Photomedicine Market Size to Reach USD 547.28 Million by 2028 – Reports and Data

Technological advancements in medical aesthetics, as well as the development of compact, adaptable, and multi-functional photomedicine equipment would drive market growth.

The global Photomedicine market size is estimated to reach USD 547.28 Million by 2028, registering a CAGR of 4.8% over the forecast period, according to a new report by Reports and Data. Major factors driving market revenue growth are technological advancements in medical aesthetics, as well as the development of compact, adaptable, and multi-functional photomedicine equipment. The introduction of photodynamic treatment and fluorescence guided procedures were other significant achievements. Photomedicine is an interdisciplinary field of medicine that studies and applies light to health and diseases induced by light, as well as the use of light to detect, diagnose, and treat diseases. The photomedicine industry is expected to develop in the next years as laser therapy becomes more widely used in cancer treatment and the treatment of skin problems. The growing use of photomedicine to incorporate laser-based targeted therapies that promote precision medicine is a major driver of the market. The market is forecast to develop due to the increasing use of photomedicine technology in aesthetic procedures, as well as the introduction of healthcare reforms with better reimbursement policies.

In recent years, many people have become interested in minimally invasive medical procedures. Because photomedicine is one of the most common types of minimally invasive therapies, there has been a surge in demand for it. Increased cases of cancer and other diseases caused by light have prompted research and development initiatives to develop various creative solutions for cancer and other diseases treatment, laying the groundwork for future growth of photomedicine market.

However, over the projected period, challenges such as product safety concerns, competition from biologics businesses, and the high costs of this technology are expected to restrain market growth.

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Further key findings from the report suggest

  • Among the device type segments, lasers accounted for the largest revenue share in 2020. Lasers have gained popularity due to successful application in cancer treatments. Further research and development is being carried out to explore the application of lasers in other domains.
  • The introduction of low-level laser therapy for tissue repairing, inflammation reduction and pain management has been a milestone achievement which has led to laser therapy becoming the therapy type segment with the largest revenue share in 2020.
  • Among the various application segments of the photomedicine market, dermatology segment held the largest market share accounting to 26% in 2020. This is due to the large spectrum of aesthetic procedure that are performed. Some of these procedures include, skin resurfacing, tattoo removal, hair therapy etc.
  • A lot of research and development is being carried out for the application of photomedicine in the field of Oncology. The application of photomedicine in oncology segment is expected to grow at a CAGR of 5.6%.
  • North America accounted for the largest photomedicine market revenue share in 2020 owing to the technological advancements, prompt adoption of photomedicine by medical institutions and the greater financial strength of the population. Continuous developments in the field of photomedicine has encouraged large investments for research and development as well.
  • Asia Pacific is the fastest developing region in the photomedicine market due to continuous developments and rising awareness about photomedicine in the region. It is expected to register a CAGR of 6% over the forecast period.
  • Europe photomedicine market will also register considerable growth over the forecast period and is expected to continue growing at a CAGR of 4.4%.
  • Key players in the photomedicine market include THOR Photomedicine Ltd., PhotoMedex Inc., Alma Lasers Ltd., Syneron Medical Ltd., Lumenis and Candela.

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Segments Covered in the Report:

For the purpose of this report, Reports and Data has segmented the photomedicine market on the basis of device type, application, type of therapy, and region:

Device Type Outlook (Revenue, USD Million; 2018 – 2028)

  • Lasers
  • Polychromatic Polarized Light
  • Full spectrum lights
  • Lamps
  • Fluorescent
  • Dichroic

Application Outlook (Revenue, USD Million; 2018 – 2028)

  • Oncology
  • Dental
  • Pain
  • Dermatology
  • Ophthalmology

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Therapy Type Outlook (Revenue in USD Million; 2018 – 2028)

  • Heliotherapy
  • Laser therapy
  • Photodynamic therapy

Regional Outlook (Revenue, USD Million; 2018 – 2028)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of Middle East & Africa

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