Photodynamic Therapy Market

Global Photodynamic Therapy Market Size (2023 to 2028)

The global photodynamic therapy market is estimated to be worth USD 2107 million by 2028 from USD 1362 million in 2023, growing at a CAGR of 9.12% from 2023 to 2028.

Photodynamic therapy is a treatment procedure that involves light-sensitive medicine and a light source for destroying abnormal cells. It is widely used to treat skin and eye conditions and specific cancers. Photodynamic therapy is a two-step procedure where photosensitizer (drug) is combined with the specific wavelength of the light, usually laser. Then, the photosensitizer gets activated and becomes toxic to the targeted tissue. Photodynamic therapy also helps treat bacterial, fungal, and viral infections. Various studies have stated that light therapy can trigger an immune response in the body, which is influential in fighting cancerous and precancerous cells.

Photodynamic Therapy Market Drivers:

The rising prevalence of cancer and skin disorders across the globe is driving the demand for photodynamic therapy for treating these diseases with minimally invasive procedures and is boosting the market growth. According to a World Health Organization update in 2022, cancer is a significant cause of mortality across the world ac, accounting for one in six deaths. Rising awareness among the people regarding the diseases and treatment options where non-invasive or minimally invasive procedures are in high demand for treatment. Increasing the effectiveness of photodynamic therapy in the treatment of acne and cancer. Actinic keratosis is expected to boost the market growth. According to the article "Actinic Keratosis Risk Factors," published by the Skin Cancer Foundation in January 2022, this disease is a skin precancer. It is widely observed in the regions near the equator. Prolonged and unprotected exposure to UV light mainly causes this condition. The rising prevalence of actinic keratosis globally is expected to propel the market growth during the forecast period.

The growing government initiatives and favorable regulatory standards and approvals are augmenting market value growth worldwide. Most regulatory agencies approve photodynamic therapy to treat skin cancers, precancers, and other conditions. The government's approvals and initiatives encourage professionals to adopt photodynamic therapy for treatment. Photodynamic therapy is considered a minimally invasive procedure compared to surgeries and chemotherapy in treating cancer. Minimal invasive procedures offer a rapid recovery rate with low side effects, which is fueling the adoption of photodynamic therapy.

The growing innovations in photodynamic therapy and the rising investments in research and development activities, such as improving light sources and photosensitizers, are expected to create growth opportunities for the photodynamic therapy market in the forecast period. The growing collaborations of market players with pharmaceutical companies lead to the production of innovative photosensitive drugs that enhance the efficacy of photodynamic therapy. By collaborating with pharmaceutical R&D, potential applications of photodynamic therapy increase by producing combination therapies. Advanced technology in imaging technology where the improved technologies help enable better visualization of targeted tissues.

Photodynamic Therapy Market Restraints:

The major restraining factor for the global photodynamic market is the high cost of the procedure. Photodynamic therapy is considered to be expensive compared to other medical interventions. The cost of the equipment, photosensitizer, and the light source are high, impacting the overall cost of the procedure. This therapy involves pile sessions rather than a single session, which increases the treatment procedure's cost by hampering the market value due to low adoption in economic countries.

Another factor hindering the market expansion is certain nations are standardizing stringent regulations for using photodynamic therapy in the treatment procedure. Some countries are issuing regulations to avoid the misuse and abuse of photodynamic therapy. However, some professionals consider these stringent regulations restrictive, which hampers the adoption rate.

Most people with a low economic status need to be aware of photodynamic therapy. Health professionals from low economic regions hesitate to implement the photodynamic therapy technique. Instead, they prefer other traditional treatment procedures, which is expected to impede market growth. The need for qualified and skilled professionals, primarily in developing regions, is another factor that challenges market adoption by reducing revenue. The side effects of photodynamic therapy, such as swelling, redness, and pain, are most observed in many people. In rare cases, photodynamic therapy can cause scarring and burning of the skin. These adverse reactions are expected to hinder the market growth.

COVID-19 Impact on Global Photodynamic Therapy Market:

The Pandemic had a mixed impact on the photodynamic therapy market. Due to stringent lockdown regulations, manufacturing and production were shut down, resulting in a drop in sales during the Pandemic. However, photodynamic therapy is implemented as the alternative treatment technique for efficiently eradicating COVID-19. The article "Photodynamic disinfection of SARS-CoV-2 clinical samples using methylene blue formulation" stated that to make SARS-CoV-2 inactive, photodynamic disinfection and therapeutic applications for COVID-19 were proposed. This step has created awareness among many people regarding the benefits of photodynamic therapy. This resulted in an increase in the growth rate post-pandemic and is expected to have steady growth in the forecast period.

REPORT COVERAGE:

This research report on the global photodynamic therapy market has been segmented and sub-segmented based on product, light source, application, end-user, and region.

Photodynamic Therapy Market – By Product:

• Photosensitizer Drugs
• Aminolevulinic acid
• Porphyrin Derivative
• Chlorines
• Others
• Photodynamic Therapy Devices
• Diode Lasers
• Disposable Fiber Optic Light Delivery Devices

The photosensitizer drugs segment dominated the global revenue in 2023 with the largest market share. Photosensitizers are the chemical drugs used along with the light that becomes toxic to the targeted tissue and in different types of cancers. Regulatory authorities and the FDA approve most photosensitizers for safe use in treatment procedures. The increasing R&D investments by the market players to discover innovation in photosensitizers and new drugs, which improve therapeutic outcomes, are expected to boost the market growth during the forecast period. People are highly aware of the benefits of photodynamic therapy, which is estimated to drive the market in this segment. Due to the minimal side effects and high efficacy, the photosensitizer segment is projected to grow significantly during the forecast period.

