Photomedicine Devices and Technologies Market Key Players and Opportunities by 2028

The photomedicine devices and technologies market is projected to reach US$ 712.91 million by 2028 from US$ 497.40 million in 2021; it is estimated to grow at a CAGR of 5.3% from 2021 to 2028.

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.

Market Insights

Rise in Demand for Minimally Invasive and Noninvasive Therapies Boosts Photomedicine Devices and Technologies Market Growth

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.

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Photomedicine Devices and Technologies Market: Strategic Insights

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Technology Based Insights

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.

Application -Based Insights

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.

Photomedicine Devices & Technologies

Photomedicine Devices and Technologies Market Regional Insights

The regional trends and factors influencing the Photomedicine Devices and Technologies Market throughout the forecast period have been thoroughly explained by the analysts at The 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.

Photomedicine Devices and Technologies Market Report Scope

Photomedicine Devices and Technologies Market Players Density: Understanding Its Impact on Business Dynamics

The Photomedicine Devices and Technologies 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.

Photomedicine Devices and Technologies Market – by Technology

• Photodynamic Therapy (PDT)
• Immuno-PDT (Photoimmune Therapies)
• Fluorescence-Guided Surgery
• Photodynamic Diagnosis
• Photobiomodulation (Lasers Lights)
• Other Technologies

Photomedicine Devices and Technologies Market – by Application

• Aesthetics and Dermatology
  • Hair Removal
  • Tattoo Removal
  • Skin Resurfacing
  • Other Applications
  • Oncology
• Ophthalmology
• Neurology
• Pain Management
• Wound Healing
• Other Applications

Photomedicine Devices and Technologies Market – by Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Spain
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of South and Central America

Company Profiles

•  Alma Lasers
• Beurer GmbH
• Biolitec AG
• Lumenis
• Quantel Medical
• THOR Photomedicine Ltd
• Verilux Inc
• Candela Medical
• KONINKLIJKE PHILIPS N.V
• Iridex Corporation