Photomedicine Market

Global Photomedicine Market Size (2023 - 2028)

The global photomedicine market is worth USD 3.5 Billion in 2023 and is projected to reach USD 7.8 Billion by 2028 with a CAGR of 10.2% in the forecast period.

Photomedicine is the medical practice that uses photons for diagnosis or treatment procedures in a disease. Photomedicine is an interdisciplinary field that is applicable in various branches such as cardiology, oncology, radiology, diagnostics, dermatology, and ophthalmology. Diagnostic photomedicine uses light for imaging technologies such as X-ray, MRI, and PET. Other forms of photomedicine include photodynamic, low-level, and laser therapy. In photomedicine, the light at specific wavelengths is used for therapeutic purposes in various fields.

MARKET DRIVERS:

The rising prevalence of skin diseases that photomedicine can treat is propelling the market growth.

Various skin disorders and other diseases can be treated by photomedicine, which is driving the growth of photomedicine growth. The rising prevalence of skin diseases like acne, psoriasis, and eczema across the globe is positively impacting the revenue of the market. Laser therapy, PUVA, and other light-based techniques effectively treat skin conditions. Photodynamic therapy is used to treat various types of tumors where cancer is the world's most prevalent disease. Most of the ophthalmic surgeries use laser therapies for effective and efficient treatment.

Increasing aesthetic awareness and demand for minimally invasive procedures is enhancing the adoption of photomedicine techniques by raising market revenue.

People prefer minimal invasive surgeries to conventional surgical procedures, boosting the photomedicine market growth. Some conditions where laser and other techniques can be used are clot-busting, tumor removal, biopsy, tissue welding, pain management, and fewer incisions where rapid recovery is observed compared to open surgery. The increasing demand for aesthetic procedures such as laser hair removal, skin resurfacing, and other procedures for women using lasers is leading to market expansion. According to the American Society of Aesthetic Plastic Surgery, in February 2022, the total number of surgical and non-surgical facial plastic surgery treatments increased significantly compared to last year. The demand for laser procedures had increased by 10% in 2021 compared to the previous year. Some non-invasive techniques like Intense pulsed light therapy, laser skin resurfacing, laser hair removal, and LED light masks are widely used for anti-aging, skin rejuvenation, acne treatment, and pigmentation reduction.

The rising technological advancements in photomedicine, such as robotics and artificial intelligence integration, are expected to create lucrative market growth opportunities over the forecast period. AI is becoming the market trend, and it is being incorporated in all fields due to its effective results at a rapid pace. Various companies invest in research and development activities to enhance photomedicine techniques by incorporating technological advancements. Some companies like Medtronic and Stryker offer robotic-assisted platforms for spinal, prostate, and gynecological surgeries using photomedicine devices.

Increasing R&D activities in the light sources with novel wavelengths for photomedicine applications is leading to product development which will drive the market expansion.

MARKET RESTRAINTS:

The major restraining factor for the photomedicine market is the high costs of the procedures. Advanced light-based systems like surgical lasers, PDT equipment, and others hinder the adoption rate, primarily in small and medium healthcare organizations and clinics. These laser procedures and other light-based techniques are expensive, which is expected to be difficult for people to compensate for in emerging countries with low incomes. The government's need for adequate reimbursement policies for too-expensive procedures is expected to hamper the expansion of the photomedicine market. Some manufacturers offer their premium products with a high-cost range due to their efficient working.

The primary challenge for the expansion expansion of photomedicine is the effects caused by the treatment. Some side effects and minimal risks, such as pain, scarring, skin discoloration, renal damage, and unintended reactions, are expected to restrain the adoption of photomedicine. The adverse effects are produced depending on the wavelength, treatment duration, skin type, and technique. Repeated light exposure further is expected to restrain the market growth. Due to the safety issues, more research and protocol standardization is required, which is expected to limit the market growth.

REPORT COVERAGE:

This research report on the global photomedicine market has been segmented and sub-segmented based on Technology, Application, End- User and region.

