Photodynamic Therapy Market is Transforming Cancer Treatment through Advances in Light Technologies
Photodynamic therapy (PDT) utilizes light-activated photosensitizing drugs and non-thermal lasers to treat various medical conditions including cancer. It employs photosensitizing agents that are applied or injected into the body and accumulate preferentially in malignant or abnormal tissues. Upon activation with visible light, the photosensitizing drug produces reactive oxygen species that destroy the diseased cells. PDT offers minimally invasive treatment with minimal side effects and has been approved for the treatment of various cancers including lung, esophageal, stomach and cervical cancers. It also finds application in dermatology for treating non-melanoma skin cancers and acne. The non-invasive nature and ability to repeat treatments with PDT makes it an attractive alternative to surgery or radiation therapy.
The global photodynamic therapy market is estimated to be valued at US$ 5.32 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.
Key Takeaways
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. Gladerma S.A. is a leader in developing photosensitizing drugs and treatment devices for PDT.
Photodynamic Therapy Market demand is primarily driven by the growing incidence of various cancers worldwide. According to the World Health Organization, the cancer burden is expected to reach 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. PDT offers an effective minimally invasive treatment option and thus finds increasing adoption in cancer care.
Leading players are also expanding their presence globally through partnerships and acquisitions to cater to the growing demand. For instance, in 2021, Biolitec AG partnered with Shanghai Jiuxing Pharmaceutical Technology to commercialize PDT solutions in China. In the same year, LumiThera acquired Dioméd to expand its footprint in the French phototherapy market. Such strategic initiatives are aiding the global expansion of the photodynamic therapy market.
Market Key Trends
One of the key trends gaining traction in the photodynamic therapy market is the development of advanced light delivery technologies. Companies are focusing on R&D to develop innovative light sources such as lasers, light emitting diodes (LEDs) and semiconductor chips that offer higher output, greater penetration depth and portability. For example, IPG Photonics has developed high-power fiber lasers for precise PDT treatments.
Lumibird has also unveiled next-generation phototherapy platforms that leverage semiconductor chips for compact size and improved outcomes. The emergence of such advanced light delivery techniques is expected to increase the adoption of PDT procedures over the forecast period.
Porter’s Analysis
Threat of new entrants: The high capital requirements and investments required for research and development pose barriers for new companies to enter this market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative treatment options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the specialized nature of products and services required.
Threat of new substitutes: Substitution threat is moderate due to emerging new generation drugs and therapies.
Competitive rivalry: Photodynamic Therapy Market Challenges and Opportunities are marked by high competition among existing players due to their wide geographic presence and diverse service offerings.
Geographical Regions
North America dominates the photodynamic therapy market and accounts for the largest share of the market. Increased investments in research and development activities to develop novel treatment options is driving the market in this region.
Asia Pacific region is expected to witness the fastest growth over the forecast period. Increasing healthcare expenditures, rising awareness regarding cancer treatment therapies, and establishment of new manufacturing and research facilities are fueling the market growth in this region.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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