Number of pages: 120 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the photodynamic therapy market was valued at US$ 1.83 billion in 2022 and is expected to register a revenue CAGR of 15.3% to reach US$ 6.60 billion by 2031.
Photodynamic Therapy Market Fundamentals
Photodynamic therapy is an innovative medical treatment that harnesses the power of light and a photosensitizing agent to selectively destroy abnormal cells in the body. Photodynamic therapy induces the production of reactive oxygen species, which can efficiently destroy the aberrant cells, by providing a photosensitizing medication that accumulates in the target cells and activating it with a certain wavelength of light. This therapy has a number of benefits, including the option to combine it with other treatment modalities, the fact that it is minimally invasive, and the capacity to target particular locations. Skin cancer, precancerous skin lesions, age-related macular degeneration, and certain infections are just a few of the ailments that photodynamic treatment has been successful in treating. The flexibility of photodynamic therapy's applications and capacity to spare healthy tissues have made it a potential alternative in contemporary medicine.
Photodynamic Therapy Market Dynamics
The global photodynamic therapy market is expected to grow as a result of the rising incidence of skin disorders and cancer, the demand for minimally invasive procedures, and the rising financial burden of cancer. The market is being driven by a rise in the usage of treatments for acne, the eyes, and the face, as well as improved consumer awareness of the benefits of photodynamic therapy. Additionally, expanding research and development in photodynamic therapy analysis is creating exciting economic prospects. The global photodynamic therapy market is projected to grow due to the rising demand for photosensitizer medications and equipment used in the treatment of various cancers. Cancer is the greatest cause of mortality worldwide, accounting for around 10 million fatalities in 2020, or nearly one in every six deaths, according to the World Health Organization's (WHO) Key statistics, February 2022. As a result, the market for photosensitizer drugs is predicted to grow faster due to the rising incidence of cancer cases around the world. Actinic keratosis (AK) is a skin precancer that is prevalent worldwide, particularly in areas close to the equator, according to an article titled "Actinic Keratosis Risk Factors" that was released by the Skin Cancer Foundation in January 2022. The most frequent cause of actinic keratosis is extended, unprotected UV radiation exposure. Actinic keratosis is becoming more common, which is projected to increase demand for photodynamic therapy to treat and manage the condition.
However, during the projected period, the growth of the global photodynamic therapy market is anticipated to be constrained by the high price of photodynamic treatment as well as its risks and side effects.
Photodynamic Therapy Market Ecosystem
The global photodynamic therapy market is analyzed from the following perspectives: product type, application, end user, and region.
Photodynamic Therapy Market by Product Type
Based on the product type, the global photodynamic therapy market is segmented into photosensitizer drugs and photodynamic devices.
The photosensitizer drugs segment accounts for 64.5% of the market revenue share in the global photodynamic therapy market. Chemical substances or medications known as photosensitizers are used in conjunction with light to treat various malignancies. Regulatory agencies from all across the world have approved a number of medications to treat cancer. For instance, Soligenix, Inc. reported in September 2021 that the Office of Orphan Products Development of the US Food and Drug Administration (FDA) had granted orphan drug designation to the active ingredient hypericin for the treatment of T-cell lymphoma, expanding the target population beyond cutaneous T-cell lymphoma. Additionally, it is predicted that market players would increase their R&D spending in order to identify new photosensitizers and enhance clinical outcomes during the course of the projection year. Due to technological developments that have minimized side effects and increased public awareness, photodynamic treatment devices are expected to have profitable growth. The market segment growth is anticipated to be boosted by the rise in cancer cases and the expanding use of photodynamic therapy for treatment. The National Board of Health and Welfare reports that the Cancer Registry in the United States received reports of 68,318 malignant tumors for 62,555 individuals in 2020. The number of individuals with a cancer diagnosis was significantly larger than the number of cancer-related fatalities. Additionally, the segment is expected to grow over the forecast period due to the expanding applications of photodynamic therapy, including those for treating breast cancer, lung cancer, and other types of cancer.
Photodynamic Therapy Market by Application
Based on the application, the global photodynamic therapy market is segmented into cancer, actinic keratosis (AK), acne, psoriasis, and other applications.
