The global Photomedicine Market size was USD 5.87 Billion in 2020 and is expected to register a revenue CAGR of 10.1% during the forecast period.
The global Photomedicine Market size was USD 5.87 Billion in 2020 and is expected to register a revenue CAGR of 10.1% during the forecast period. Rapidly increasing global geriatric population, high preference for non-invasive procedures, and major prevalence of skin infections such as acne problem, psoriasis, and others are some of the major factors driving market revenue growth. Photomedicine is a type of treatment where light therapy is used to detect and treat certain diseases. Photomedicine treatment is performed by exposing the area to light with specific wavelengths. Rapid advancements in nanotechnology and nanoscience has resulted in the introduction of newer materials such as iron-based magnetic nanoparticles, gold nanoparticles, graphene and carbon nanotubes, quantum dots, and other polymer-based nanoparticles. These particles are widely used in target delivery of drugs, photodynamic therapy, photothermal ablation, and cancer imaging.
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Different technologies such as lasers, lamps, polychromatic polarized light, and full spectrum lights are used in photomedicine. Laser technology generates or amplifies light by stimulated radiation emission. It is used in photomedicine for removing unwanted hair, treating hyperpigmentation, damaging cancerous cells, and others. Polychromatic polarized light is a technology that allows researchers to visualize colored pictures of molecules of a specimen under a microscope. It is used in wound healing and for specific dermatological conditions. Full spectrum lights emulate entire electromagnetic spectrum of light that is similar to natural sunlight.
Some major application areas of photomedicine are dental, oncology, dermatology, pain, and ophthalmology. Oncology segment accounted for the largest revenue share in global market in 2020. Major prevalence of cancer, increasing awareness about the benefits of photomedicine in cancer treatment, and rising adoption of laser therapy in the diagnosis of cancer are some key factors driving revenue growth of this segment. Asia Pacific is expected to register a faster CAGR throughout the forecast period. Development of healthcare infrastructure is one of the major factors boosting revenue growth in this region.
Some Key Highlights From the Report:
- In January 2021, STRATA Skin Sciences launched a new business “Home by XTRAC”. This new business offers UVB light phototherapy to treat different skin conditions such as psoriasis, vitiligo and atopic dermatitis.
- Lasers segment accounted for largest revenue share in the global market in 2020. This can be attributed to increasing application of laser technology in diagnosis of different diseases such as cancer, arthritis, immunology, cardiovascular, and others.
- North America accounted for significantly large revenue share in the global market in 2020. Increasing investment by private investors in development of advanced photomedicine devices is a major factor driving revenue growth of the market in this region.
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Some major players in the market include:
Colorado Skin & Vein, Deka Laser Technologies, Lumenis, THOR Photomedicine Ltd., Verilux, Alma Lasers Ltd., AngioDynamics, PhotoMedex, Inc., IRIDEX Corporation, and Spectranetics.
For the purpose of this report, Reports and Data has segmented the photomedicine market based on technology, application, and region:
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Lasers
- Lamps
- Polychromatic Polarized Light
- Full spectrum lights
Application Outlook (Revenue, USD Billion; 2018-2028)
- Dental
- Oncology
- Dermatology
- Pain
- Ophthalmology
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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