Photodynamic Therapy Market Definition

The photodynamic therapy market consists of sales of photodynamic therapy products by entities (organizations, sole traders, and partnerships) that are engaged in manufacturing and selling phototherapy treatment drugs, light therapy devices, and related products. Photodynamic therapy (PDT) uses special drugs, sometimes called photosensitizing agents, along with light for treating diseases. The drugs only work after they have been activated by certain kinds of light. PDT may also be called photo radiation therapy, phototherapy, or photochemotherapy.

Photodynamic therapy (PDT) is a two-stage treatment that combines light energy with a drug (photosensitizer) designed to treat diseases after light activation. Photosensitizers are generally activated by a specific wavelength of light energy, usually from a laser. Upon light activation, the photosensitizer becomes toxic to the targeted tissue. The photosensitizing agent is either put into the bloodstream through a vein or put on the skin, depending on the part of the body being treated. The light used in PDT comes from certain kinds of lasers or from light-emitting diodes (LEDs). There are several photosensitizer drugs which are available to treat a variety of diseases, including acne, psoriasis, age-related macular degeneration, and several cancers, such as skin, lung, brain, bladder, pancreas, bile duct, esophagus, and head and neck.

Photodynamic Therapy Market Size

The global photodynamic therapy market size reached a value of nearly $1,183.4 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.3% since 2016. The global photodynamic therapy market size is expected to grow from $1,183.4 million in 2021 to $1,682.7 million in 2026 at a rate of 7.3%. The global photodynamic therapy market size is then expected to grow at a CAGR of 5.9% from 2026 and reach $2,237.3 million in 2031.

Growth in the historic period resulted from aging population pool, an increase in cancer prevalence, an increase in skin diseases, rising pollution rates, increased healthcare expenditure and growth in the number of healthcare facilities. Going forward, the rise in healthcare expenditure, insurance coverage for photodynamic therapy, high potential in emerging economies, increasing teenage population, increasing older population, increasing prevalence of cancer and chronic diseases and emergence of infectious diseases will drive the growth. Factors that could hinder the growth of the photodynamic therapy market in the future include COVID-19, photosensitivity reactions and lack of healthcare infrastructure.

Photodynamic Therapy Market Drivers

The key drivers of the photodynamic therapy market include:

Insurance Coverage For Photodynamic Therapy

The insurance coverage for photodynamic therapy procedures is expected to drive the market. Since PDT treats superficial types of skin cancer and precancerous lesions it is covered by insurance plans, including Medicare, and is more affordable than other treatment options, thus allowing greater access to photodynamic therapy and ensuring that a greater number of people can afford the treatment. For instance, Medicare generally covers 80% of photodynamic therapy for actinic keratoses.  Hence, the availability and coverage of insurance for photodynamic therapies is expected to act as a driver for the market during the period.

Photodynamic Therapy Market Restraints

The key restraints on the photodynamic therapy market include:

Photosensitivity Reactions

The side effects related to photodynamic therapy could restrain the market in the forecast period. The most common side effect of PDT is sensitivity to bright lights and sunlight. They usually involve redness and a tingling or burning sensation along with skin swelling, blisters and pain and problems with the tissues and organs and shortness of breath. In some cases, the immune system can also be affected or become weaker for a period of time. Hence, the reactions to the photodynamic therapy process could hinder market growth during the period.

Photodynamic Therapy Market Trends

Major trends influencing the photodynamic therapy market include:

Portable Photodynamic Therapy (PDT) Device

Portable photodynamic therapy devices are being developed by companies for at-home skin cancer treatment. The importance of a portable PDT device is in countries where patients need to travel long distances to receive specialized dermatological treatment. The new portable irradiation devices are small in size and fixed to the skin using medical adhesive tape. These devices are in the process of being introduced and patented.  For example, in December 2021, Biofrontera Inc., a biopharmaceutical products company specializing in the commercialization of dermatological products announced that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for Biofrontera Pharma GmbH’s U.S. patent number 17/215,785 (‘785 patent), titled “Illumination device for photodynamic therapy. The new patent protects a number of innovations relating to the RhodoLED XL lamp.

Use Of Artificial Intelligence In Photodynamic Therapy

Artificial intelligence models have shown great promise in cancer diagnosis and treatment. Funding to advance product design and clinical testing is growing among companies including advances of artificial intelligence in PDT. Artificial intelligence is used to study the pain and outcomes for superficial basal cell carcinomas and other diseases that is treated with PDT.  For instance, in 2021 Lumeda Inc., a technology company advancing PDT as an intraoperative adjuvant treatment for patients, announced the closing of its Series A financing that helped them raise $5.3 million. The funding is to be used to develop Lumeda’s breakthrough PDT system that leverages artificial intelligence and proprietary software and hardware. The artificial intelligence software automates and digitize PDT light delivery to improve control of the PDT device used by the physician during treatment and improve outcomes for cancer patients.