Photomedicine Market - By Technology:

• Lasers
• Polychromatic Polarized Light
• Full Spectrum Light
• Dichroic Lamps
• Light Emitting Diodes
• Fluorescent Lamps

The lasers segment held the largest share in the global photomedicine market revenue in 2022 and is estimated to witness domination during the forecast period. The multiple applications of lasers in various skin and eye diseases include their primary part in aesthetic purposes. Lasers are widely used for other therapeutic purposes, such as oncology and pain management.

The light-emitting diode segment is projected to increase over the forecast period. Light is used for various therapeutic fields such as dermatology, oncology, cardiology, surgery, and optical diagnostics. The adoption of photomedicine devices is expanding majorly in treating cardiovascular diseases.

Dichroic lamps are expected to grow significantly during the forecast period due to the rise in medical applications such as illuminating organs during endoscopy.

Photomedicine Market - By Application:

• Dermatology
• Pain Management
• Oncology
• Ophthalmology
• Wound Healing
• Dental Procedures
• Aesthetics
• Others

The Ophthalmology segment dominated the global market revenue with the most significant share in 2022 and is expected to maintain steady growth over the forecast period. Rising vision problems worldwide and photomedicine being the best treatment option with minimal risks and rapid recovery are driving the market in this segment.

The Aesthetics segment holds a significant share of the global market and is expected to have a rapid pace of market growth during the forecast period. Adopting lasers in the aesthetics is vast due to practical results and minimal risk procedures, which is expected to boost the market growth in this segment.

The Dermatology segment is projected to have steady growth with a prominent growth rate during the forecast period due to effective photomedicine treatment procedures for skin conditions.

Photomedicine Market - By End-User:

• Hospitals
• Clinics
• Research Institutions
• Others

The hospitals segment held the most significant global market share in 2022 and is expected to dominate during the forecast period. Hospitals are the primary choice for people to visit for surgeries in ophthalmology, oncology, and others. Generally, hospitals are highly equipped with devices incorporated with advanced technology compared to clinics.

The research institutions segment is projected to grow steadily with a significant CAGR in the forecast period. To create innovations in photomedicine devices, research institutions are focusing on developing the use of light in treatment procedures.

Photomedicine Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America held the largest share, 35%, in the global photomedicine market in 2023. Advanced healthcare systems and reimbursement policies by the government are the major driving factors for the market growth in the region. The rising prevalence of cancer in the North American region is fueling market expansion growth. Increasing awareness regarding self-care among people is influencing the aesthetics segment to gain market value. The adoption of technological advancements in the healthcare sector and rising research and development activities due to the presence of market key players in the US and Canada are expected to drive market growth over the forecast period.

Asia Pacific region is projected to witness the largest share with significant CAGR during the forecast period. The rising geriatric population across the region is leading to substantial ophthalmologic cases, which demand photomedicine usage in the ophthalmology field. The growing prevalence of cancer and skin diseases across countries like China, Japan, and India is increasing the adoption of photomedicine due to the rapid and effective results. Government initiatives, increasing healthcare expenditure, and growing awareness of aesthetics in major region countries fuel market revenue growth.

KEY MARKET PLAYERS:

Lumenis, Alma Lasers, THOR Photomedicine, PhotoMedex, Syneron, Galderma, Candela , IRIDEX Corporation, Quantel Laser Beiersdorf

RECENT MARKET DEVELOPMENTS:

• In October 2022, Biolase announced its research grant portal for accelerating the submission, evaluation, and acceptance of research projects while continuing to build a foundation of clinical evidence for supporting Biolase laser technology. Biolase is the study in pediatric dentistry, endodontics, periodontics, implantology, and photobiomodulation to help further the advancement of minimally invasive laser technology.
• In October 2022, Multi Radiance Medical's FibroLux therapy laser had its FDA clearance to treat pain associated with fibromyalgia.
• In July 2021, Cytrellis Inc., a medical technology company, announced that the US Food and Drug Administration issued the clearance for a first proprietary product, the ellacor system with Micro-coring technology for treating severe wrinkles on the face.
• In April 2021, Alma Lasers, a company that manufactures electrical equipment, launched Alma Primethe's fastest and most powerful laser for tattoo removal and revitalization. It works with low pain with rapid results.