Photodynamic therapy (PDT) is an FDA-approved medical treatment that utilizes light-activated photosensitizing agents to treat conditions like cancer and acne. PDT involves injection or topical application of a photosensitizing chemical agent called a photosensitizer. The photosensitizer gets absorbed by the diseased cells and accumulates in them. Then, the area is exposed to a specific wavelength of non-thermal laser light. The photosensitizer becomes activated by the light and produces reactive oxygen species (ROS) that destroy the malignant or diseased cells. Common conditions treated with PDT include skin cancer, eye diseases such as age-related macular degeneration and diabetic macular edema.
The global photodynamic therapy market is estimated to be valued at US$ 4.51 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market key trends:
One of the key trends in the photodynamic therapy market is the increasing use of PDT in treatment of certain skin cancers. Skin cancer is one of the most commonly occurring cancers worldwide. PDT has emerged as an effective non-invasive alternative to treat many pre-cancerous and some early-stage cancers. Factors such as reduced scarring and damage to surrounding tissues have boosted PDT adoption for skin cancer treatment. Another important trend is the development of advanced photosensitizing agents with enhanced efficacy. Research is ongoing to develop newer photosensitizers that are more targeted, activate at deeper tissue levels with less light dose and cause minimal damage to healthy tissues. These advances will help expand the applications of PDT.
Porter’s Analysis
Threat of new entrants: The photodynamic therapy market requires high capital investments for RD which limits the threat of new entrants.
Bargaining power of buyers: Individual consumers have low bargaining power due to availability of few alternative treatment options. However, large hospitals and clinics can negotiate prices.
Bargaining power of suppliers: The presence of diverse global and local players supplying photosensitizing drugs and medical laser systems controls the bargaining power of suppliers.
Threat of new substitutes: Alternatives like surgery, chemotherapy and radiation therapy pose threat of substitution, however PDT provides minimally invasive treatment.
Competitive rivalry: The photodynamic therapy market experiences high competition due to presence of global and local players offering diversified product portfolios at competitive prices.
Key Takeaways
The global photodynamic therapy market is expected to witness high growth. The global photodynamic therapy market is estimated to be valued at US$ 4.51 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
North America dominates the market and is expected to have largest share over the forecast period due presence of key players and adoption of technologically advanced treatment methods. Europe is also expected to have significant market share owing to rising prevalence of cancers and increasing adoption of minimal invasive treatments. Asia Pacific region shows lucrative growth opportunities during the forecast period with growing healthcare industry in countries like India and China. Increasing awareness about photodynamic therapy and improving healthcare infrastructure will boost the market in Asia Pacific region.
Key players operating in the photodynamic therapy market are Gladerma S.A., Sun Pharmaceutical Industries Ltd., Biofrontera, Novartis AG, Valeant Pharmaceuticals International, Inc., Quest Pharmatech, Inc., Hologic, Inc., Lumibird (Quantel Medical), Theralase Technologies Inc., Photocure ASA, Biolitec AG, IPG Photonics Corporation. Players are engaging in new product launches, mergers, acquisitions and collaborations to strengthen their market position.
