Lasers segment is anticipated to dominate the market with maximum share, in 2015. Lasers are used for the treatment of various skin and eye diseases. Furthermore, laser technology is used for various aesthetic purposes such as body contouring. It can also be used for therapeutic purposes related to various fields such as oncology and pain management.
The global photomedicine market was valued at $2,750 million in 2015, and is projected to reach $5,511 million by 2022, growing at a CAGR of 10.3% from 2016 to 2022. In photomedicine, light is emitted at specific frequencies with the help of different technologies such as laser, dichromatic lamps, and light emitting diodes. Proper penetration of light at target areas and at specific frequencies help to alter the cellular and molecular mechanism of the tissue and help in treatment of different diseases. These devices are used for diagnostic and therapeutic purposes for different fields such as pain management, wound healing, dental procedures, and oncology. Furthermore, photomedicine devices are also increasingly being used for different aesthetic procedures such as tattoo removal and skin resurfacing purposes.
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.
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In 2015, North America had the maximum contribution in the photomedicine segment accounting for 36% of the share in the total revenue generated that year. High buying power of the customers, favorable reimbursement policies, and increase in number of cosmetic surgeries in the U.S. largely contribute toward the growth of this region. Asia-Pacific region observes fast paced growth in the photomedicine market registering a CAGR of 11.4%. Rise in disposable income, increase in healthcare expenditure and high potential for cost-savings on aesthetic procedures in Asian countries such as Singapore and Malaysia as compared to U.S. are the main reason for the growth of photomedicine market in the Asia-Pacific region.
The photomedicine market is growing at a significant pace due to the high demand for minimally invasive aesthetic technology, especially in developing countries. This has led to the innovation of different photomedicine technology that can help to provide the treatment without leaving any visible scar and is less time-consuming than the conventional methods. For instance, on November 2016, Biolitec developed an efficient, versatile, multifunctional, and compact laser called Leonardo Mini. This laser is available in two forms-with one and two wavelengths. It can be used for the treatment of hemorrhoids, fistulas, gynecological diseases, and venous diseases.
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The key players profiled in this report include Abbott Laboratories, Alma Lasers Ltd., Angiodynamics, Inc., Biolitec AG, Colorado Skin and Vein, Koninklijke Philips N.V., Lumenis Ltd., PhotoMedex, Inc., Syneron Medical Ltd., and Thor Photomedicine Ltd.
There are other players in the photomedicine market, which include QBMI Photomedicine, The Spectranetics Corporation, IRIDEX Corporation, Solarc Systems, Inc., Atom Medical Corporation, and Phoenix Medical Systems.
Asia-Pacific possesses high market potential for growth of photomedicine market due to improved healthcare infrastructure and healthcare expenditures, increase in prevalence of diseases, and growth in awareness among people about their skin. The high potential for cost-savings on medical procedures in Asian Countries such as Singapore and Thailand will also boost the market growth in this region.