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The Global Photodynamic Therapy Market size is estimated to grow by USD 2.05 billion at a CAGR of 8.22% between 2022 and 2027.
Photodynamic therapy is a growing, popular, and reliable method to treat cancer. Early detection of cancer is driving the market. Factors such as physical inactivity and excessive tobacco and alcohol consumption can cause lung, stomach, kidney, head, neck, and larynx cancer. As there is a rise in cancer cases, the dependence on photodynamic therapy is increasing significantly. This demand also promotes manufacturers to develop advanced and upgraded versions of products during the forecast period. Hence, the contribution of all these factors is expected to propel the growth of the market during the forecast period.
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There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
An increase in R&D and advances in technology is the key driver for the growth of the market. Manufacturers and market players have raised their investments in R&D to develop novel therapies for cancer treatment. These approaches are expected to support the development of new photodynamic therapy. A recently published review in dermatology and therapy proves that photodynamic therapy is offered with reduced toxicity for patients with skin conditions such as actinic keratosis (AK).
Moreover, many advances in technology happened during the post-genomic era to detect cancer cells without invasive and expensive surgery. These advances result in the development of technologies such as DNA sequencing, innovative biomarker discovery, drug delivery methods, and capillary electrophoresis. These technologies also help physicians to detect and quantify specific DNA or RNA sequences and proteins for early prediction and treatment of diseases. In the area of oncology, the use of these technologies has helped physicians obtain a better understanding of the pathogenesis of cancer. These trends are expected to support the market growth and trends during the forecast period.
The high cost of treatment is the major challenge to the growth of the market. Patients' financial burden and overall treatment costs are rising as a result of cancers' long-term treatment requirements. In addition to the lengthy duration of the treatment, the utilized therapies, particularly targeted therapies like photodynamic therapy, are extremely costly. Biologics are included in targeted therapy. Their development and production require extremely sophisticated and advanced procedures, which raises their manufacturing cost and, consequently, sales price.
Moreover, the cost of these treatments is high because of the advanced procedures involved in developing monoclonal antibodies. companies required high-cost to manufacture a monoclonal antibody. It also involves several processes, from immunization and serum screening to splenocyte fusion and single-cell cloning. These processes require sophisticated research procedures and advanced equipment which are expensive. However manufacturers and healthcare providers financially support patients undergoing photodynamic therapies, and their high cost is a major challenge that will impede the market growth during the forecast period
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The market share growth by the cancer segment will be significant during the forecast period.PDT designed to destroy cancerous and precancerous cells after light activation is designed as a two-stage treatment that combines light energy with a drug (photosensitizer). Cancer is a disease in which the body cells grow uncontrollably and spread to other body parts. It is caused due to changes or mutations to the DNA within the cells. Factors such as age, lifestyle habits, family history or inherited family condition, and prolonged chronic diseases can address raise the risk of occurrence of cancer.
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The cancer segment was valued at USD 1.11 billion in 2017. Photodynamic therapy is a commonly used therapy in treating cancer globally. This therapy mainly uses a drug activated by the light agent which is called a photosensitizer which is mainly used to kill cancer cells. A laser or light-emitting diode (LED) is used as a source of light. When the cancer cells that have absorbed photosensitizers and drugs are exposed to light. The oxygen radical produced from the photosensitizers, when exposed to light, kills the cancer cells with the specific wavelength. It is also useful in treating tumor cells. Hence, the role of PDT in treating cancer drives the growth of the market during the forecast period.
Photodynamic drugs are by and large utilized in photodynamic treatment in which the photosensitizer specialist is actuated by light to kill disease cells. The main purpose of a photosensitizer agent is to transfer the energy into another molecule either directly or by a chemical reaction and to absorb light. The most common photosensitizing medications include amiodarone, chlorpromazine, nalidixic acid, and doxycycline. Factors such as increasing attention toward new anti-cancer therapies, such as immunotherapy are likely to drive the demand for photosensitizer drug segmentation. Hence, all these factors will propel the growth of the photosensitizer drugs segmentation in the global photodynamic
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Due to the increase in the incidence of skin diseases and cancer, the market for PDT is rising in this region. Factors such as increasing awareness about PDT benefits, the rise in adoption of face photodynamic therapy, and photodynamic acne therapy are driving the market during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market trends and analysis report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The Photodynamic Therapy (PDT) market has emerged as a promising avenue in treating various skin disorders and malignancies, offering minimally invasive procedures with reduced side effects. Recognized by organizations like the FDA and the World Health Organization (WHO), PDT utilizes light activation of photosensitizing agents to target malignant tumors, including breast cancer, lung cancer, and T-cell lymphoma. This therapy not only addresses the financial burden of cancer treatments but also aligns with the efforts of cancer registries and national health boards such as the National Board of Health and Welfare. With its efficacy in combating UV light-induced damage, PDT continues to gain prominence in the medical community.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Photodynamic Therapy Market Scope |
|
Market Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.22% |
Market growth 2023-2027 |
USD 2.05 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.45 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, UK, Germany, France, and China |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bausch Health Co. Inc., Biofrontera AG, BIOLASE Inc., biolitec AG, Galderma SA, II VI Inc., IRIDEX Corp., Lotus Global Group Inc., LUMIBIRD SA, Lutronic Inc, Modulight Inc., Photocure ASA, Pinnacle Biologics Inc., Quanta Systems Spa, Soligenix Inc., SpectraCure AB, Sun Pharmaceutical Industries Ltd., SUS Advancing Technology Co. Ltd., Theralase Technologies Inc., and Eufoton srl |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market growth and forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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