Photodynamic Therapy Market

Global Photodynamic Therapy Market Size (2024 to 2029)

The size of the global photodynamic therapy market was valued at USD 4.48 billion in 2023. The global market is expected to grow at a CAGR of 8.04% from 2024 to 2029 and be worth USD 7.13 billion by 2029 from USD 4.84 billion in 2024.

Current Scenario of the Global Photodynamic Therapy Market

The global photodynamic therapy market has been growing steadily from the last few years and is anticipated to show an acceleration during the forecast period. The awareness of the effectiveness of photodynamic therapy in treating various diseases especially certain types of cancer and skin disorders has been constantly increasing among the medical professionals and is resulting in the increasing adoption, which is likely to drive the global market during the forecast period. Due to the minimally invasive nature and the ability of photodynamic therapy to target diseased cells while sparing healthy tissue, PDT has become an attractive option for medical professionals and patients. The demand for photodynamic therapy is anticipated to grow rapidly during the forecast period owing to the Y-o-Y rise in skin cancer incidence and increasing need for less invasive cancer treatments.

The U.S., Germany, China, and Japan are currently experiencing high demand for photodynamic therapy services. In the U.S. and Germany, increasing awareness among people of the available skin cancer treatments is promoting the demand for PDF. In countries such as China and Japan, the growing cancer patient population and increasing investments in the healthcare industry are fuelling the PDT adoption. Companies that operate in the global PDT market have been employing strategies such as investments in the R&D, partnerships with healthcare institutions and continuous medical education initiatives to maintain and strengthen their position in the global photodynamic therapy market.

MARKET DRIVERS

Y-o-Y rise in the prevalence of cancer worldwide is primarily driving the global photodynamic therapy market.

The cancer patient population is growing rapidly worldwide. As published by World Health Organization (WHO), an estimated 20 million new cancer cases were recorded worldwide and 9.7 million people died of cancer in 2022. Approximately 1 in every 5 people are at risk of cancer. Photodynamic therapy has gained recognition as an effective option to treat certain types of cancers, such as skin cancer due to the minimally invasive nature and targeted approach of PDT. Across the world, non-melanoma skin cancer (NMSC) is considered as the most common cancer and the incidence of this cancer is constantly growing. As per the statistics published by the International Agency for Research on Cancer (IARC), an estimated 1.5 million new cases of skin cancer were found worldwide in 2022. As the patient population suffering from skin cancers increases, the demand for PDT is expected to fuel and propel the global market growth.

Technological advancements in photodynamic therapy are further boosting the global market growth.

Technological advancements in PDT such as the development of new photosensitizers and light delivery systems have a significant impact in enhancing the efficacy, safety and application range of PDT. The market participants have been investing significant amounts in the R&D to bring advanced PDT products to the availability. For instance, the development of second and third generation photosensitizers have improved the selectivity and effectiveness of PDT and are providing improved patient outcomes. Similarly, advanced light delivery systems, such as LED and laser technologies have improved precision and control of PDT and reduced the treatment times while improving the results.

Furthermore, factors such as Y-o-Y growth in the geriatric population worldwide, rising awareness about non-invasive treatments, increasing number of applications of photodynamic therapy, favourable government policies for PDT and growing demand for aesthetic treatments are supporting the growth of the global PDT market. Y-o-Y rise in the number of clinical trials, increasing number of R&D activities around PDT by the market participants, growing focus on the development of new photosensitizers and increasing incidence of antibiotic-resistant infections are contributing to the growth of the global photodynamic therapy market. An increase in the number of dermatology clinics and centers, growing number of photodynamic therapy approvals and rising prevalence of age-related macular degeneration are boosting the growth rate of the global market.

MARKET RESTRAINTS

High cost of photodynamic therapy treatments is a significant restraint to the global PDT market growth.

In addition, factors such as limited availability of specialized equipment, lack of trained healthcare professionals, side effects and contraindications associated with PDT and limited awareness among patients and healthcare providers are impeding the growth of the global market. Competition from alternative therapies, regulatory challenges and approval processes, reimbursement issues and insurance coverage limitations, variability in treatment efficacy and challenges in the development and standardization of photosensitizers are further showing a negative impact on the growth of the global photodynamic therapy market.

