticeably skin disorder affecting more than 50 million individuals in U.S., according to national library of medicine. The rising prevalence of cancer, skin related disorders and increase in demand for minimally invasive treatments, makes the segment to dominate.
End User Analysis
Based on end-user analysis, the PDT market is bifurcated into hospitals, cosmetics and dermatological clinics and cancer treatment centers. The hospital segment is accounted to hold a large market share of 39.2%, dominating the PDT market in 2023. The rise in demand for minimally invasive treatments, up surging number of hospitals, and personalized care provided in hospitals, is expected to foster the market in recent times.
Impact of macroeconomic factors
Rising inflation has a significant impact on the photodynamic therapy market. The majority of pharmaceutical companies were seeing high costs for raw materials and are expecting a decline in profit margins in the subsequent quarters of 2023. High energy along with supply chain constraints are the major cause of steep increase in inflation. The Russia-Ukraine war and the subsequent rise in energy prices have driven up the prices of almost all commodities. In addition to this, the strict lockdowns imposed in several cities in China to combat the COVID-19 pandemic have created numerous logistical disruptions, leading to an increase in freight prices. All these factors are significantly driving inflation.
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Market Segmentation
By product
- Photosensitizer Drugs
- Aminolevulinic Acid
- Porphyrin derivatives
- Chlorines
- Devices
- Disposable
- Fiber Optic Light Delivery Devices (DFOLDD)
- Diode Laser
By Applications
- Cancer
- Actinic keratosis
- Acne
- Psoriasis
By end user
- Hospitals
- Cosmetics
- Dermatological clinics
- Cancer treatment centers
By Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Recent Development of the Photodynamic Therapy Market
- In July 2022: ELVeS RADIAL LASER System, is launched by Biolitec pharma ltd. The system provides cutting edge treatment options for variety of medical conditions, such as cancers, prostate hyperplasia and varicose veins.
- In April 2021: A medical technology company, Lumeda, Inc, focused on development of PDT, as an intraoperative adjuvant therapy for lung cancer patients, announced closing of its series A funding.
Competitive Landscape
New key players in the market are involved in intense competition from leading market players, especially with strong brand recognition and high distribution networks. With various expansion strategies and partnerships, the competitors are trying to survive in the market climate.
Some of the major players include:
- Galderma Laboratories, L.P.
- Biofrontera AG.
- Excel Lasers Limited.
- LUMIBIRD Medical
- Modulight Corporation
- Quest PharmaTech, Inc.
- Theralase Technologies Inc.
- SUS Advancing Technology Co., Ltd.
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