by Photomedicine involves the use of light and lasers in medical treatment and aims to benefit patients. Photomedicine products include lasers, intense pulsed light (IPL) devices, light-emitting diodes (LEDs), and dichroic light therapy devices that are used across various medical applications such as dermatology, ophthalmology, wound healing, and oncology. With proven clinical efficacies and improved outcomes, these products are increasingly being used in modern medical practices. They provide non-invasive treatment options for conditions like acne, skin pigmentation issues, wrinkles, skin tumors, and even dental procedures. Photomedicine devices can effectively treat or manage diseased tissues while minimizing damage to surrounding healthy tissues. The global Photomedicine Market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the photomedicine market is the development of advanced light and laser therapy devices for innovative medical applications. Manufacturers are focusing on developing highly customized devices with specific wavelength outputs, pulse widths, and treatment parameters to precisely target diseased tissues. This allows healthcare providers to offer more efficacious therapies. Hybrid light and laser systems that combine two or more light therapies are also gaining popularity as they help improve clinical outcomes. With ongoing technological advancements, photomedicine products are being evaluated for an increasing number of clinical uses beyond dermatology and aesthetics. This is expected to further expand the market scope over the forecast period.
Porter’s Analysis
Threat of new entrants: New players find it challenging to enter the photomedicine market due to established brands, regulatory hurdles and capital requirements for production.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of many established brands in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and industry consolidation.
Threat of new substitutes: Alternate methods of medical treatment pose a moderate threat to photomedicine products.
Competitive rivalry: The photomedicine market witnesses high competition due to the presence of many global and regional brands.
Key Takeaways
The global Photomedicine Market Growth is expected to witness high growth. Regional analysis comprises the market in North America dominates the global photomedicine market and is expected to continue its dominance. Asia Pacific is expected to witness the fastest growth over the forecast period.
Key players operating in the photomedicine market are Schott AG, Yulong Dingtajian, Apex Solar, Sinosun Energy, Neo Solar Power Corporation, Solimpeks Solar Energy, Sunrain, Hubei Fullhonor Solar Energy, and others. Schott AG and Yulong Dingtajian currently hold the maximum market share.
The global photomedicine market size for 2023 is US$ 3.6 Bn. Growing prevalence of skin diseases and increasing adoption of non-invasive aesthetic procedures are driving the market. However, high cost of photomedicine devices and lack of reimbursement policies in developing nations are challenging the market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
