Allied Market Research recently published a report, “Photomedicine Market 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): Global Opportunity Analysis and Industry Forecast, 2020-2030.” According to the report, the global photomedicine industry generated $4.04 billion in 2020, and is projected to reach $7.51 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.
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The growth of the global photomedicine market is attributed to increase in aesthetic enhancement procedures, rise in disposable income, and surge in development of technologically advanced photomedicine devices. Moreover, increase in healthcare expenditure and approval of new products are expected to further drive the market growth during the forecast period.
Photomedicine is the branch of medicine that involves the study of light and its application in the treatment and diagnosis of diseases. Different photomedicine technologies, such as laser, fluorescent lamps, and polychromatic polarized light are used for various diagnostic and therapeutic purposes. In photomedicine, light at specific wavelength is used for therapeutic purposes in different fields, such as ophthalmology, dermatology, and oncology. In addition, these technologies are also used for various aesthetic purposes, such as hair and tattoo removal.
The growth of the photomedicine market size is majorly driven by rise in consumer awareness for younger looking skin and consumer awareness for aesthetic enhancement, thus increasing the demand for non-surgical and minimally invasive procedures for younger looking skin. Skin resurfacing, anti-wrinkle and fine line reduction treatments, acne therapy, and laser procedures are all provided under the supervision of certified doctors, cosmetologists, and dermatologist. All of these therapies are cosmetic in nature, with the goal of rejuvenating or improving an individual’s appearance. Rise in treatments for laser hair removal and laser skin tightening and technological advancement in photomedicine, especially the laser technology, boost the market growth.
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Covid-19 Scenario-
Visits for aesthetic procedures, dermatological treatments, dental procedures, and other photomedicine based therapies decreased significantly during the pandemic, especially throughout the initial phase. This, in turn, impacted the global photomedicine market negatively.
However, the market is anticipated to get back on track soon.
North America to dominate by 2030-
On the basis of region, North America contributed to the major market share in terms of revenue 2020, holding more than two-fifths of the global photomedicine market. Increase in consumer awareness for looks, rapid adoption of advanced technologies, and presence of key players across North America drive the market growth. The Asia-Pacific region, however, is projected to cite the fastest CAGR of 8.8% from 2021 to 2030, due to rise in disposable income of people and wide number of facilities offering photomedicine services in the province.
Prominent market players –
Baring Private Equity Asia Limited
Koninklijke Philips N.V.
Apax Partners Llp
Biomedical Technology Holdings Limited
AngioDynamics, Inc.
Sisram Medical Ltd.
Thor Photomedicine Ltd.
PhotoMedex, Inc.
Colorado Skin and Vein
johnson and johnson md&d
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KEY FINDINGS OF THE STUDY:
By technology, the lasers segment was the highest contributor to the photomedicine industry in 2020.
By application, the ophthalmology segment was the highest contributor to the market in 2020
Region-wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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