Photodynamic Therapy Market by Product Type (Drugs and Devices), Application (Cancer, Actinic Keratosis (AK), Acne, and Psoriasis), End Users (Hospitals, Cancer Treatment Centers, and Cosmetic & Dermatology Clinics)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global photodynamic therapy market was pegged at ~US$ 1.38 billion in 2020. The market is expected to witness a CAGR of ~15.5% from 2021 to 2031.
Factors contributing to the growth of the photodynamic therapy market include an increase in the investments and funding for new drug development and the rising number of R&D activities related to photosensitizers. Moreover, the rising prevalence of cancer and skin disorders and increasing preference for minimally invasive procedures among patients are also playing a crucial role in driving the growth of photodynamic therapy. However, lower tissue penetration properties of visible light used in PDT and adverse effects of photodynamic therapy are some of the factors likely to hinder the market growth to a certain extent.
In order to maintain their foothold in the market, photodynamic therapy companies are entering into partnerships or collaborations with other companies in the market. Such strategies enable companies to innovate, market, and distribute their products in different geographies. For instance, in January 2021, Soligenix signed an exclusive supply, distribution, and services agreement with Daavlin. As per the agreement, Daavlin will exclusively manufacture the proprietary light device for use with Soligenix’s SGX301 for the treatment of CTCL. After getting FDA approval for SGX301, Soligenix will promote SGX301 and the companion light device. Further, Daavlin will exclusively distribute and sell the companion light device to Soligenix, patients, and physicians.
The rising burden of cancer and skin diseases such as acne and psoriasis are playing a key role in fueling the growth of the photodynamic therapy market. According to the American Cancer Society, World Cancer Research Fund International, prevention of cancer is one of the most significant public health challenges of the 21st century. According to WHO, cancer is the second leading cause of death globally and was responsible for an estimated 9.6 million deaths in 2018. By 2040, the global burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths simply due to the growth and aging of the population.
In order to treat such a large volume of patients, companies in the photodynamic therapy market are increasing R&D activities for the development of new photosensitizer drugs. As a result of R&D activities, companies have been able to introduce new products as well as make developments in the existing offerings. For instance, in March 2020, the European Commission approved the use of Ameluz (a topical prescription drug) for the treatment of actinic keratosis (AK) on the extremities and trunk/neck. Such developments are anticipated to boost the market growth during the forecast period.
However, photodynamic therapy has several limitations. Limitations such as difficulty in treating large tumor masses, lower tissue penetration properties of visible light used in photodynamic therapy, and limited therapeutic depth. These are hindering the adoption of photodynamic therapy. Moreover, there are some disadvantages of using photodynamic therapy. These include the risk of adverse reactions such as swelling, burning sensation, and scarring in the nearby normal tissues, among others. The therapy also causes temporary side-effects such as coughing, shortness of breath, or painful breathing. Such factors are limiting the use of photodynamic therapy and in turn, restraining the market growth to a certain extent.
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. The rising geriatric population, increasing prevalence of cancer, and rising awareness for use of minimally invasive procedures among the population are some of the major factors boosting the growth. Moreover, the rising government initiative for developing healthcare infrastructure and increasing disposable income are some of the other factors anticipated to contribute to the growth of the photodynamic therapy market.
Some of the prominent players operating in the global photodynamic therapy market include Quantel Medical (Subsidiary of the Lumibird Group), Theralase Technologies Inc., Modulight, Inc., Quest PharmaTech Inc., Biofrontera AG, Galderma, Sun Pharmaceutical Industries Ltd., Bausch & Lomb, SUS Advancing Technology Co., Ltd., and Sagentia, among others.