Photomedicine is a discipline of medicine that uses photobiology and light to cure diseases and other medical conditions. Lasers, full-spectrum light, dichroic lamps, polychromatic polarized light, light-emitting diodes, and fluorescent lamps are used in this treatment to expose people to specific wavelengths of light. Photomedicine is a new therapy option for a variety of disorders that has outperformed the old technique of diagnosing and detecting a condition. Factors such as a wider applicability of photomedicine and rise in demand for minimally invasive and noninvasive therapies are boosting the photomedicine devices and technologies market growth. However, the stringent regulatory framework for photomedicine technologies hampers the growth of the market.
The popularity of minimally invasive medical procedures has increased in recent years, owing to the involvement of tiny incisions, faster recovery of patients, and less discomfort caused to the patients. Moreover, photomedicine procedures offer benefits such as less pain; less trauma to muscles, nerves, tissues, and organs; less bleeding and scarring; and minimal injuries to tissues. According to the American Society of Plastic Surgeons, in 2020, over 15.6 million minimally invasive cosmetic procedures were performed in the US. A total of 13,281,235 minimally invasive cosmetic procedures were performed in 2020. In the top 5 cosmetic minimally invasive procedures, intense pulsed light (IPL) treatment has replaced laser hair removal treatment by recording over 827,000 IPL procedures performed in 2020. According to a global report published by the International Society of Aesthetic Plastic Surgery (ISAPS), the number of aesthetic and cosmetic procedures performed worldwide increased to 23,266,374 in 2018 from 20,236,901 in 2014.
Based on technology, the photomedicine devices and technologies market is segmented into Photodynamic Therapy (PDT), Immuno-PDT (Photoimmune Therapies), Fluorescence-Guided Surgery, Photodynamic Diagnosis, Photobiomodulation (Lasers Lights), and Other Technologies. The photodynamic therapy segment held the largest share of the market in 2021, and it is expected to register the highest CAGR during the forecast period.
Based on Application, the photomedicine devices and technologies market is segmented into Aesthetics and Dermatology, Oncology, Ophthalmology, Neurology, Pain Management, Wound Healing, and Other Applications. The market for the Aesthetics and Dermatology segment is further segmented into hair removal, tattoo removal, skin resurfacing, and other applications. The aesthetics and dermatology segment held the largest market share in 2021, and the same segment is expected to register the highest CAGR in the market during the forecast period.
Various companies operating in the photomedicine devices and technologies market are adopting strategies such as product launches, mergers and acquisitions, collaborations, product innovations, and product portfolio expansions to expand their footprint worldwide, maintain brand name, and meet the growing demand from end users.
The regional trends and factors influencing the Photomedicine Devices and Technologies Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Photomedicine Devices and Technologies Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 497.40 Million |
| Market Size by 2028 | US$ 712.91 Million |
| Global CAGR (2021 - 2028) | 5.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Photomedicine Devices and Technologies Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Photomedicine Devices and Technologies Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Global photomedicine devices and technologies market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. In North America, the U.S. is the largest market for photomedicine devices and technologies. The US is estimated to hold the largest share in the photomedicine devices and technologies market during the forecast period. Whereas, Asia Pacific is the fastest growing region during the forecast period with highest CAGR rate of 6.1%. The growth of Asia Pacific photomedicine devices and technologies market is owing to, increasing burden of chronic diseases such as cancer, rise in demand for minimally invasive surgical procedures and growing adoption of photomedicine.
The photomedicine devices and technologies market majorly consists of the players such as Alma Lasers, Beurer GmbH., Biolitec AG, Lumenis, Quantel Medical, THOR Photomedicine Ltd, Verilux Inc, Candela Medical, KONINKLIJKE PHILIPS N.V., and Iridex Corporation, among others
The photodynamic therapy segment dominated the global photomedicine devices and technologies market and held the largest revenue share of 24.82% in 2021.
The aesthetics and dermatology segment dominated the global photomedicine devices and technologies market and accounted for the largest revenue share of 27.72% in 2021.
Photomedicine is a discipline of medicine that uses photobiology and light to cure diseases and other medical conditions. Photomedicine is the use of lasers, full-spectrum light, dichroic lamps, polychromatic polarized light, light-emitting diodes, and fluorescent lamps to expose people to specific wavelengths of light. Photomedicine is a new therapy option for a variety of disorders that has outperformed the old technique of diagnosing and detecting a condition.
Key factors that are driving the growth of this market are wider applicability of photomedicine and rise in demand for minimally invasive and non-invasive therapies.