According to the current analysis of Reports and Data, the Global Photomedicine Market was valued at USD 329.59 Million in 2019 and is expected to reach USD 522.21 Million by the year 2027, at a CAGR of 4.8 %. The study covers the genre of healthcare with a particular focus on medical devices of Photomedicine. Photomedicine is an interdisciplinary branch of medicine that involves research and application of light with respect to health and diseases caused by light and use of light to detect, diagnose, and treat diseases. It includes both the study and treatment of diseases caused by exposure to light and, on the other hand, diagnostic and therapeutic applications of light for detecting and curing diseases. Light energy is capable of causing heating, mechanical effects, and chemical reactions.
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The transfer of light energy through photon absorption can lead to many different consequences in Photomedicine. Technological advancements such as the introduction of devices for full-body forms and optical diagnostic procedures have been propelling the market. The technological advances in medical aesthetics, development of compact, versatile, and multi-functional Photomedicine devices have been the key driving factors of this market.
Further key findings from the report suggest
- Minimal invasiveness has been attracting the attention of many in recent times. Since photomedicine is one of the major types of minimally intrusive treatments, there has been a spur of growth in the demand for this procedure. Increasing cases of cancer and several other diseases caused by light have triggered research and development initiatives to develop several innovative solutions for the treatment of cancer and several other diseases, which lays a foundation for future growth.
- Laser technology dominates the market. It has gained popularity due to its successful application in cancer treatments. Further research & development is being carried out to explore its application in other domains. At present, lasers occupy the largest market share of 34%.
- The introduction of low-level laser therapy for tissue repairing, inflammation reduction, and pain management has been a milestone achievement in this segment.
- The dermatology segment holds the largest market share accounting to 26% due to the broad spectrum of aesthetic procedures that are performed. Some of these procedures include skin resurfacing, tattoo removal, hair therapy, etc. This versatility of application has caught the attention of a large proportion of the population, and thus, the demand for laser treatments has skyrocketed.
- A lot of research and development is being carried out for the application of Photomedicine in the field of Oncology. The use of lasers in this field has been a milestone achievement and has encouraged institutions for further research. The application in the Oncology segment is expected to grow at a CAGR of 5.6%.
- Other milestone achievements were the introduction of photodynamic therapy and fluorescence-guided surgeries. These achievements have boosted the market.
- North America dominates the market with a share of 49.7% due to the technological advancements, immediate adoption of photomedicine by medical institutions, and the financial stronghold of the population. The continuous developments in the field have attracted large investments for research and development as well.
- The application of photomedicine devices and technologies is increasing in the treatment of heart diseases, various infections, and cancer diagnosis & treatment owing to the attached benefits, including effective light penetration, enabling enhanced visualization, which in turn facilitates the diagnostic process.
- The key players include THOR Photomedicine Ltd., PhotoMedex Inc., Alma Lasers Ltd., Syneron Medical Ltd., Lumenis, and Candela.
- The Asia Pacific is the fastest-growing market region due to the continuous developments and rising awareness in the emerging sectors. It is expected to grow at a CAGR of 6%. Europe is the second-largest market and is expected to continue growing at a CAGR of 4.4%.
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For the purpose of this report, Reports and Data has segmented the Photomedicine market on the basis of device type, application, type of therapy, and region:
Device Type (Revenue, USD Million; 2017–2027)
- Polychromatic Polarized Light
- Full spectrum lights
Application (Revenue, USD Million; 2017–2027)
Type of Therapy (Revenue in USD Million; 2017–2027)
- Laser therapy
- Photodynamic therapy
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/photomedicine-market
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