- Report ID: BMRC 499 | Number of pages: 198 | Publish Date: Jan 2020
Status: Published | Category: Healthcare | Delivery Timeline:
Photodynamic Therapy Market report is segmented on product type, application and by regional & country level. Based upon product type, photodynamic therapy market is segmented into Photosenitizer drugs and devices. Based upon application, photodynamic therapy market is classified into actinic keratosis, basal cell carcinoma, and other.
Photodynamic Therapy Market is valued at USD 1124.29 Million in 2018 and expected to reach USD 1679.39 Million by 2025 with CAGR of 5.9% over the forecast period.
The photodynamic therapy involves the phototherapy treatment drugs and light therapy devices. Photodynamic therapy devices use the high-intensity bright light which trigger the dormant photosensitizer drugs when they are injected into the patient body. Photodynamic therapy is cheaper, minimally painful and offers various advantages for cancer patients as it helps them to avoid chemotherapy or surgery. Photodynamic therapy plays a important role as the light therapy domain is rising significantly. Moreover, photodynamic therapy is proved to be advantageous over chemotherapy as it can be repeated several times in one particular area.
The regions covered in this Photodynamic Therapy market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Photodynamic Therapy market is sub-divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for Photodynamic Therapy market are Sun Pharmaceutical Industries Ltd., Hologic, Inc., Allergan Plc., Galderma SA, and Quest PharmaTech Inc., Biofrontera AG, among others.
Increasing prevalence of skin disorders and skin associated cancer are expected contribute the growth of market.
There are various factors which expected to drive the growth of photodynamic therapy market includes increased prevalence of skin disorders and skin related cancer such as basal cell carcinoma, actinic keratosis, psoriasis, and rosacea and various other conditions. As per American cancer society stats report, around 5.4 million basal and squamous cell skin cancers are diagnosed each year and around 8 out of 10 are basal cell cancers. Furthermore, increase in awareness among people of such conditions and its treatment is promoting the growth of photodynamic therapy market. Moreover, there are various technological advancement taking place coupled with various advantages over the conventional treatment which are further helps in the treatment of such skin conditions and propel the growth of photodynamic therapy market. Increased focus of manufacturers on the launch of phototherapy drug device combinations are expected to create numerous opportunities in the near future are expected to support the growth of photodynamic therapy market. However, high cost of medical devices and increase light sensitivity are expected to hamper the growth of photodynamic therapy market in the near future.
North America is expected to dominate the Market.
North America accounted for largest share of around 35% to dominate the market. The presence of developed countries such as U.S., Canada and others are the major factors driving the growth of photodynamic therapy market. The increased prevalence of skin disorders and cancer are further expected to drive the growth of photodynamic therapy market. As per skin cancer foundation report, In the U.S., more than 9,500 people in the U.S. are diagnosed with skin cancer every day and it is expected that the number of new melanoma cases diagnosed in 2019 will increase by 7.7 percent. Europe is expected to account for the second largest revenue share due to the presence of advanced research and development facilities led to the development better treatment option. These treatments offer various advantages over conventional treatment and much more effective than those. Asia Pacific is expected to develop significantly over the forecast period. The presence of developing economies such as India, China and others coupled with increased awareness and developing healthcare infrastructure are expected to drive the growth of photodynamic therapy market in the near future. Latin America, Africa nd Middle East are expected to gain traction over the forecast period due to the increased awareness and developing healthcare facilities.
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Photodynamic Therapy Market Overview, Component, Industry Revenue and Forecast to 2025