Global Photodynamic Therapy Market - WishTree Insight

Global Photodynamic Therapy Market by Product (Photodynamic Therapy Devices and Photosensitizer Drug), Application (Actinic Keratosis and Cancer), End-User (Cancer Treatment Centres, Cosmetic & Dermatology Clinics, and Hospitals), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Photodynamic Therapy market size was valued at USD 4.7 billion in 2022 and is expected to surpass USD 7.4 billion by 2032, expanding at a CAGR of 6.4 % during the forecast period, 2022–2032. The market's growth is attributed to the rising prevalence of skin cancer globally.

INTRODUCTION

Photodynamic therapy (PDT) is a medical treatment that uses a photosensitizing agent, such as a drug or dye, in combination with a specific wavelength of light to destroy or damage cells. The photosensitizing agent is selectively absorbed by the target cells, and when exposed to the appropriate wavelength of light, it produces a chemical reaction that kills the cells. PDT is used to treat a variety of conditions, including certain types of cancer, such as lung, esophageal, and bladder cancer, as well as conditions that affect the skin, such as actinic keratoses and acne. It can also be used to treat age-related macular degeneration, a condition that causes vision loss in older adults.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing skin-related disorders are driving the global photodynamic therapy market.
• Rising prevalence of skin cancer globally is a key driver propelling the market.
• High cost of photodynamic therapy, low awareness, and complications associated with IVF treatment are anticipated to hamper the market.
• Chemical & Physical stability and photo cytotoxicity of photosensitizer drugs are augmenting the market.
• Increase in the incidence of cancer is driving the global photodynamic therapy market.
• Surge in the number of hospitals offering photodynamic therapy to cancer patients is driving the market.

Scope of the Report

Market Segment Insights

The photosensitizer drug segment is projected to register a considerable CAGR

Based on product, the photodynamic therapy market is divided into photodynamic therapy devices and photosensitizer drug. The photosensitizer drug segment is expected to expand at a rapid pace during the forecast period owing to its use in ophthalmology, dermatology, and cancer.

The cancer segment is expected to expand at a rapid pace

Based on application, the photodynamic therapy market is divided into actinic keratosis and cancer. The cancer segment is expected to expand at a rapid pace during the forecast period due to increasing prevalence as well as the incidence of cancer cases globally.

The cosmetic & dermatology clinics segment is projected to register a considerable CAGR

On the basis of end-user, the photodynamic therapy market is segregated into cancer treatment centers, cosmetic & dermatology clinics, and hospitals. The cosmetic & dermatology clinics segment is projected to register a considerable CAGR during the forecast period. On the other hand, the cancer treatment segment is anticipated to account for a major market share during the forecast period owing to the rising incidence of cancer around the world.

North America dominates the market

In terms of regions, the photodynamic therapy market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America dominates the market and is expected to constitute a key share of the market during the projected period owing to the rising incidence of cancer and skin conditions is boosting the market.

Competitive Landscape

Key players competing in the photodynamic therapy market are Theralase Technologies Inc. (Canada); Biofrontera AG (Germany); Hologic, Inc. (U.S.); Bausch Health (Canada); Quest PharmaTech Inc (Canada); LUMIBIRD (Canda); Galderma Laboratories L.P (Switzerland).

FAQs

How much is the market worth?

The Photodynamic Therapy market size was valued at USD 4.7 billion in 2022 and is expected to surpass USD 7.4 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 6.4%.

What are the key drivers of the market?

The market's growth is attributed to the rising prevalence of skin cancer globally.

What segments are covered in the Photodynamic Therapy report?

The segments covered in the report are product (photodynamic therapy devices and photosensitizer drugs), application (actinic keratosis and cancer), and end-user (cancer treatment centers, cosmetic & dermatology clinics, and hospitals).

Mention the key players in the market.

Theralase Technologies Inc. (Canada); Biofrontera AG (Germany); Hologic, Inc. (U.S.); Bausch Health (Canada); Quest PharmaTech Inc (Canada); LUMIBIRD (Canada); Galderma Laboratories L.P (Switzerland).