Overview and Scope
Photodynamic therapy refers to a procedure that uses a light source and medication that is light-sensitive to eliminate aberrant cells. Some eye and skin disorders, as well as specific cancers, can be treated with it. Photodynamic therapy (PDT) is a two-stage treatment that combines light energy with a drug (photosensitizer) designed to destroy cancerous and precancerous cells after light activation.
Sizing and Forecast
The photodynamic therapy market size has grown strongly in recent years. It will grow from $1.36 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to aging population pool, an increase in cancer prevalence, an increase in skin diseases, rising pollution rates, increased healthcare expenditure and growth in the number of healthcare facilities.
The photodynamic therapy market size is expected to see strong growth in the next few years. It will grow to $1.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to the rise in healthcare expenditure, insurance coverage for photodynamic therapy, high potential in emerging economies, increasing teenage population, increasing older population, increasing prevalence of cancer and chronic diseases and emergence of infectious diseases. Major trends in the forecast period include introduction of portable photodynamic therapy device that help in at-home dermatological pdt treatments, investing in artificial intelligence enabled pdt for improved treatment of patients, expanding product portfolio in cosmetic procedures, continue to invest in research and development, focus at providing photoimmunotherapy devices and expand portfolio to include photothermal therapy.
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Segmentation & Regional Insights
The photodynamic therapy market covered in this report is segmented –
1) By Product: Drugs, Devices
2) By Application: Actinic Keratosis (AK), Cancer, Acne, Psoriasis, Other Applications
3) By End-User: Cosmetics And Dermatology Clinics, Hospitals, Cancer Treatment Centers, Other End-Users
North America was the largest region in the photodynamic therapy market in 2023. The regions covered in the photodynamic therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising prevalence of skin cancer is contributing to the growth of the photodynamic therapy market. Skin cancer is observed to be the most common cancer of all cancers. Melanoma contributes to only about 1% of skin cancers but causes a large number of skin cancer deaths. Photodynamic treatment (PDT) uses a combination of a light sensitizing medication and very intense light to destroy cancer cells. The doctor applies a light sensitizing chemical-containing lotion to the skin cancer and the surrounding area. According to the American Cancer Society, it is estimated that about 106,110 new melanomas will be diagnosed (about 62,260 in men and 43,850 in women) in the USA in 2021. Therefore, the increasing prevalence of skin cancer is expected to fuel the growth of the photodynamic therapy market in the coming years.
Key Industry Players
Major companies operating in the photodynamic therapy market report are Galderma S.A., Bausch Health, Lumenis Ltd., Sun Pharmaceutical Industries Ltd., Biofrontera, Modlight Inc., PhotoMedex Inc., Soligenix Inc., Quest PharmaTech Inc., Novartis AG, Theralase Technologies Inc., Quantel Medical, Axcan Pharma, Sihealth, MediGlobus, Steba Biotech, Ambicare Health, Nuovo Therapy, Pharmstandard, Rusatom Healthcare, Roche Latvija SIA, Hologic, Inc., Dusa Pharmaceuticals, PDT Pharma Indústria e Comércio de ProdutosFarmacêuticos, MMOptics Ltd, Global Healthcare Solutions Perú, DMC Equipmentos LTDA, Biolite, SyMed LLC, Alma Lasers, Candela Medica, Velt International Group Inc.
The photodynamic therapy market report table of contents includes:
1. Executive Summary
2. Photodynamic Therapy Market Characteristics
3. Photodynamic Therapy Market Trends And Strategies
4. Photodynamic Therapy Market – Macro Economic Scenario
5. Global Photodynamic Therapy Market Size and Growth
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32. Global Photodynamic Therapy Market Competitive Benchmarking
33. Global Photodynamic Therapy Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Photodynamic Therapy Market
35. Photodynamic Therapy Market Future Outlook and Potential Analysis
36. Appendix
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