COVID-19 Impact on Global Photodynamic Therapy Market

The Pandemic had a mixed impact on the photodynamic therapy market. Due to stringent lockdown regulations, manufacturing and production were shut down, resulting in a drop in sales during the Pandemic. However, photodynamic therapy is implemented as the alternative treatment technique for efficiently eradicating COVID-19. The article "Photodynamic disinfection of SARS-CoV-2 clinical samples using methylene blue formulation" stated that to make SARS-CoV-2 inactive, photodynamic disinfection and therapeutic applications for COVID-19 were proposed. This step has created awareness among many people regarding the benefits of photodynamic therapy. This resulted in an increase in the growth rate post-pandemic and is expected to have steady growth in the forecast period.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Photodynamic Therapy Market Analysis By Product

The photosensitizer drugs segment led the market and accounted for 60.7% of the global market share in 2023. The photosensitizer drugs segment is further expected to showcase a healthy CAGR during the forecast period. The domination of the photosensitizer drugs segment is majorly attributed to the continuous R&D efforts, the introduction of new and more effective photosensitizer drugs and increasing regulatory approvals. The growing usage of photosensitizer drugs in the skin cancer treatments is further promoting the growth of the photosensitizer drugs segment in the worldwide. For instance, photosensitizer drugs are being used in more than 50% of non-melanoma skin cancer treatments in the United States. Furthermore, factors such as the growing awareness about non-invasive treatments and advancements in drug formulations are contributing to the expansion of the photosensitizer drugs segment in the global market during the forecast period.

The photodynamic therapy devices segment is expected to register fastest growth in the global market during the forecast period. Factors such as technological advancements, increasing adoption of PDT in dermatology, and the development of portable and user-friendly devices are majorly propelling the growth of the photodynamic therapy devices segment in the global market.

Global Photodynamic Therapy Market Analysis By Light Source

The lasers segment held the largest photodynamic therapy market revenue share in 2023. The lasers used in photodynamic therapy are carbon dioxide laser, neodymium yttrium aluminum garnet laser, and argon laser. Skin tumors can be treated by laser excision, laser coagulation, and laser vaporization methods. Diode lasers at a wavelength range of 415nm to 690nm are used in photodynamic therapy.

The light-emitting diodes (LED) are expected to increase, with a prominent CAGR in the forecast period. The LED emits at different wavelengths, and this method works at the cellular level to stimulate the skin's healing mechanism.

Global Photodynamic Therapy Market Analysis  By Application

The cancer segment was the biggest segment and is expected to be the fastest growing segment in the global market by application during the forecast period. The cancer segment captured 43.7% of the worldwide market share in 2023. The supremacy of the cancer segment is majorly credited to the growing cancer patient population worldwide, rising preference for non-invasive treatment options and technological advancements in PDT.

The actinic keratosis segment was the second largest segment and is expected to witness a healthy CAGR during the forecast period. The growing prevalence of actinic keratosis is majorly boosting the segmental expansion. For instance, as per the statistics of American Academy of Dermatology, approximately 10% of the U.S. population aged above 40 years suffer from actinic keratosis. The growing awareness and diagnosis of skin conditions, favourable reimbursement policies and increasing acceptance of PDT as a standard treatment for actinic keratosis further promote the growth of the actinic keratosis segment in the global market.

Global Photodynamic Therapy Market Analysis  By End-User

The hospitals segment dominated the market by accounting for 42.7% of the global market share in 2023 and is anticipated to grow at a notable CAGR during the forecast period. Hospitals are a major end-user segment for photodynamic therapy. The growing prevalence of cancer and other chronic diseases that benefit from photodynamic therapy, increasing investments in healthcare infrastructure and advanced treatment facilities and rising awareness among healthcare professionals about the benefits of PDT are promoting the growth of the hospitals segment in the worldwide market.

The cancer treatment centers segment is another major segment and is expected to hold a substantial share of the worldwide market during the forecast period. Factors such as growing incidence of skin and other surface cancers that are effectively treated with PDT, increasing number of advancements in photosensitizing agents and light delivery systems that improve the efficacy of PDT in oncology and growing preference from patients for non-invasive and targeted cancer treatments are propelling the growth of the cancer treatment centers segment.

