Photodynamic Therapy Market Key Challenges and Growth Analysis 2022

According to Precision Business Insights (PBI), latest report, the global photodynamic therapy market size was valued at USD 3,387.5 million in 2021 and the market is expected to grow at a CAGR of 14.0% during the forecast period 2022-2028. Rise in the prevalence of cancer and skin disorders Worldwide, advancements in Device Technologies and rise in Research and Development activities also increase government initiatives. These factors are fuelling growth for photodynamic therapy market.

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Photosensitizer Drug Segment to Dominate the Photodynamic Therapy Market:
Based on product type, the photodynamic therapy market has been segmented into photodynamic therapy devices and photosensitizer drugs. The photosensitizers drugs segment accounted for a significantly large revenue share in 2021. Photosensitizers drugs may be excited by light sources, such as LED or Lasers, for producing Reactive Oxygen Species (ROS) and destroying microorganism cells or mammalian cells resulting in cell death. Photosensitizer performs an essential role in photodynamic therapy for generating or producing reactive oxygen species upon light irradiation. PDT employs photosensitizers as non-toxic dyes, which are energized by visible light absorption and transition from excited singlet state to long-lived excited triplet state. Number of clinical trials and R&D activities are increasing due to need of treatment specific photosensitizers. These factors will increase Photosensitizer Drug segment market.

North America Photodynamic Therapy Market:
The photodynamic therapy market in North America is segmented into USA and Canada. As the most significant region in the photodynamic therapy market in 2021, North America is anticipated to achieve the fastest revenue CAGR throughout the forecast period. Ascribed to the acceptance of cutting-edge technology, an increase in cancer occurrence, continuous research projects, an increase in government support and initiatives, and high healthcare costs. Additionally, the region's market revenue growth is supported by the presence of major industry players like Bausch Health Companies Inc. and others. High prevalence of acne in the U.S. which affects nearly 50 million individuals each year, of which more than 15% are women demonstrates demand for advanced skin treatment. This is anticipated to influence photodynamic therapy market size in the region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global photodynamic therapy market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In June 2022, Theralase has granted a Brazilian patent for, Metal-Based Thiopene Photodynamic Compounds and their Use, which will be used in anti-cancer therapy. In September 2022, Quest PharmaTech Announces the Sale of Bioceltran Investment and Return of Photodynamic Therapy Technology License.

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The photodynamic therapy market is segmented based on Product, Indication, end user, and geography.
Based on the product:
• Photodynamic Therapy Devices
• Photosensitizer Drugs

Based on the indication:
• Cancer
• Actinic Keratosis
• Acne
• Psoriasis
• Others

Based on the end user:
• Hospitals
• Cancer Treatment Centers
• Cosmetic and Dermatology Clinics
• Others

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Key players in the photodynamic therapy market report Galderma Laboratories, L.P., Biofrontera AG, Excel Lasers Limited, LUMIBIRD group (Quantel Medical), Modulight Corporation, Quest PharmaTech, Inc., Theralase Technologies Inc., SUS Advancing Technology Co., Ltd., Hologic Inc., Bausch Health Companies Inc.

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