The cancer segment accounts for a significant revenue share in the global photodynamic therapy market. This phenomenon has been brought on by the rising global incidence of cancer. For the treatment of cancers such basal cell skin cancer, esophageal (throat) cancer, non-small cell lung cancer, and early stages of squamous cell skin cancer, the U.S. Food and Drug Administration (FDA) has approved photodynamic therapy. According to a 2019 study, 86.2% of patients with oral leukoplakia responded favorably to photodynamic therapy, with complete remission occurring in 55.2% of cases and partial remission in 31.0% of cases. PDT with specialized applications is used to treat certain problems. For instance, Extracorporeal Photopheresis (ECP) is used to treat aberrant white blood cells that cause skin complaints in individuals with cutaneous T-cell lymphoma. During the projection period, it is also anticipated that rising rates of various skin cancers would further fuel market revenue development.
The actinic keratosis segment is expected to register a rapid revenue CAGR over the forecast period. This is brought on by the rising global concern over sickness. According to the Skin Cancer Foundation, nearly 58 million Americans are thought to have at least one actinic keratosis. A person is also more likely to get the disease if they have other health issues like severe baldness, advanced age, a high risk of sunburn, and wrinkled skin. The market is also predicted to grow as a result of an increase in the number of drug approvals, therapeutic use, and the introduction of novel medicines. In the US, for example, there were over 15.1 million actinic keratosis treatments in 2019 compared to 12.7 million in 2020. In addition to surgery and topical medicines, these therapies also included photodynamic therapy.
Photodynamic Therapy Market by End User
Based on the end user, the global photodynamic therapy market is segmented into hospitals, cancer treatment centers, cosmetic & dermatology clinics, and others.
Hospitals segment accounts for the largest revenue share in the global photodynamic therapy market. Hospitals are the preferred option for the majority of patients, and hospitals have a better availability of advanced photodynamic technologies, both of which contribute to the expansion of the hospital category.
Photodynamic Therapy Market by Region
Geographically, the global photodynamic therapy market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global photodynamic therapy market. This is because major companies are present in the country, demand for innovative biologic cancer treatments is rising, photodynamic therapy is being used quite frequently, and market players are launching new products. The photodynamic therapy market in North America is expanding as a result of an increase in product approvals by the US Food and Drug Administration, a surge in the use of photodynamic therapy for the treatment and management of actinic keratosis, and an increase in the number of cosmetologists offering photodynamic therapy. The first participant in Phase 1 research to assess the safety and tolerability of photodynamic therapy (PDT) for the treatment of actinic keratosis (AK) utilizing three tubes of Ameluz and the company's BF-RhodoLED XL lamp has been enrolled, Biofrontera Inc. said in December 2021. The market in the region is anticipated to be driven by such product approvals.
Throughout the projected period, the Europe market is anticipated to grow at its revenue at a steady pace. This is because photosensitizer medications that have been prescribed for cancer have been approved, because more money is being spent on oncology R&D, and because the UK's pharmaceutical industry is expanding quickly. For instance, Theralase Technologies Inc. received a European Patent in October 2019 for its anti-cancer Photodynamic Compounds (PDCs).
Photodynamic Therapy Market Competitive Landscape
The prominent players operating in the global photodynamic therapy market are: -
Photodynamic Therapy Market Strategic Developments
Photodynamic therapy (PDT) is an innovative medical treatment that harnesses the power of light and a photosensitizing agent to selectively destroy abnormal cells in the body. By administering a photosensitizing drug, which accumulates in the target cells, and then activating it with a specific wavelength of light, PDT triggers the production of reactive oxygen species that can effectively eradicate the abnormal cells.
The global photodynamic therapy market during the forecast period is expected to grow at a revenue CAGR of 15.3%.
Bausch & Lomb, Biofrontera AG, Galderma, Modulight, Inc., and Quantel Medical are the major players in the Photodynamic Therapy market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global photodynamic therapy market.
PDT can be an expensive treatment option compared to other modalities. The cost includes the photosensitizing agents, light sources, and specialized equipment, as well as the need for multiple treatment sessions. These factors can make PDT financially burdensome for patients and healthcare systems, potentially limiting its utilization.
*Insights on financial performance are subject to the availability of information in the public domain