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Photodynamic therapy (PDT) is a form of treatment that uses light to activate a photosensitizing drug that is taken up preferentially by cancer cells. It finds applications in treatment of various cancers such as lung cancer, esophageal cancer, gastric cancer etc. The global Photodynamic Therapy Market is estimated to be valued at US$ 4.51 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The increasing prevalence of various cancers has greatly contributed to the growth of the photodynamic therapy market. According to World Health Organization, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The increasing cancer burden across the globe has heightened the need for effective therapeutic options to treat cancer. Photodynamic therapy has shown promising results in treatment of various cancers and is emerging as an effective treatment modality with minimal side effects. This has boosted the adoption of photodynamic therapy in recent years.
SWOT Analysis
Strength: Photodynamic therapy is minimally invasive, well-tolerated and does not cause any significant harm to healthy tissues. It has fewer side effects as compared to traditional cancer treatments like chemotherapy and radiation therapy.
Weakness: Photodynamic therapy requires the use of photosensitizing agents which may cause skin sensitivity or rashes when exposed to sunlight. The treatment area also has to be exposed to specific wavelengths of light to activate the photosensitizing agent which limits its application.
Opportunity: Increasing instances of cancer globally is driving the demand for newer and minimally invasive treatment options. Photodynamic therapy provides an alternative to surgeries and has potential in treating various cancer types. Growing research in photodynamic compounds is expanding its application scope.
Threats: Presence of alternative targeted cancer therapies like immunotherapy poses competition to photodynamic therapy. Strict regulatory approvals and limited clinical data also restricts its widespread adoption currently. High costs of therapy and requirement of specialized light devices also limit its access.
Key Takeaways
The global photodynamic therapy market is expected to witness high growth over the forecast period supported by increasing application scope in treating different cancer types.
Regional Analysis: North America currently dominates the market owing to high awareness, supportive reimbursement environment and presence of key players. The Asia Pacific region is expected to offer lucrative growth opportunities due to growing geriatric population, increasing healthcare expenditure and developing healthcare infrastructure.
Key players operating in the photodynamic therapy market are Gladerma S.A., Sun Pharmaceutical Industries Ltd., Biofrontera, Novartis AG, Valeant Pharmaceuticals International, Inc., Quest Pharmatech, Inc., Hologic, Inc., Lumibird (Quantel Medical), Theralase Technologies Inc., Photocure ASA, Biolitec AG, IPG Photonics Corporation. These players are focusing on new product launches, collaborations and geographic expansion to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
