Absolute Markets Insights (AMI) reports a robust forecast for the photodynamic therapy market during the 2021-2029 period. In its newly released report, AMI anticipates that the global photodynamic therapy market was valued at US$ 4872.9 Mn in 2020 and is anticipated to reach US$ 18261.8 Mn by 2029 growing at a CAGR of 15.89% over the forecast period (2021 – 2029).
According to the World Health Organization (WHO), there are 2 to 3 million skin cancer incidences around the world. Furthermore, 1 in 3 every cancer case is diagnoses as a skin cancer. The photodynamic therapy is an ideal treatment option for treating skin cancer for most patients. The therapy is non-invasive, safe, and proven to be effective. Moreover, the therapy is often carried out in out-patient settings, wherein costs are often lower, due to lack of hospitalization. The WHO estimates that skin cancer incidences are likely to rise in the near future, as worsening environmental conditions like ozone depletion, and substantially higher dosage of UV radiation are likely to result in higher cases of skin cancer. Furthermore, increasing advancements in drug used for treatment are expanding the application and effectiveness of this therapy, thus increasing the demand of photodynamic therapy market.
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Growing Advancements in Photodynamic Therapy to Open New Opportunities
Recent research from University of Wisconsin-Madison revealed that Cerenkov luminescence or the light that emits from decaying radiopharmaceuticals can attack cancer cells from within the body. This therapy promises to use nanoparticles to attack large cancer cells from inside the body, with conventional limitations of the therapy. Rising scope of expansion of the photodynamic therapy, growing incidences of cancer, and growing awareness of the treatment are expected to drive tremendous growth for the global photodynamic therapy market.
Growing Scope of Application Remains a Major Driver of Growth
The photodynamic therapy continues to grow into new areas as medical scope for beautification therapies like acne treatment is witnessing growing demand. The photodynamic therapy is ideal for various skin treatments as it provides the much-needed immunity for skin treatments through a safe, non-invasive, and cost-effective treatment options. Among many skin treatments, the actinic keratosis leads the way with highest rate of incidences. The condition is essentially a pre-cancer stage of skin cancer, which according to the Skin Cancer Foundation, affects more than 58 million Americans today. Furthermore, Caucasians with fair skin, light coloured hair, and blue, green, and hazel eyes remain at greater risk of this condition. As high-end dermatology treatments are widely available in the western world, Australia, among other places, the players in the photodynamic therapy market are likely to witness major opportunities for growth during the forecast period.
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Growing Demand for Acne Treatment Remains a Major Avenue for Growth
Due to worsening environmental conditions, and genetic factors in predisposed population, acne is a major concern globally. According to the American Academy of Dermatology, the condition affects over 50 million Americans per year. Moreover, the academy estimates that acne affects 85% of American population between the age of 12 and 24. Furthermore, due to the worsening environmental conditions, acne increasingly affects more adults per year. It is estimated that the condition affects up to 15% more women per year as compared to earlier. Furthermore, the condition has expanded from its conventional status as an individual ailment. The American Academy of Dermatology estimates it results in nearly $400 million losses in productivity per year for American business. In 2013, over 5.1 million children and young adults sought medical treatment for acne. The rising importance of beauty, and closely linked association with personal and professional prospects also remain key drivers of growth for players in the global photodynamic therapy market.
Competitive Analysis:
The photodynamic therapy market is an innovative, and competitive global landscape. The market is a fragmented field with growing innovation in drug therapy treatments, and technological innovation in devices. Some key players in the global photodynamic therapy market are Bausch & Lomb, Biofrontera Inc., biolitec AG, Galderma Nordic AB, MODULIGHT, Quantel Medical, Quest PharmaTech Inc., Soligenix, Sun Pharma, Theralase Technologies Inc. and Other market participants.
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Photodynamic Therapy Market
- By Offering
- Drugs
- Porfimer Sodium
- Methyl Ester of Aminolevulinic Acid (ALA)
- Aminolevulinic Acid (ALA)
- Others
- Devices
- Laser
- Non-Laser
- Drugs
- By Application
- Cancer
- Lung
- Esophagus
- Bile Duct
- Bladder
- Brain
- Ovarian
- Others
- Psoriasis
- Acne
- Central Serous Retinopathy/Polypoidal Choroidal Vasculopathy (PCV)
- Others
- Cancer
- By End-Users
- Hospitals
- Cancer Treatment Centers
- Skin Clinics
- Others
- By Region:
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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