by The Photomedicine Market is estimated to be valued at Us$ 3.6 Bn in 2023 and is expected to exhibit a CAGR Of 11% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Photomedicine involves the use of light for diagnostic and therapeutic applications in various medical fields such as dermatology, ophthalmology, cardiovascular, and oncology. It includes procedures such as photodynamic therapy (PDT), low-level laser therapy (LLLT), thermotherapy, laser surgery, and intense pulsed light (IPL) therapy. These procedures use light to treat skin conditions like acne, rosacea, pigmented lesions, and skin rejuvenation. In ophthalmology, it is used to treat conditions like age-related macular degeneration and diabetic retinopathy.
Market Dynamics:
The photomedicine market is driven by increasing demand for non-invasive aesthetic procedures and rising incidences of skin diseases. According to American Academy of Dermatology Association, over 100 million people in the U.S. are impacted by skin, hair, and nail diseases. Key factors such as growing aging population and increasing preference of people for aesthetic treatment are fueling the demand for non-invasive procedures like laser therapy which is further propelling market growth. Furthermore, technological advancements to develop cost-effective photomedicine devices with improved efficiency is also supporting market expansion over the forecast period.
Segment Analysis
The photomedicine market includes various segments such as dermatology, dentistry, oncology, eye care, and others. Among these, the dermatology segment currently dominates the market and accounts for more than 30% revenue share. This is because large number of skin conditions and cosmetic treatments that use photomedicine therapies such as laser treatment are performed. Within dermatology, laser treatment further dominates as it provides effective treatment for various skin conditions.
PEST Analysis
Political: The government regulations regarding approval of photomedicine devices are favoring the market growth. Various initiatives for healthcare reforms are also supporting growth.
Economic: Higher disposable income and growing middle class population especially in developing countries is expanding customer base. Increased demand for minimally invasive procedures is boosting market revenues.
Social: Rising awareness about skin problems and advancement treatment is fueling the adoption of photomedicine. Emphasis on aesthetic looks is further propelling cosmetic treatments.
Technological: Continuous innovation in laser and light technologies is enhancing efficiency and portability of devices. Integration of artificial intelligence and big data analytics is also supporting the market players.
Key Takeaways
The Global Photomedicine Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of skin diseases and growing geriatric population.
Regional analysis: Asia Pacific region is expected to emerge as the fastest growing market during the forecast period owing to increasing medical tourism, improving healthcare infrastructure in various countries.
Key players analysis: Key players operating in the photomedicine market are Lumenis, Alma Lasers, THOR Photomedicine, PhotoMedex, Syneron, Galderma, Candela, Beiersdorf, IRIDEX Corporation, Quantel Laser.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
