Photodynamic Therapy Market Growth Accelerated by Increasing Prevalence of Skin Cancer


 Photodynamic therapy is widely used for treatment of various skin conditions such as acne, psoriasis, actinic keratosis and skin cancer. It utilizes light-activated photosensitizing drug which selectively destroys diseased cells upon activation with visible light. PDT has minimal side effects and quick recovery time. The global Photodynamic Therapy Market is estimated to be valued at US$ 4.51 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
The increasing prevalence of skin cancer has been a major driver of growth for the PDT market.Skin cancer is the most common form of cancer globally, with over 5.4 million new cases diagnosed annually according to World Cancer Research Fund International. PDT offers an effective non-invasive treatment for non-melanoma skin cancers including basal cell carcinoma and squamous cell carcinoma with low risk of scarring and infection. This favorable clinical profile has led to PDT gaining acceptance as a preferred treatment option for various skin conditions, thus accelerating the growth of the market.

Segment Analysis

The global photodynamic therapy market is dominated by the oncology segment. Photodynamic therapy is majorly used in cancer treatment. It an effective non-invasive treatment option approved by the FDA for various internal cancers such as esophageal, lung and cervical cancer. This cancer segment accounts for over 60% of the market share owing to the increasing prevalence of cancer worldwide and need for advanced treatment options over traditional surgery and chemotherapy. The dermatology segment is the second largest and fastest growing segment. PDT is used in treatment of non-melanoma skin cancers and other dermatological conditions.

Key Takeaways
The global photodynamic therapy market is expected to witness high growth over the forecast period. The market is anticipated to surpass a value of US$ 6 Bn by 2030, expanding at a robust CAGR of around 8-9% during 2023-2030.

Regional analysis: North America is currently the dominant as well as fastest growing regional market. Higher adoption of advanced cancer treatment methods and presence of key players drive the North America photodynamic therapy market. Europe is second in terms of market share and expected to grow at a steady pace during the forecast period supported by increasing research funding and clinical trials. Asia Pacific shows the most promising growth opportunities with double digit CAGR owing to rising incidences of skin cancer as well as other cancers coupled with improving healthcare facilities and growing medical tourism in the region.

Key players operating in the photodynamic therapy market are Gladerma S.A., Sun Pharmaceutical Industries Ltd., Biofrontera, Novartis AG. Gladerma S.A., has strong expertise in oncology and dermatology segments. Sun Pharmaceutical Industries Ltd. offers various PDT drugs in India and international markets. Biofrontera is a leading provider of PDT systems and drugs in European markets. Novartis AG has a strong presence across therapeutic areas including oncology.

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