The global photodynamic therapy market is projected to grow with a CAGR of nearly 5.7% over the forecast period. The growth is primarily attributed to the growing prevalence of cancer cases around the world coupled with the growing awareness related to the early diagnosis and treatment of cancer. According to GLOBCAN, an estimated 18.1 million new cancer cases were found in the year 2018, and it is anticipated to grow over the future. Furthermore, developments in device technologies coupled with the increasing R&D on drugs use in photodynamic therapy is anticipated to fuel the market growth over the forecast period.
However, the high cost of photodynamic therapy devices, stringent regulatory policies and risk associated with the photodynamic therapy are anticipated to hamper the market growth.
Key Market Trends
Drugs Segment is Anticipated to Grow Significant Rate
- Photosensitizers are the chemical components/drugs which are used along with the light to treat different types of cancers. Photosensitizers absorb the light and change into another form which in turn destroys the cancer cells.
- There are many drugs that are approved by the regulatory authorities around the world to treat cancer. Moreover, growing R&D investment by the market players to discover the new photosensitizers to improve the clinical outcomes is anticipated to boost the market growth over the forecast period.
- Photodynamic therapy devices are anticipated to witness lucrative growth owing to the advancements in technology which has reduced side effects coupled with growing awareness among the general population.
- In the applications segment, oncology is anticipated to lead market growth. This is due to the increase in the cancer cases coupled with the growing adoption of photodynamic therapy for the treatment. Moreover, the growing application of photodynamic therapy such as breast cancer, lung cancer and others are anticipated to fuel the segment growth over the forecast period.
North America Anticipated to Have Significant Growth
North America represents significant share in global photodynamic therapy market. This is due to the growing number of cancer cases, well-established healthcare infrastructure coupled with the presence of key market players in the region. According to the International Agency on Cancer Research, in 2018, the Americas have 13.3% of the global population and represents 21% of the global cancer incidents and 14% of the modalities worldwide. Whereas Europe represents, 23.4% of the global cancer cases. Factors such as the increase in adoption of photodynamic therapy in Europe, recent product launches and growth in cancer cases are anticipated to bolster the regional growth over the forecast period. Among the regions, Asia Pacific region is anticipated to have lucrative market growth due to developing healthcare infrastructure, growing prevalence of cancer and increasing disposable income.
Competitive Landscape
The market studied is moderately fragmented. Market players are focusing on new product launches, product innovations and geographical expansion. The key market players operating in the market include BIOFRONTERA AG, Lumibird (Quantel Medical), Galderma S.A., Bausch Health Companies Inc. and Sun Pharmaceutical Industries Limited. among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
Methodology
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