Photodynamic Therapy Market – By Light Source:

• Lasers
• Light emitting diodes
• Lamps
• Others

The lasers segment held the largest photodynamic therapy market revenue share in 2023. The lasers used in photodynamic therapy are carbon dioxide laser, neodymium yttrium aluminum garnet laser, and argon laser. Skin tumors can be treated by laser excision, laser coagulation, and laser vaporization methods. Diode lasers at a wavelength range of 415nm to 690nm are used in photodynamic therapy.

The light-emitting diodes (LED) are expected to increase, with a prominent CAGR in the forecast period. The LED emits at different wavelengths, and this method works at the cellular level to stimulate the skin's healing mechanism.

Photodynamic Therapy Market – By Application:

• Cancer
• Actinic Keratosis
• Acne
• Psoriasis
• Others

The cancer segment held the largest share in the photodynamic therapy market revenue in 2023 as photodynamic therapy was clinically approved for treating different cancers, including skin, lung, brain, prostate, and others. The growing cancer prevalence worldwide is a significant reason for boosting the value of the photodynamic therapy market. Increasing awareness among the people regarding the efficacy of photodynamic therapy in cancer treatment is enhancing the adoption rate across the globe. Rising people's preference for minimally invasive procedures with low adverse effects is fueling market revenue growth.

The Actinic Keratosis segment is gaining traction from the recent period and is estimated to have rapid growth over the forecast period. Increasing cases of actinic keratosis among people and effective treatment by the photodynamic therapy technique are projected to boost market growth.

Photodynamic Therapy Market – By End-User:

• Hospitals
• Cancer Treatment Centers
• Cosmetic and Dermatology Clinics
• Others

The Hospitals segment dominated the global market with the largest market share in 2023. Hospitals are the primary healthcare centers that offer photodynamic therapy treatment. Most cancer treatments are done in hospitals rather than clinics and others. Hospitals have the most skilled professionals with a vast knowledge of operating procedures, so patients prefer hospitals over clinics.

Cosmetics and dermatology clinics are expected to grow significantly in the forecast period as most skin conditions use photodynamic therapy treatment methods for effective results. Acne and other skin conditions are treated in cosmetic clinics where skin conditions like psoriasis and actinic keratosis are treated with the photodynamic therapy technique due to effective results with low adverse effects.

Photodynamic Therapy Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region held the largest share, 34%, in the global market in 2023 due to increasing cancer cases. The presence of key market players in the US, growing investments in R&D activities for cancer treatment, and a high adoption rate of photodynamic therapy are driving market value growth in the region. Increasing product launches and approvals by the US Food and Drug Administration and a rising number of dermatologists and cosmetologists across the region are boosting the market growth rate. According to the American Cancer Society, in January 2022, around 1,918,035 new cancer cases and 608,360 cancer deaths are projected to occur in the US.

Europe held the second largest market share in the global market. Increasing skin diseases across the region with advanced healthcare infrastructure drives the market revenue. The presence of key players in Germany, France, and the UK with leading medical firms and pharmaceuticals is fueling market expansion growth.

Asia Pacific region is expected to have steady, significant growth during the forecast period due to the increasing adoption of photodynamic therapy. Leading market players in China, India, Japan, and leading pharmaceutical firms are expected to propel market growth.

KEY MARKET PARTICIPANTS:

Galderma S.A., Sun Pharmaceutical Industries Ltd., Biofrontera, Novartis AG, Allergan PLC, Valeant Pharmaceuticals International, Inc., Quest Pharmatech, Inc., and Hologic, Inc. (Cynosure Inc.) are a few of the prominent companies operating in the global photodynamic therapy market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• In August 2023, Impact Biotech, top in photodynamic therapy, announced its collaboration with the Maastricht University for research on eye treatment for the disease Pathological Myopia, where this project uses Padeliporfin Vascular targeted photodynamic therapy.
• In July 2023, FDA approved orphan drug designation to padeliporfin vascular targeted photodynamic therapy for use in patients with locally advanced pancreatic cancer.
• February 2023, a leading eye health company named Bausch + Lomb Corporation announced their service to the people by helping them to see better and the Modulight Corporation; biomedical laser company stated that US Food and Administration approved photodynamic laser to use in combination with the Bausch + Lomb's Visudyne photodynamic therapy for treating the patients with classic subfoveal choroidal neovascularization.
• In January 2023, Biofrontera AG, an international biopharmaceutical company, announced that its subsidiary Biofrontera Bioscience GmbH received approval for the application "Photodynamic therapy comprising two light exposures at different wavelengths" from the US Patent office.
• In August 2022, Asieris Pharmaceuticals announced the completion of a multinational Phase III clinical trial of Cevira, which is a novel non-surgical treatment for high-grade cervical intraepithelial lesions. This photodynamic drug-device combination, which accumulates photosensitizer in target cells, is used.