The Photodynamic Therapy Market is Estimated To Witness High Growth Owing To Increasing Adoption For Cancer Treatment
Market Overview:
Photodynamic therapy utilizes photoactive drugs known as photosensitizers along with a particular type of non-thermal light to destroy targeted malignant and non-malignant cells. The drugs accumulate selectively within tumors and other targeted cells. When activated by light of a specific wavelength, the photosensitizer produces reactive oxygen species that destroy cancer cells or other diseased cells. It offers several advantages over conventional cancer therapies such as minimal invasiveness, repeatability of treatments, flexible treatment sites, and fewer side effects.
Market key trends:
One of the major trends driving the photodynamic therapy market growth is its increasing adoption for cancer treatment. As per the American Society of Clinical Oncology 2021 statistics, around 1.9 million new cancer cases are expected to be diagnosed in the U.S in 2021. The rising prevalence of cancer has propelled the demand for novel therapies with fewer side effects. PDT is minimally invasive in nature and has fewer complications compared to chemotherapy and radiation therapy. It also allows repeated localized treatment of tumors. As a result, major players are focusing on research and development of advanced PDT systems for cancer treatment to tap growth opportunities. Moreover, increasing demand for minimally-invasive procedures and rise in skin disease prevalence are some other factors expected to boost the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirements to enter the market. Established brand names and regulatory requirements are also a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several established brands for photodynamic therapy. However, availability of alternative treatment options also provides negotiating power to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw material requirement for photodynamic therapy is not scarce. Established suppliers prefer long term contracts with manufacturers.
Threat of new substitutes: Threat of substitutes is high due to availability of other non-invasive treatment options like chemotherapy and radiotherapy for cancer treatment.
Competitive rivalry: Competition in the market is high due to presence of global and regional brands.
SWOT Analysis
Strength: Established brand names, continuous R&D for product innovation, strong distribution network.
Weakness: High capital requirement, risks associated with procedures, substitutes availability.
Opportunity: Increasing incidence of skin cancer and abnormal growths, healthcare reforms in developing nations.
Threats: Stringent regulations, reimbursement issues, intellectual property thefts.
Key Takeaways
The Global Photodynamic Therapy Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing incidence of skin cancer worldwide. According to WHO, around 3.3 million new cases of non-melanoma skin cancer are registered annually. PDT provides non-invasive treatment method for various skin conditions.
Regional analysis Europe dominates the global PDT market and is projected to exhibit CAGR of 10% during forecast period. Increasing awareness regarding advantages of non-invasive procedures combined with advanced healthcare infrastructure is driving the European market. The Asia Pacific market is anticipated to witness fastest growth supported by expanding medical tourism industry and growing geriatric population in Japan and China.
Key players operating in the Photodynamic Therapy market are Biofrontera AG, Theralase Technologies Inc., Photocure ASA, Quest PharmaTech Inc., Galderma S.A., DUSA Pharmaceuticals, Lumenis Ltd., Biolitec AG, IPG Photonics Corporation, Boston Scientific Corporation, Asieris Meditech Co., Ltd., PDT Pharmaceuticals, Inc., Candela Corporation, Biolase, Inc., Photothera. Major players are investing heavily in R&D to launch innovative photosensitizers and light devices to gain competitive edge. Partnerships and acquisitions are also key strategies adopted.
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