Photomedicine Technologies Market Outlook 2031
The global photomedicine technologies market size was valued at USD 4.60 Billion in 2022 and is likely reach to USD 8.25 Billion by 2031, expanding at a CAGR of 6.7% during the forecast period 2023-2031. Growth of the market is attributed to rising demand for laser-based treatment.
Increased adoption of advanced, laser-based treatments, as well as increased awareness and new product launches, are attributed to the market growth. In the United States, approximately 31,892 laser skin resurfacing procedures and 178,488 laser or pulsed light hair removal procedures were performed, according to data published by the American society for aesthetic plastic surgery.
Furthermore, growing awareness of non-invasive procedures, advancements in laser delivery procedures, and rising demand for cosmetic surgeries are contributing to the growing adoption of advanced laser-based therapies, which is expected to fuel the market.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing clinical application is projected to drive the market.
- Increase in laser-based treatment has fueled the market.
- High cost of photomedicine and advanced imaging technology is estimated to hinder the market growth.
- Development of nano-practices is anticipated to create immense opportunities for the market players.
Scope of Photomedicine Technologies Market Report
The report on the global photomedicine technologies market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Photomedicine Technologies Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Aesthetics & Dermatology [Hair Removal, Tattoo Removal, Skin Resurfacing, and Others], Dental Procedures, Oncology, Ophthalmology, Pain Management, and Wound Healing)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Lumenis; Photomedex, Inc.; LUMIBIRD; Candela Medical; Thor Photomedicine Ltd; and Johnson & Johnson.
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Photomedicine Technologies Market Segment Insights:
The oncology segment is anticipated to expand during the forecast period
On the basis of applications, the photomedicine technologies market is segregated into aesthetics & dermatology, dental procedures, oncology, ophthalmology, pain management, and wound healing. The oncology segment is anticipated to hold a major market share during the forecast period.
Growth of the market is attributed to rising population, increasing disposable income, and growing awareness among population. Phototherapy is one of the most effective treatments for cancer.
In photodynamic therapy, light-sensitive drugs are injected into the body and settle into cancer cells. When the cells are exposed to specific light waves, the drugs are activated, causing the cells to die and the tumor to shrink.
The US Food and Drug Administration approved the photosensitizing agent porfimer sodium, or photofrin, for use in PDT to treat or relieve symptoms of esophageal cancer and non-small cell lung cancer.
Photomedicine Technologies Market Regional Outlook
The market in North America is projected to hold a major market share
In terms of regions, the global photomedicine technologies market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America photomedicine technology market is expected to grow significantly. The availability of advanced diagnostic tools, as well as a high level of awareness about these products, are the primary factors driving the market in North America.
Increased funding from public and private organizations for research and development pertaining to the development of advanced photomedicine devices to be used in the diagnosis of various diseases is expected to boost the sector.
Segments
Application
- Aesthetics & Dermatology
- Hair Removal
- Tattoo Removal
- Skin Resurfacing
- Others
- Dental Procedures
- Oncology
- Ophthalmology
- Pain Management
- Wound Healing
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Major players competing in the photomedicine technologies market include Lumenis, Photomedex, Inc., LUMIBIRD, Candela Medical, Thor Photomedicine Ltd, and Johnson & Johnson.
Companies are engaging in mergers, acquisitions, and partnerships to extend their market share. The market is populated by a number of global and local businesses.
