The global photomedicine market was valued at $4,048 million in 2020, and is estimated to reach $7,510 million by 2030, growing at a CAGR of 6.7% from 2021 to 2030.
Photomedicine is an interdisciplinary branch of science that involves the study of light and its therapeutic application in various healthcare fields. In this technology, the disease can be detected and treated by exposing the damaged area to light with specific wavelengths. Various wavelengths of light, such as blue, red, and near-infrared have a different effect on the body and are used to treat different diseases. Various light sources, such as LED and laser help to effectively and non-invasively treat the disease. As these procedures are minimally invasive, they do not leave a visible scar and the procedure is completed in a short time.
Advantages of using photomedicine devices, such as painless procedure and shorter length of hospital stay, have increased awareness about this technology. Phototherapy using different light sources, such as polychromatic polarized light and full spectrum light is used in the treatment of various skin and eye diseases. As photomedicine procedures are effective and minimally invasive, there is a rise in the adoption rate of photomedicine devices. Moreover, they are increasingly being used for aesthetic procedures, such as tattoo and unwanted hair removal.
This market is majorly driven by increase in demand by the consumer of aesthetic enhancement, which mainly comprise of minimally invasive procedures. Technological advancement in laser guided procedures for hair removal, tattoo removal, and skin resurfacing, especially in women, for beautification is on the rise. The youth and elderly are becoming more conscious of the importance of beauty and well-being. The elderly wish to look younger, which is accomplished by the use of aesthetic-enhancing operations. Photomedicine products are in high demand because they provide less invasive and effective cosmetic operations.
For instance, in October 2020, Alma Laser, one of the leading companies in the photomedicine market and a subsidiary of Sisram Medical, launched the Alma Hybrid platform, which comprises of CO2 laser, 1570nm laser, and IMPACT for trans-epidermal delivery for skin rejuvenation. Thus, launch of such products by key market players further boosts the market growth.
Market players have invested in various developing photomedicine products that aid in ophthalmological, wound healing, pain management, and wide range of dental procedures treatments. Moreover, rise in vision problems due excessive screen time on mobile and computer demand for lasik surgeries, which further drives the market growth.
Photomedicine products, such as the THOR Small LED Cluster, THOR Medium LED Cluster is used for wound healing and superficial musculoskeletal injuries. Similarly, THOR NIR Dental Laser is used for analgesia, deep anti-inflammatory & deep tissue repair. Alma Laser offers Soprano ICE Platinum based on trio clustered diode technology for hair removal. Thus, increase in availability of wide range of products increases the accessibility for the population and significantly drives the market growth.
However, availability of alternative treatment methods and product safety issues of photomedicine devices are expected to restrain the growth of the market. Conversely, presence of a plethora of products in the pipeline and high market potential in untapped emerging economies are anticipated to serve as attractive opportunities for the market growth during the forecast period.
The photomedicine market is segmented into technology, application, and region. On the basis of technology, it is classified into lasers, polychromatic polarized light, full spectrum light, dichroic lamps, light emitting diodes, and fluorescent lamps. On the basis of applications, it is segmented into dermatology, pain management, oncology, ophthalmology, wound healing, dental procedures, aesthetics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and Latin America, Middle East, and Africa (LAMEA).
The major players profiled in the report are Baring Private Equity Asia Limited (Lumenis Ltd.), Angiodynamics, Inc., Apax Partners LLP. (Syneron Medical Ltd.), Biomedical Technology Holdings Limited (Biolitec AG), Colorado Skin and Vein, Johnson and Johnson, Koninklijke Philips N.V., PhotoMedex, Inc., Sisram Medical Ltd. (Alma Lasers Ltd.), and Thor Photomedicine Ltd.
Photomedicine is an interdisciplinary branch of science that involves the study of light and its therapeutic application in various healthcare fields. In this technology, the disease can be detected and treated by exposing the damaged area to light with specific wavelengths. Various wavelengths of light, such as blue, red, and near-infrared have a different effect on the body and are used to treat different diseases. Various light sources, such as LED and laser help to effectively and non-invasively treat the disease. As these procedures are minimally invasive, they do not leave a visible scar and the procedure is completed in a short time.
Advantages of using photomedicine devices, such as painless procedure and shorter length of hospital stay, have increased awareness about this technology. Phototherapy using different light sources, such as polychromatic polarized light and full spectrum light is used in the treatment of various skin and eye diseases. As photomedicine procedures are effective and minimally invasive, there is a rise in the adoption rate of photomedicine devices. Moreover, they are increasingly being used for aesthetic procedures, such as tattoo and unwanted hair removal.
This market is majorly driven by increase in demand by the consumer of aesthetic enhancement, which mainly comprise of minimally invasive procedures. Technological advancement in laser guided procedures for hair removal, tattoo removal, and skin resurfacing, especially in women, for beautification is on the rise. The youth and elderly are becoming more conscious of the importance of beauty and well-being. The elderly wish to look younger, which is accomplished by the use of aesthetic-enhancing operations. Photomedicine products are in high demand because they provide less invasive and effective cosmetic operations.