Opportunities And Recommendations In The Photodynamic Therapy Market

Opportunities –The top opportunities in the photodynamic therapy market segmented by product will arise in the drugs segment, which will gain $316.5 million of global annual sales by 2026. The top opportunities in segment by application will arise in the cancer segment, which will gain $224.3 million of global annual sales by 2026. The top opportunities in segment by end-user will arise in the cosmetics and dermatology clinics segment, which will gain $188.3 million of global annual sales by 2026. The photodynamic therapy market size will gain the most in the USA at $149.2 million.

Recommendations –To take advantage of the opportunities, The Business Research Company recommends the photodynamic therapy companies to focus on use of artificial intelligence, focus on research and development, develop portable photodynamic therapy devices, expanding in emerging markets, scale up through merger and acquisition activity, provide competitively priced offerings in low-income countries, collaborate with insurance companies to make therapy affordable, offer bundled payments, focus on patient referral systems, focus on direct marketing, build strategic relationships with large-scale end-users and focus on priority to critical cases.

Photodynamic Therapy Market Segmentation

The photodynamic therapy market is segmented by product, by application, by end-user, by geography.
By Product –
The photodynamic therapy market is segmented by product into

• a) Drugs
• b) Devices

The photodynamic therapy market is segmented by product into drugs and devices. The drugs market was the largest segment of the photodynamic therapy market segmented by product, accounting for 67.1% of the total in 2021. Going forward, the devices market is expected to be the fastest growing segment in the photodynamic therapy market segmented by product, at a CAGR of 8.0% during 2021-2026.
By Application –
The photodynamic therapy market is segmented by application into.

• a) Actinic keratosis (AK)
• b) Cancer
• c) Acne
• d) Psoriasis
• e) Other Applications

The photodynamic therapy market is segmented by application into actinic keratosis (AK), cancer, acne, psoriasis and other applications. The cancer market was the largest segment of the photodynamic therapy market segmented by application, accounting for 40.7% of the total in 2021. Going forward, the cancer market is expected to be the fastest growing segment in the photodynamic therapy market segmented by application, at a CAGR of 8.0% during 2021-2026.
By End-User –
The photodynamic therapy market is segmented by end-user into

• a) Cosmetics and Dermatology Clinics
• b) Hospitals
• c) Cancer Treatment Centers
• d) Other End-Users

The photodynamic therapy market is segmented by end-user into cosmetics and dermatology clinics, hospitals, cancer treatment centers and other end-users. The cosmetics and dermatology clinics market was the largest segment of the photodynamic therapy market segmented by end-user, accounting for 41.8% of the total in 2021. Going forward, the cancer treatment centers market is expected to be the fastest growing segment in the photodynamic therapy market segmented by end-user, at a CAGR of 8.2% during 2021-2026.
By Geography- The photodynamic therapy market is segmented by geography into

• o Asia Pacific
  • •  China
  • •  Japan
  • •  India
  • •  Australia
  • •  Indonesia
  • •  South Korea
o North America
• • USA
o South America
• • Brazil 
o Western Europe
• • UK 
• • Germany 
• • France 
o Eastern Europe
• • Russia 
o Middle East
o Africa

North America was the largest region in the global photodynamic therapy market, accounting for 37.2% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the global photodynamic therapy market will be Asia Pacific, and, South America where growth will be at CAGRs of 9.1% and 8.8% respectively. These will be followed by Eastern Europe, and Middle East, where the markets are expected to grow at CAGRs of 6.9% and 6.7% respectively.

Photodynamic Therapy Market Competitive Landscape

Major Competitors are:

Galderma S.A.

Bausch Health

Lumenis Ltd.

Sun Pharmaceutical Industries Ltd

Biofrontera

Other Competitors Include:

LUMIBIRD

Modlight Inc

PhotoMedex Inc

Soligenix Inc

Quest PharmaTech Inc.

Novartis AG

Theralase Technologies Inc.

Quantel Medical

Axcan Pharma

Sihealth

MediGlobus

Steba Biotech

Ambicare Health

Nuovo Therapy

Pharmstandard

Rusatom Healthcare

Roche Latvija SIA

Hologic, Inc.

Dusa Pharmaceuticals

PDT Pharma Indústria e Comércio de ProdutosFarmacêuticos

MMOptics Ltd

Global Healthcare Solutions Perú

DMC Equipmentos LTDA – Brazil

Biolite

SyMed L.L.C.

Alma Lasers

Candela Medica

Velt International Group Inc.