The global photodynamic therapy market is anticipated to grow at a CAGR of around 15.5% during the forecast period 2020 to 2027 and to reach around US$ 11.5 Bn by 2027.
Increasing number of patients suffering from chronic diseases such as neck and head cancer and introduction of innovative solution from major players are major factors expected to drive the growth of global market. There is high increase in number of patients suffering from cancer in countries such as US, and Europe. According to American Society of Clinical Oncology head and neck cancer accounts for about 4% of all cancers in the US. In 2020, they estimated 65,630 people (48,200 men and 17,430 women) will develop head and neck cancer and 14,500 deaths (10,760 men and 3,740 women).
In addition, increasing government spending on development of present healthcare infrastructure, high R&D activities, coupled with availability of favorable insurance policies are among other factors expected to support the growth of target market. Increasing medical tourism in developing countries and focus on development of hospital infrastructure in order to facilitate the advanced treatment is another factor expected to augment the growth of target market.
Players focus on business development in order to enhance the business presence and customer base are other factors expected to augment the growth of target market.
In 2016, Biofrotera AG a global biopharmaceutical company specializing in the development and commercialization of a platform of pharmaceutical products received FDA approval for two products for Ameluz a topical prescription drug and BF-RhodoLED for PDT in the treatment of mild-to-moderate actinic keratosis.
In 2017 Biofrotera AG AMELUZ gel (10%) and BF-RhodoLED lamp in the U.S. market. this is expected to help the company to strengthen in position in US market.
Favorable business policies by the government and emergence of small and mid-size enterprises are factors influencing the growth of target market. However, factors such as high cost associated to R&D activities and stringent government regulations related to product approval are expected to hamper the growth of global photodynamic therapy market. Rapid technological advancements by major players along with introduction of innovative solutions are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, inclination towards developing countries in order to enhance the business presence is another factor expected to support the revenue transaction of target market.
Segment Analysis by Region
The market in North America is expected to account for significant revenue share owing to increasing number of patients suffering from chronic diseases. In addition, availability of advanced infrastructure for R&D activities, high investment by major players and introduction of novel solutions are factors expected to support the growth of target market.
Major players inclination towards business expansion through strategic merger & acquisitions in order to increase the customer base will impact to growth of target market.
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Global Photodynamic Therapy Market
2016 – 2027
2020 – 2027
Product, Application, End Use and Geography
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Photodynamic Therapy Market Segment Analysis, 2019
The global photodynamic therapy market is segmented into product, application and end use. The product segment is segmented into drugs and devices. The application segment is further divided into cancer, psoriasis, acne, and others. Among the application, the cancer segment is expected to account for major revenue share due to increasing number of patients suffering from various diseases. In addition, high R&D activities and development of innovative products are factors expected to support the growth of target segment. The end use segment is further bifurcated into hospitals, cosmetics & dermatology clinics, cancer treatment centers, others.
The players profiled in the report are Theralase Technologies Inc., Lumibird, Quest PharmaTech Inc., Modulight, Inc., Galderma Laboratories L.P., Biofrontera AG, Sun Pharmaceutical Industries Ltd., and SUS Advancing Technology Co., Ltd.
Market By Product
Market By Application
Actinic Keratosis (AK)
Market By End User
Cosmetics & Dermatology Clinics
Cancer Treatment Centers
Market By Region
Middle East & Africa
The global photodynamic therapy market in 2027 is expected to be above US$ 11.5 Bn.
Increasing number of patients suffering from chronic diseases such as neck and head cancer and introduction of innovative solution from major players are major factors expected to drive the growth of global market.
In end use segment the hospital segment is growing at faster pace.
The CAGR of the global photodynamic therapy market from 2020-2027 is above 15.5%.
In the global market North America held the largest share.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Sun Pharmaceutical Industries Ltd., and SUS Advancing Technology Co., Ltd.