Photomedicine Technology Market

Market Overview:

The global photomedicine technology market size reached US$ 449.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 624.5 Million by 2028, exhibiting a growth rate (CAGR) of 5.5% during 2023-2028. The emergence of numerous non-invasive and minimally invasive aesthetic procedures, continual technological advancements in different types of laser radiation for therapeutic procedures and inflating disposable income levels represent some of the key factors driving the market.

The study of photomedicine involves the study of light and its therapeutic application in the healthcare sector, including using photobiology and light to diagnose and treat diseases. By exposing the affected area to precise wavelengths of light, the disease can be diagnosed and treated by phototherapy. Photomedicine uses a variety of medical lasers, such as full-spectrum light, dichroic lamps, light-emitting diodes (LEDs), fluorescent lamps, dichroic lamps, and polychromatic polarized light, for numerous aesthetic and therapeutic procedures. Various therapeutic and diagnostic methods in photomedicine rely on agents working endogenously or exogenously. These photosensitizers boost tissue absorption in specific wavelength bands, potentially enhancing the speed and intensity of the procedure. Photomedicine finds immense applications in the practice of dermatology, interventional radiology, dentistry, optical diagnostics, cardiology, circadian rhythm sleep disorders, and cancer.

Photomedicine Technology Market Trends:

The escalating demand for medical aesthetic procedures, such as laser hair removal, acne phototherapy, vision restoration, dental enhancement and skin rejuvenation, is a significant factor driving the market. This can be attributed to a considerable rise in the awareness regarding aesthetic enhancement among the masses. In line with this, continual technological advancements in different types of laser radiation for therapeutic procedures are creating lucrative growth opportunities in the market. Moreover, the emergence of numerous non-invasive and minimally invasive aesthetic procedures involving less pain, along with the easy availability of advanced body contouring devices, are creating a positive outlook for the market. Besides this, the inflating disposable income level of the consumers resulting in an improved lifestyle is providing an impetus to the market. The market is further fueled by the rising incidences of dentistry procedures, ophthalmological issues, dermatological issues and excessive hair growth due to aging, various diseases, lifestyle disorders, and the rising exposure to UV rays. A considerable increase in the approvals for clinical trials of innovative laser products that can be used for various aesthetic procedures, including hair removal and tattoo removal, is further bolstering the market. Some of the other factors contributing to the market include the augmenting demand for pain management therapies, rapid urbanization, considerable growth in the beauty and healthcare industries, and extensive research and development (R&D) activities conducted by the key players.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global photomedicine technology market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on technology and application.

Technology Insights

• Laser
• Polychromatic Polarized Light
• Full Spectrum Light
• Dichroic Lamps
• Light Emitting Diodes
• Photodynamic Therapy
• Interventional Radiology
   

The report has provided a detailed breakup and analysis of the photomedicine technology market based on the technology. This includes laser, polychromatic polarized light, full spectrum light, dichroic lamps, light emitting diodes, photodynamic therapy, and interventional radiology. According to the report, photodynamic therapy represented the largest segment.

Application Insights

• Aesthetics and Dermatology
  • Hair Removal 
  • Tattoo Removal
  • Skin Resurfacing 
  • Others
• Dental Procedures
• Oncology
• Ophthalmology
• Pain Management
• Wound Healing
• Others
   

A detailed breakup and analysis of the photomedicine technology market based on the application has also been provided in the report. This includes aesthetics and dermatology (hair removal, tattoo removal, skin resurfacing and others), dental procedures, oncology, ophthalmology, pain management, wound healing, and others. According to the report, oncology accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets that include 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 Middle East and Africa. According to the report, North America was the largest market for photomedicine technology. Some of the factors driving the North America photomedicine technology market include the growing geriatric population, emergence of numerous non-invasive and minimally invasive aesthetic procedures, continual technological advancements, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global photomedicine technology market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Biolitec AG, Candela Corporation, Colorado Skin & Vein, Lumenis Be Ltd., Lumibird, Photomedex Inc., Sisram Medical Ltd, Thor Photomedicine Ltd, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global photomedicine technology market performed so far and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global photomedicine technology market?
• What are the key regional markets?
• Which countries represent the most attractive photomedicine technology markets?
• What is the breakup of the market based on the technology?
• What is the breakup of the market based on the application?
• What is the competitive structure of the global photomedicine technology market?
• Who are the key players/companies in the global photomedicine technology market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the photomedicine technology market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global photomedicine technology market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the photomedicine technology industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.