REGIONAL ANALYSIS

North America is the currently largest regional segment for photodynamic therapy in the global market. North America accounted for 41.3% of the global market share in 2023 and is expected to carry the domination throughout the forecast period. The prevalence of cancer, especially skin cancer is high in North America compared to all the other regions, which is one of the major factors propelling the regional market growth. For instance, according to American Cancer Society, the incidence of skin cancer in the U.S. is approximately 77 per every 100,000 people. More than 1 million cases of non-melanoma skin cancer are diagnosed annually in the U.S. These numbers are anticipated to grow further and boost the demand for photodynamic therapy during the forecast period in the North American region.

Europe held substantial chunk of the global market in 2023 and is predicted to grow at a prominent CAGR during the forecast period. The growing prevalence of basal cell carcinoma is boosting the European PDT market growth. According to European Journal of Dermatology, every year approximately 400 per every 100,000 people in Europe suffer from basal cell carcinoma. The growing awareness and adoption of non-invasive cancer treatments and the presence of advanced healthcare system in Europe are further promoting the growth of the Europe PDT market. Germany, France, and the UK are currently playing a leading role in the European market.

The Asia-Pacific regional market is projected to witness rapid growth in the global market during the forecast period. The growing healthcare expenditure, rising awareness about advanced cancer treatments, and Y-o-Y growth in the aging population in the Asia-Pacific are propelling the growth of the APAC PDT market. For instance, according to the World Health Organization (WHO), the incidence of cancer in Asia is projected to reach 10 million cases annually by 2030. Japan, China and India are playing a key role in the Asia-Pacific region.

KEY PARTICIPANTS IN THE GLOBAL PHOTODYNAMIC THERAPY MARKET

Companies that play a noteworthy role in the global photodynamic therapy market include Galderma, Biofrontera AG, Sun Pharmaceutical Industries Ltd., LUMIBIRD (Quantel Medical), Modulight Corporation, Quest PharmaTech, Inc., Theralase Technologies Inc., SUS Advancing Technology Co., Ltd., Novartis AG, Valeant Pharmaceuticals International, Inc., Hologic, Inc., Photocure ASA, Biolitec AG, IPG Photonics Corporation, Bausch Health Companies Inc., Soligenix, Excel Lasers Limited, and Scioderm Inc.

RECENT HAPPENINGS IN THIS MARKET

• In August 2023, Impact Biotech, top in photodynamic therapy, announced its collaboration with the Maastricht University for research on eye treatment for the disease Pathological Myopia, where this project uses Padeliporfin Vascular targeted photodynamic therapy.

• In July 2023, FDA approved orphan drug designation to padeliporfin vascular targeted photodynamic therapy for use in patients with locally advanced pancreatic cancer.

• February 2023, a leading eye health company named Bausch + Lomb Corporation announced their service to the people by helping them to see better and the Modulight Corporation; biomedical laser company stated that US Food and Administration approved photodynamic laser to use in combination with the Bausch + Lomb's Visudyne photodynamic therapy for treating the patients with classic subfoveal choroidal neovascularization.

• In January 2023, Biofrontera AG, an international biopharmaceutical company, announced that its subsidiary Biofrontera Bioscience GmbH received approval for the application "Photodynamic therapy comprising two light exposures at different wavelengths" from the US Patent office.
• In August 2022, Asieris Pharmaceuticals announced the completion of a multinational Phase III clinical trial of Cevira, which is a novel non-surgical treatment for high-grade cervical intraepithelial lesions. This photodynamic drug-device combination, which accumulates photosensitizer in target cells, is used.
• In October 2021, Biofrontera AG, one of the leading players in the global photodynamic therapy market, received FDA approval for their “BF-RhodoLED XL”, which is a red-light source for photodynamic therapy (PDT).

DETAILED SEGMENTATION OF GLOBAL PHOTODYNAMIC THERAPY MARKET INCLUDED IN THIS REPORT
 

This research report on the global photodynamic therapy market has been segmented and sub-segmented based on product, application, end-user and region.

 By Product

• Photosensitizer Drugs
• Aminolevulinic acid
• Porphyrin Derivative
• Chlorines
• Others
• Photodynamic Therapy Devices
• Diode Lasers
• Disposable Fiber Optic Light Delivery Devices

By Light Source

• Lasers
• Light emitting diodes
• Lamps
• Others

By End-User

• Hospitals
• Cancer Treatment Centers
• Cosmetic and Dermatology Clinics
• Others

By Application

• Cancer
• Actinic Keratosis
• Acne
• Psoriasis
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa