According to the latest report by IMARC Group, titled "Photomedicine Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global photomedicine technology market size reached US$ 449.9 Million in 2022. Photomedicine technology refers to the use of light to diagnose, treat, and prevent disease. It involves the application of different wavelengths of light to biological tissues for producing therapeutic effects. It facilitates a non-invasive treatment and does not require incisions, which reduce the risk of complications and promote faster healing. Moreover, it is pain-free and allows for targeted treatment of specific areas, such as tumors and wounds, without affecting surrounding healthy tissue. At present, it finds extensive applications in aesthetics and dermatology, dental procedures, oncology, ophthalmology, pain management, and wound healing.
Global Photomedicine Technology Market Trends:
The growing geriatric population and increasing prevalence of chronic disorders, such as obesity, diabetes, and cardiovascular diseases, are catalyzing the demand for effective and less invasive treatment options. This, coupled the rising need for non-invasive and pain-free treatments, represents one of the key factors positively influencing the market across the globe. Apart from this, the burgeoning healthcare industry and increasing affordability and availability of photomedicine technology are creating a favorable market outlook. It can also be attributed to the rising awareness about the favorable reimbursement policies for photomedicine treatments. Furthermore, increasing investments in research and development (R&D) activities for using photomedicine technology in the treatment of cancer is stimulating the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 624.5 Million by 2028, exhibiting a CAGR of 5.5% during 2023-2028.
- On the basis of the technology, the market has been segmented into laser, polychromatic polarized light, full spectrum light, dichroic lamps, light emitting diodes, photodynamic therapy, and interventional radiology. At present, photodynamic therapy exhibits the largest market segment.
- Based on the application, the market has been classified into aesthetics and dermatology (hair removal, tattoo removal, skin resurfacing, and others), dental procedures, oncology, ophthalmology, pain management, wound healing, and others. Presently, oncology dominates the market.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Biolitec AG, Candela Corporation, Colorado Skin & Vein, Lumenis Be Ltd., Lumibird, Photomedex Inc., Sisram Medical Ltd, and Thor Photomedicine Ltd.
|Base Year of the Analysis
||Laser, Polychromatic Polarized Light, Full Spectrum Light, Dichroic Lamps, Light Emitting Diodes, Photodynamic Therapy, Interventional Radiology
- Aesthetics and Dermatology: Hair Removal, Tattoo Removal, Skin Resurfacing, Others
- Dental Procedures
- Pain Management
- Wound Healing
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Biolitec AG, Candela Corporation, Colorado Skin & Vein, Lumenis Be Ltd., Lumibird, Photomedex Inc., Sisram Medical Ltd, Thor Photomedicine Ltd, etc.
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