Photomedicine Market Size to Hit $7,510.35 Million by 2030

According to QY Research Medical, the photomedicine market was estimated at US$ 4,047.64 million in 2020, and is expected to hit $7,510.35 million by 2030, growing at a CAGR of 6.9% from 2021 to 2030.

Photomedicine is a branch of science that involves the study of light and its therapeutic application in the healthcare sector. The disease can be diagnosed and treated with the phototherapy technique by exposing the affected area to light with precise wavelengths. Various diagnostic and therapeutic methods in photomedicine employ endogenous or exogenous agents; photosensitizers that boost tissue absorption in a specific wavelength band and may significantly expedite photothermal or photochemical therapies. Phototherapy employs a variety of light sources, including lasers, polychromatic polarized light, full spectrum light, dichroic lamps, light emitting diodes (LED), fluorescent lamps, and others. It can be applied in the practice of dermatology, surgery, interventional radiology, optical diagnostics, cardiology, circadian rhythm sleep disorders, and cancer.

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The growth of the photomedicine market is majorly driven by the rise in aesthetic awareness and technological advancements in laser treatment. Increase in incidence of skin damage, changes in lifestyle, increase in the adoption of noninvasive procedures, and rise in demand for aesthetic enhancement procedures, such as such as skin resurfacing, laser hair removal and others, especially in women for beautification lead to market growth. There is a rise in awareness about beauty and well-being among the youth and elderly people. The elderly people want to look younger, which can be achieved with the help of aesthetic-enhancing procedures. As photomedicine products provide minimally invasive and effective aesthetic procedures, there is a rise in demand for these products. Thus, many companies are developing and receiving government approvals for such products that can be used for various aesthetic procedures, including hair removal and tattoo removal. Thus, aesthetic enhancement is a major factor that drives the photomedcine market growth.

Scope of the Report

In addition, rise in the number of people suffering from vision problems due to natural cause, such as excessive use of television and computers, or due to a head injury leads to ophthalmological issues. Moreover, surge in dermatological issues, such as acne and psoriasis, rise in dentistry procedures, and surge in demand for pain management therapies, further contribute towards the market growth. However, availability of alternative treatment methods and product safety issues of photomedicine devices are expected to restrain the growth of the market.

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The COVID-19 outbreak is anticipated to have a negative impact on the photomedicine market. A huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19. Non-essential procedures took a potential backlog due to rapid rise in COVID-19 cases. The lockdown led to the disruption of manufacturing and transportation of healthcare essentials. Visits for aesthetic procedures, dermatological treatments, dental procedures, and other photomedicine-based therapies decreased significantly during the COVID-19 pandemic and thus, negatively impacted the market. However, rise in vaccination rate is expected to stabilize the market during the forecast period.

The photomedicine industry has expanded at an astounding rate in recent years and is expected to continue in the future. Significantly, consumers prefer treatments that produce faster results, positive outcomes, and provide the most procedural comfort. Furthermore, major factors that contribute to the rise in demand for aesthetic medicine include, increase in preference for preserving youthfulness and self-appearance and increase in disposable incomes in developing economies. Innovations in noninvasive procedures are projected to continue to offer patients a multitude of options that meet their desire for self-improvement, which offer lucrative opportunities for the key players to invest. This is expected to drive the growth of the photomedicine industry.

The photomedicine market is segmented into technology, application, and region. On the basis of technology, it is classified into lasers, polychromatic polarized light, full spectrum light, dichroic lamps, light emitting diodes, and fluorescent lamps. On the basis of applications, it is segmented into dermatology, pain management, oncology, ophthalmology, wound healing, dental procedures, aesthetics, and others.

Region-wise, the photomedicine market analysis performed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, Turkey, Venezuela, Saudi Arabia, and rest of LAMEA)

On the basis of technology, the lasers segment held largest photomedicine market share in 2020, and is expected to remain dominant during the forecast period owing to its multiple applications for the treatment of various skin, eye diseases and also for various aesthetic purposes. It can also be used for therapeutic purposes related to various fields such as oncology and pain management

On the basis of application, the ophthalmology segment contribute largest photomedicine market share in 2020, and is expected to remain dominant during the forecast period owing to surge in vision problems due to excessive use of television, computer, and mobile screen time.

North America exhibited the highest photomedicine market size in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to increase in awareness regarding self-appearance, adoption of technologically advanced treatments, and rise in healthcare expenditure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to its high aging population base, increase in disposable incomes, and development of large number of facilities offering varied medical treatments.

The key players operating in the global photomedicine market are Baring Private Equity Asia Limited (Lumenis Ltd.), Angiodynamics, Inc., Apax Partners LLP. (Syneron Medical Ltd.), Biomedical Technology Holdings Limited (Biolitec AG), Colorado Skin and Vein, Johnson and Johnson, Koninklijke Philips N.V., PhotoMedex, Inc., Sisram Medical Ltd. (Alma Lasers Ltd.) and Thor Photomedicine Ltd.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the photomedicine market analysis from 2020 to 2030 to identify the prevailing photomedicine market growth opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the photomedicine market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global photomedicine market size, trends, key players, market segments, application areas, and market growth strategies.

 Key Market Segments

• By Technology
  • Lasers
  • Polychromatic Polarized Light
  • Full Spectrum Light
  • Dichroic Lamps
  • Light Emitting Diodes
  • Fluorescent Lamps
• By Application
  • Dermatology
  • Pain Management
  • Oncology
  • Ophthalmology
  • Wound Healing
  • Dental Procedures
  • Aesthetics
  • Others
• By Region
  • Europe
    • France
    • Germany
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • Australia
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA
  • North America
    • U.S.
    • Canada
    • Mexico

Key Market Players

• Baring Private Equity Asia Limited
• AngioDynamics, Inc.
• Apax Partners Llp
• Biomedical Technology Holdings Limited
• Colorado Skin and Vein
• johnson and johnsonmd&d
• PhotoMedex, Inc.
• Koninklijke Philips N.V.
• Sisram Medical Ltd.
• Thor Photomedicine Ltd.

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