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(Health-NewsWire.Net, November 12, 2019 ) Market Overview
• Photodynamic therapy (PDT) is a form of phototherapy that involves light and a photosensitizing chemical substance, used in conjunction with molecular oxygen to elicit cell death (phototoxicity). It is widely used for the treatment of various skin, eye disorders. PDT also helps by destroying the blood vessels that feed the cancer cells and by alerting the immune system to attack the cancer.
Market Dynamics
• The global market for the photodynamic therapy market is primarily driven by rising prevalence of skin cancer globally.
• However, high cost of photodynamic therapy, low awareness, and complications associated with IVF treatment are some of the factors restraining the growth of the photodynamic therapy market.
Market Segmentation
• By type, the photodynamic therapy market is dominated by photosensitizer drugs due to negligible toxicity and the ability to product reactive oxygen species to promote cell death in tumors. The third generation photosensitizers, used for targeted cell destruction topically and intravenously, are available for the treatment of skin and eye disorders.
• Laser devices segment is also growing as they are required to stimulate the photochemical reaction after the administration of photosensitizer drugs. Laser diode emitting wavelength in the range of 733 nm is widely preferred in the photodynamic therapy.
• By application, the global photodynamic therapy is dominated by oncology as this therapy prevents cancer by shrinking of blood vessels providing nutrients to the tumor. Photoimmunotherapy is a treatment which works with photodynamic therapy in conjunction with immunotherapy for tumor suppression.
• The combined therapy is useful in the stimulation of immune system which has a synergistic effect in the treatment of metastatic cancer. The dermatology application of PDT is also increasing due to increasing demand for treatment of pathological conditions such as acne and psoriasis. In ophthalmology, PDT is used for the treatment of wet age related macular degeneration (AMD), in which the photosensitizer drug (verteporfin) target the neovasculature that is caused in AMD.
Geographical Share
• The North America region occupied the largest market share of the global photodynamic therapy market in 2018, and estimated to dominate over the forecast period due to rising prevalence of skin cancer and increasing number of diagnostic centers.
• For instance, according to Center for Disease Control and Prevention (CDC), it is estimated that annually 9,500 people are diagnosed with skin cancer in the United States in 2018. Hence, with advanced healthcare facilities and early diagnosis the photodynamic therapy market is growing in the North America region.
• The Europe photodynamic therapy market is growing during the forecast period at a significant CAGR due to increasing number of people suffering with dermatological disorders.
• For instance, as per the results of Melanoma Patient Network Europe (MPNE), in Europe annually 104,000 new cases of skin cancer are diagnosed. The Europe region has dominance of major players such as Allergan, Plc., Galderma S.A. and Biofrontera AG.
Competitive Trends
• Some of the major players in photodynamic therapy market includes Allergan plc, Lumenis, Ltd., PhotoMedex, Inc., Valeant Pharmaceuticals International, Inc, Galderma SA, Biofrontera AG, Dusa Pharmaceuticals, Quest Pharmatech, Inc., Soligenix, Inc., and Biolitec AG.
• Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches along with increased focus on R&D are other ways the leading players improve their market presence.
• For instance, In April 2019, Biofrontera AG, an international biopharmaceutical company, reported positive results for the secondary endpoints of its Phase III clinical trial evaluating the safety and efficacy of conventional photodynamic therapy (PDT) with Ameluz(R) in combination with the BF-RhodoLED(R) lamp for the treatment of actinic keratoses (AK) on the extremities or trunk/neck. Patients were treated with Ameluz(R) on one side of the body and with a placebo gel on the other side.
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