Market Overview
The Global Photodynamic Therapy Market is expected to reach a value of
USD 1.5 billion in 2023, and it is further anticipated to reach a market value of
USD 3.3 billion by 2032 at a
CAGR of 8.8%.
Photodynamic Therapy (PDT) is an innovative & highly effective cancer treatment that uses light & a photosensitizing agent to eliminate cancer cells, gaining growth acclaim for its success in treating different cancers like skin, prostate, & lung cancer.
Market Dynamic
The growth of the Photodynamic Therapy (PDT) market is highly driven by the growth in the prevalence of cancer & chronic diseases. Patients' demand for effective & non-invasive treatment options has led to the growing popularity of PDT, which employs light to target cancer cells & diseased tissues and is gaining recognition for its effectiveness. As awareness of PDT as a gentle treatment option continues to grow, it contributes to the market's expansion, as growing such awareness is expected to boost demand, resulting in a higher number of providers offering PDT services & further fueling market growth.
However, a large drawback to PDT is its cost, which tends to be higher compared to other medical interventions. Factors contributing to this cost include the expenses related to the essential equipment, photosensitizers, & light sources. In addition, PDT often includes multiple treatment sessions, further growing the overall cost of therapy, as the shortage of qualified professionals, mainly in developing nations, provides another barrier to growing PDT adoption, as this therapy involves a skilled team of professionals, including physicians, nurses, & technicians, to ensure safe & accurate treatment.
Research Scope and Analysis
By Product
Photosensitizer drugs are anticipated to contribute significantly towards the growth of the global Photodynamic therapy market, as these are chemical compounds or drugs, that play an important role in cancer treatment when used integrating with light. These substances absorb light & change it into a different form, ultimately leading to the destruction of cancer cells. Many such drugs have gained approval from regulatory authorities across the globe for cancer therapy.
Furthermore, the market is anticipated to grow owing to significant research & development investments by industry players focused on discovering new & more effective photosensitizers to improve clinical outcomes. Advances in photodynamic therapy technology, resulting in lesser side effects, along with growth in awareness among the public, are driving the need for photodynamic therapy devices. With a growing number of cancer cases & the growing adoption of photodynamic therapy, it is expected to experience significant growth.
By Application
The
Cancer segment is anticipated to drive the global Photodynamic Therapy (PDT) market during the forecasted period, as it is a valuable tool in the fight against cancer. It includes the administration of a light-sensitive drug that accumulates in cancer cells. When exposed to specific light wavelengths, this drug becomes active & builds a reactive oxygen species, which destroys the cancerous cells. PDT offers many advantages in cancer treatment, like its targeted approach, less damage to healthy tissue, & low side effects in comparison to traditional therapies like chemotherapy & radiation.
It's used for treating many cancers, including skin, lung, esophageal, & certain types of head & neck cancers. PDT continues to evolve as a promising option for both curative & palliative cancer care and leading towards the overall growth of the market.
By End User
The global photodynamic therapy market is driven by cosmetic & dermatology clinics, whose procedures employ light-sensitive compounds to treat skin conditions like acne, sun damage, & even certain skin cancers. It's gaining popularity owing to its fewer side effects & shorter recovery times compared to traditional treatments. In cosmetic settings, PDT is used for skin rejuvenation, reducing wrinkles, & improving overall skin texture. Dermatology clinics also utilize PDT to target specific skin issues. The growth of PDT in these clinics reflects a growth in the demand for non-surgical, effective, & aesthetically pleasing solutions for different skin concerns, contributing to the wide growth of the PDT market.
The Photodynamic Therapy Market Report is segmented on the basis of the following:
By Product
- Photosensitizer Drugs
- Photodynamic Therapy Devices
By Application
- Cancer
- Acne
- Actinic Keratosis
- Psoriasis
- Others
By End User
- Hospitals
- Cosmetic & Dermatology Clinics
- Others
Regional Analysis
North America leads with a substantial market share of 39.2% in the photodynamic therapy sector in 2023, as the driving force behind this growth is the region's growth in the prevalence of cancer & skin conditions. In addition, the United States accounted for over 21% of global cancer cases & around 14% of treatment options in 2018 as reported by the International Agency on Cancer Research, which is further supported by the presence of major
pharmaceutical companies, facilitating a competitive edge in product distribution. Moreover, North America benefits from the elderly population & longer life expectancies. Its advanced
healthcare infrastructure, mainly in the United States, & rapid adoption of advanced technologies contribute significantly to the region's development.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The Global Photodynamic Therapy market experiences intense competition & fragmentation, with a large number of significant players. Within this market, a handful of key players currently hold a substantial market share, exerting a dominant influence. These key players have established a strong presence & wield significant impact on the industry's direction, showcasing their prominence in the PDT market, which is otherwise composed of several smaller & competing entities.
In March 2022, Biofrontera Inc. made an important announcement regarding their BF-RhodoLED XL illumination device. They also unveiled that a patent they had received in the United States (patent No. 11,235,169) is now officially listed in the United States Food and Drug Administration's publication known as the "Orange Book," which is a key reference for approved drug products and their equivalences, which underscores the recognition and significance of Biofrontera's technology in the medical field.
Some of the prominent players in the global Photodynamic Therapy Market are:
- Lumibird
- Sun Pharmaceutical Industries Ltd
- Biofrontera AG
- Soligenix
- Biolitec AG
- Galderma S.A.
- Modulight Inc
- Biolase Inc
- Bausch Health Co Ltd
- Pinnacle Biologics Inc
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Photodynamic Therapy Market:
The COVID-19 pandemic & following recession had a notable impact on the global Photodynamic Therapy market. The pandemic disturbed medical procedures & low patient visits, causing a temporary reduction in PDT treatments. Economic uncertainties also impacted investment in R&D.
However, as healthcare systems adapted & economic conditions stabilized, the PDT market showed signs of recovery owing to its minimally invasive nature & growing applications in cancer treatment & dermatology. Further, the pandemic also allowed for increased interest in telehealth & home-based treatments, potentially shaping the future of PDT delivery & expanding its market potential.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 1.5 Bn |
| Forecast Value (2032) |
USD 3.3 Bn |
| CAGR (2023-2032) |
8.8% |
| Historical Data |
2017 – 2022 |
| Forecast Data |
2023 – 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Photosensitizer Drugs and Photodynamic
Therapy Devices), By Application (Cancer, Acne,
Actinic Keratosis, Psoriasis, and Others), By End User
(Hospitals, Cosmetic & Dermatology Clinics, and
Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Lumibird, Sun Pharmaceutical Industries Ltd,
Biofrontera AG, Soligenix, Biolitec AG, Galderma S.A.,
Modulight Inc, Biolase Inc, Bausch Health Co Ltd,
Pinnacle Biologics Inc, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Photodynamic Therapy Market is estimated to reach USD 1.5 billion in 2023, which is further
expected to reach USD 3.3 billion by 2032.
North America dominates the Global Photodynamic Therapy Market with a share of 39.2% in 2023.
Some of the major key players in the Global Photodynamic Therapy Market are Lumibird, Soligenix,
Galderma S.A., and many others.
The market is growing at a CAGR of 8.8 percent over the forecasted period.