Photodynamic Therapy Market: Illuminating a Brighter Future in Cancer Treatment with Photodynamic Therapy Innovations
According to the Skin Cancer Foundation, one in five Americans are projected to develop skin cancer by the age of 70 years. Moreover, actinic keratosis has been registered as the most common precancer that affects over 58 million Americans. The above mentioned skin disorders, along with other indications, such as non-small cell lung cancer and esophageal cancer, can be treated effectively with the help of photosensitizer drugs. Thus, photodynamic therapy is the most preferred treatment among prevalent people for skin disorders and associated cancers, which is driving the demand for phototherapy devices and photosensitizer drugs, thus generating growth opportunities for the photodynamic therapy market.
According to the latest research by PMR, the global photodynamic therapy market is estimated to have accounted for US$ 1,202.1 Mn in terms of value in 2019. The report on the photodynamic therapy market further projects that the photodynamic therapy market is likely to grow at a CAGR of 6.2% during the period 2019-2029.
The growing prevalence and incidence of skin cancers and dermatology disorders, mostly basal cell carcinoma, psoriasis, actinic keratosis, and rosacea, is boosting the demand for photodynamic therapy, and this is one of the leading factors contributing to the revenue growth of the photodynamic therapy market. Moreover, according to National Psoriasis Foundation, approximately 125 million people worldwide, which account for 2 to 3% of the total population, are known to suffer from psoriasis.
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The synergy of photosensitizer drugs and devices represents a significant untapped potential for new entrants. Drug and device companies are collaborating to offer Photodynamic Therapy (PDT) devices, wherein drugs injected into the bodies of patients are later activated by light. Therefore, photodynamic therapy has become the most preferred treatment for skin cancer and ophthalmology conditions, which is a significant factor that is boosting its demand from end-use settings, thus driving the photodynamic therapy market.
Photodynamic therapy plays a vital role as the field of light therapy is emerging dramatically. Photodynamic therapy has substituted chemotherapy as well as radiation therapy. Moreover, photodynamic therapy has proven to be advantageous over chemotherapy as it can be repeated several times in one particular area.
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Moreover, the introduction of technologically upgraded photodynamic therapy over conventional photodynamic therapy is further projected to boost the photodynamic therapy market. Photodynamic therapy being cheaper and minimally painful is advantageous for cancer patients as it enables them to avoid chemotherapy or surgery. However, despite being the cost-effective treatment option for cancer, photodynamic therapy usage is restricted for patients who are sensitive to light or in case the cancer prevails in deeper body parts. Among photodynamic therapy devices, diode laser devices are high-cost medical devices, and this is hampering the demand for the same as compared to the demand for disposable fiber optic light delivery devices for the photodynamic therapy market.
The photosensitizer drugs segment is a leading revenue segment by product type in the photodynamic therapy market, and is expected to account for a revenue share of 78.3% in 2019. Among the photosensitizer drugs, Aminolevulinic Acid (ALA)-based drugs are the most widely preferred drugs as compared to Hematoporphyrin Derivative (HpD) and others. Among all the end users in the photodynamic therapy market, the hospitals segment is projected to remain a prominent segment over the forecast period, followed by the private dermatology clinics segment.
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The photodynamic therapy market has been scrutinized across the regions of North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA. North America, followed by Europe, is a significant revenue-generating region in the global photodynamic therapy market. North America is expected to account for a revenue share of 34.5% in 2019 in the photodynamic therapy market. Europe accounts for the second-highest revenue share in the global photodynamic therapy market with a substantial CAGR. It is followed by East Asia and Latin America in the photodynamic therapy market. Russia, China, and South Korea are emerging markets in the photodynamic therapy market. China is estimated to be one of the fastest-growing emerging markets in the global photodynamic therapy market, and is expected to grow at a CAGR of 5.7% over the forecast period of 2019-2029.
The photodynamic therapy market report tracks some of the key companies operating in the photodynamic therapy market, such as Sun Pharmaceutical Industries Ltd., Galderma SA, Biofrontera AG, Bausch Health Companies Inc., Novartis AG, Allergan Plc., Hologic, Inc., and Quest PharmaTech Inc. A majority of the regional players in the photodynamic therapy market are focused on increasing their product reach for drugs & devices and enhancing their connectivity with the regional distributors of photodynamic therapy products. The manufacturers of photodynamic therapy are focused on strengthening their businesses in opportunistic photodynamic therapy markets, such as Russia, China, India, South Korea, and Japan, by expanding their sales and distribution channels across these countries.
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