Number of pages: 120 | Report Format: PDF | Published date: 28 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global photodynamic therapy market was pegged at ~US$ 1.38 billion in 2020 and is expected to witness a CAGR of ~15.5% during the forecast period.
Photodynamic therapy (PDT) is a treatment that uses a drug (photosensitizer) with light energy to destroy cancerous and precancerous cells. When photosensitizers are exposed to light, they get activated and produce a form of oxygen that kills nearby cells. Each photosensitizer gets activated by light of a specific wavelength. The light energy used to activate a photosensitizer is usually from a laser. Several different types of photosensitizer drugs are used to treat different diseases such as cancers, acne, psoriasis, and age-related muscular degeneration, among others. Photodynamic therapy also helps treat bacterial, viral, and fungal infections.
The global photodynamic therapy market is mainly driven by the increasing preference for minimally invasive surgery and the rising prevalence of cancer and skin disorders. Moreover, the rising number of R&D activities for developing new photosensitizers and increase in the investments and funding on new drug development are other factors playing a pivotal role in boosting the growth of the photodynamic therapy market. However, the lower tissue penetration properties of visible light used in PDT and the risk of adverse effects of the photodynamic therapy are some of the factors likely to hinder the market growth to a certain extent.
The global photodynamic therapy market has been analyzed from four perspectives: Product Type, Application, End-User, and Region.
Photodynamic Therapy Market by Product Type
Based on product type, the photodynamic therapy market has been segmented into drugs and devices. Drug segment is further divided into aminolevulinic acid (ALA), porphyrin derivative (PD) (benzoporphyrin derivative (BPD), hematoporphyrin derivative (HpD), texaphyrins, and others), chlorines, and others. The device segment is further bifurcated into disposable fiber optic light delivery devices (DFOLDD) and diode laser. Drugs held the largest share of the photodynamic therapy market in 2020. There is greater demand for photosensitizer drugs as they help effectively destroy the tumors/cancerous cells. Further, companies in the market are focused on R&D activities for developing new photosensitizer drugs, which will further drive the growth of the drugs segment in the forecast period.
Photodynamic Therapy Market by Application
Based on application, the market has been segmented into cancer, actinic keratosis (AK), acne, psoriasis, and other applications. The cancer segment held the largest market share in 2020, owing to factors such as the rising burden of cancer and the growing use of photodynamic therapy for treating cancer such as breast cancer and lung cancer.
Photodynamic Therapy Market by End User
Based on end-user, the market has been segmented into hospitals, cancer treatment centers, cosmetic & dermatology clinics, and others. Hospitals held the largest share in the photodynamic therapy market in 2020. Factors contributing to the growth of the hospital segment include hospitals being the first choice of preference among the majority of patients and greater availability of advanced photodynamic devices at the hospitals.
Photodynamic Therapy Market by Region
Regionally, the global photodynamic therapy market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest share of the global photodynamic therapy market in 2020. Factors attributing to the growth of the photodynamic therapy market in this region include the rising incidence of cancer coupled with the growing demand for new biologics in cancer treatment. Moreover, the presence of key players in this region, new product launches, and high adoption of photodynamic therapy are also playing a key role in driving the market growth. Further, companies in this region are focused on signing agreements and entering partnerships and collaborations for developing and marketing their products. Such factors are also having a positive impact on the growth of the photodynamic therapy market.
Some of the prominent players operating in the global photodynamic therapy market includes:-