Photodynamic Therapy Market to Amplify Substantially by 2029- Brandessence Market Research
LONDON, Sept. 21, 2023 /PRNewswire/ -- According to a comprehensive research report by Brandessence Market Research (BMRC), "Photodynamic Therapy Market Overview, Component, Industry Analysis, Trends, And Forecast, 2022-2029". The Photodynamic Therapy Market was valued at USD 1124.29 Million in 2018 and expected to reach USD 1679.39 Million by 2025, amplifying with a CAGR of 5.9% over 2022-2029.
This Photodynamic Market research report offers a deep dive assessment of the numerous parameters that are ascertaining the progression of this industry. It elaborates on the growth propellants, restraints, challenges, and opportunities pertaining to this marketplace. Apart from that, it also includes credible statistical data such as size of industry, past valuation, industry growth rate, along with revenue projections of this business sphere. It further sheds light on Photodynamic Therapy Market trends while offering comprehensive market description. The market segments, geographical landscape, and competitive terrain are thoroughly evaluated with an aim to provide businesses with an accurate understanding about the trends and dynamics of this market space. Such market trend reports curated by BMRC have been acting as indispensable tool in increasing the market size of a company operating in the related business.
Photodynamic Therapy is referred to as a type of medical treatment which is equipped with the ability to destroy cancerous or abnormal cells. A special light sensitive drug, known as photosensitizer combined with a light ray of specific wavelength are used to facilitate this therapy. It can be used to treat a variety of conditions, including certain types of cancer, skin disorders, and age-related macular degeneration (a condition that affects the retina in the eye).
- The growing prevalence of cancer, rising healthcare expenditure, and the increasing pervasiveness of skin-based ailments are primarily augmenting the outlook of this business vertical.
- North America is slated to lead the industry in terms of revenue share due to the rising pervasiveness of cancer and rapidly evolving healthcare infrastructure.
- By application, the basal cell carcinoma segment is poised to amass notable gains due to the high prevalence of BCC and the growing adoption of PDT as a minimally invasive treatment option.
Photodynamic Therapy Market Report Scope:
Photodynamic Therapy Market Revenue Forecast in 2025
Market Size in 2018
Market Growth Rate
5.9% over the forecast period.
Sun Pharmaceutical Industries Ltd., Hologic, Allergan Plc., Galderma SA, Quest PharmaTech Inc., Biofrontera AG
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Elaborating the key trends and dynamics of Photodynamic Therapy Market:
The growing prevalence of cancer, rising healthcare expenditure, and the increasing pervasiveness of skin-based ailments are primarily expanding the market size market share. Furthermore, rising cognizance about the benefits offered by this therapy, growing R&D activities in the field, along with the rapidly improving healthcare infrastructure are adding significant momentum to the progression of this marketplace. Moreover, surging number of clinical trials in this field, widespread technological innovations in this sector, and the escalating demand for biologics in cancer treatment are creating lucrative opportunities for this industry sphere to prosper.
Major growth drivers:
Rising prevalence of cancer:
There has been a growing prevalence of cancer across the globe. Unhealthy dietary trends, rising pollution levels along with age and genetic factors are mainly responsible for the rising burden of cancer worldwide. Photodynamic therapy (PDT) has proven to be quite effective in skin cancer treatment and also works wonders in case of lung cancer. Apart from that, it has fewer side effects and is also non-invasive in nature, making it a safe treatment option of cancer patients. This in turn is positively swaying the market trends.
Increased cognizance about the benefits of PDT:
Rising awareness about the benefits of PDT is another pivotal expansion catalyst for this industry sphere. As more research is conducted and more success stories emerge, awareness and acceptance of PDT are increasing among healthcare professionals and patients. Additionally, the rising use of PDT in aesthetic treatments, such as for acne and skin rejuvenation, is also contributing to the progression of the market.
Potential side effects associated with photodynamic therapy:
Photosensitivity, swelling, pain and discomfort, infection, allegoric reactions, and even blindness are the potential side effects of this light therapy. Numerous patients become reluctant to undergo photodynamic therapy due to the fear of adverse reactions. This in turn is restraining Photodynamic Therapy Market Growth.
Competitive Landscape of Photodynamic Therapy Market:
The prominent players operating in this industry are-
- Sun Pharmaceutical Industries Ltd.
- Allergan Plc.
- Galderma SA
- and Quest PharmaTech Inc.
- Biofrontera AG
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By product type, the photosensitizer drugs segment has emerged as one of the fastest growing segments. This is because the photosensitizer drugs are the key component of the PDT procedure, and their development and advancement have significantly improved the effectiveness of PDT.
Based on application, the basal cell carcinoma segment is poised to amass notable gains due to rising prevalence of BCC and the growing adoption of PDT as a minimally invasive treatment option.
Geographical analysis and landscape:
North America Photodynamic Therapy Market:
North America is slated to lead the industry in terms of revenue share. This is ascribed to the growing pervasiveness of cancer, rapidly evolving healthcare infrastructure, technological advancements in the field, and surge in the geriatric population base.
Europe is projected to capture a substantial volume share over 2022-2029 owing to the increasing healthcare expenditure, growing burden of the target diseases, surging R&D investments in the field, along with the rising number of clinical research activities.
Opportunities in the industry:
Surged population of minimally invasive treatment solutions:
Minimally invasive treatment options are gaining immense popularity among the masses and healthcare providers as they offer several benefits, such as quicker recovery times, fewer complications, and reduced scarring. PDT is not invasive in nature and therefore is quite safe and effective for patients. These factors together increasing the market growth opportunities.
Major developments in Photodynamic Therapy Market:
In 2020, Biofrontera AG, a German biopharmaceutical company specializing in PDT, acquired Cutanea Life Sciences, a US-based dermatology company. The acquisition was aimed at expanding Biofrontera's presence in the US market and strengthening its product portfolio.
Porter's Five Forces Analysis:
Threat of New Entrants:
The PDT market presents high barriers to entry. Significant investments are required for research and development to create and improve photosensitizing agents, light sources, and treatment protocols. Additionally, navigating regulatory approvals and conducting clinical trials adds complexity, making it challenging for new entrants to establish themselves. Established companies often hold patents and have well-recognized brands, further deterring newcomers.
Bargaining Power of Suppliers:
Suppliers in the PDT market hold some bargaining power due to the limited number of suppliers for key components, such as photosensitizing agents and specialized medical equipment. These suppliers may also offer customization options to meet the specific needs of PDT providers, potentially increasing their bargaining power.
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Bargaining Power of Buyers:
Buyers, including patients and healthcare providers, often have limited alternatives to PDT for specific medical conditions where PDT is the preferred or sole treatment option. However, healthcare providers may possess some bargaining power when negotiating prices, particularly in regions with stringent healthcare cost containment measures.
Threat of Substitute Products or Services:
PDT faces limited direct substitutes for certain medical conditions and applications, thanks to its effectiveness. However, traditional treatments like surgery, radiation therapy, and chemotherapy can serve as substitutes in some cases. The threat of substitutes is also influenced by advancements in alternative technologies, such as immunotherapy and targeted therapies, which offer potentially less invasive and more targeted treatment options over the long term.
The competitive rivalry within the PDT market is intense. A relatively small number of key players compete aggressively, often investing heavily in research and development to enhance PDT techniques and reduce side effects. Differentiation strategies, including product innovation, improved treatment protocols, and targeting specific medical conditions, intensify competition within the market.
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