For instance, in October 2020, Alma Laser, one of the leading companies in the photomedicine market and a subsidiary of Sisram Medical, launched the Alma Hybrid platform, which comprises of CO2 laser, 1570nm laser, and IMPACT for trans-epidermal delivery for skin rejuvenation. Thus, launch of such products by key market players further boosts the market growth.
Market players have invested in various developing photomedicine products that aid in ophthalmological, wound healing, pain management, and wide range of dental procedures treatments. Moreover, rise in vision problems due excessive screen time on mobile and computer demand for lasik surgeries, which further drives the market growth.
Photomedicine products, such as the THOR Small LED Cluster, THOR Medium LED Cluster is used for wound healing and superficial musculoskeletal injuries. Similarly, THOR NIR Dental Laser is used for analgesia, deep anti-inflammatory & deep tissue repair. Alma Laser offers Soprano ICE Platinum based on trio clustered diode technology for hair removal. Thus, increase in availability of wide range of products increases the accessibility for the population and significantly drives the market growth.
However, availability of alternative treatment methods and product safety issues of photomedicine devices are expected to restrain the growth of the market. Conversely, presence of a plethora of products in the pipeline and high market potential in untapped emerging economies are anticipated to serve as attractive opportunities for the market growth during the forecast period.
The photomedicine market is segmented into technology, application, and region. On the basis of technology, it is classified into lasers, polychromatic polarized light, full spectrum light, dichroic lamps, light emitting diodes, and fluorescent lamps. On the basis of applications, it is segmented into dermatology, pain management, oncology, ophthalmology, wound healing, dental procedures, aesthetics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and Latin America, Middle East, and Africa (LAMEA).
The major players profiled in the report are Baring Private Equity Asia Limited (Lumenis Ltd.), Angiodynamics, Inc., Apax Partners LLP. (Syneron Medical Ltd.), Biomedical Technology Holdings Limited (Biolitec AG), Colorado Skin and Vein, Johnson and Johnson, Koninklijke Philips N.V., PhotoMedex, Inc., Sisram Medical Ltd. (Alma Lasers Ltd.), and Thor Photomedicine Ltd.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the photomedicine market analysis from 2020 to 2030 to identify the prevailing photomedicine market growth opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the photomedicine market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global photomedicine market size, trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Lasers
- Polychromatic Polarized Light
- Full Spectrum Light
- Dichroic Lamps
- Light Emitting Diodes
- Fluorescent Lamps
By Application
- Dermatology
- Pain Management
- Oncology
- Ophthalmology
- Wound Healing
- Dental Procedures
- Aesthetics
- Others
By Region
- Europe
- France
- Germany
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- North America
- U.S.
- Canada
- Mexico
Key Market Players
- Baring Private Equity Asia Limited
- AngioDynamics, Inc.
- Apax Partners Llp
- Biomedical Technology Holdings Limited
- Colorado Skin and Vein
- johnson and johnson md&d
- PhotoMedex, Inc.
- Koninklijke Philips N.V.
- Sisram Medical Ltd.
- Thor Photomedicine Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PHOTOMEDICINE MARKET, BY TECHNOLOGY
CHAPTER 5: PHOTOMEDICINE MARKET, BY APPLICATION
CHAPTER 6: PHOTOMEDICINE MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
The 'Photomedicine Market,' size was valued at $4,047.64 million in 2020, and is estimated to reach $7.5 Billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.Photomedicine is the branch of medicine that involves the study of light and its application in the treatment and diagnosis of diseases. Different photomedicine technologies, such as laser, fluorescent lamps, and polychromatic polarized light are used for various diagnostic and therapeutic purposes. In photomedicine, light at specific wavelength is used for therapeutic purposes in different fields, such as ophthalmology, dermatology, and oncology. In addition, these technologies are also used for various aesthetic purposes, such as hair and tattoo removal.
The growth of the photomedicine market size is majorly driven by rise in consumer awareness for younger looking skin and consumer awareness for aesthetic enhancement, thus increasing the demand for non-surgical and minimally invasive procedures for younger looking skin. Skin resurfacing, anti-wrinkle and fine line reduction treatments, acne therapy, and laser procedures are all provided under the supervision of certified doctors, cosmetologists, and dermatologist. All of these therapies are cosmetic in nature, with the goal of rejuvenating or improving an individual's appearance. Rise in treatments for laser hair removal and laser skin tightening and technological advancement in photomedicine, especially the laser technology, boost the market growth.
Furthermore, according to the American Society of Plastic Surgeons (ASPS) report in 2020, 15.6 million of cosmetic procedures were performed in the U.S., among which there were 2.3 million cosmetic surgical procedures and 13.2 million cosmetic minimally-invasive procedures. In addition, approximately16.7 billion were spent on cosmetic procedures in the U.S. Thus, rise in aesthetic procedures is expected to significantly drive the growth of the market.
Moreover, rise in the cases of psoriasis, eczema, vitiligo, and acne further increases the demand for photomedicine-based therapies. Surge in ophthalmological problems due to rise in screen time is also one of the major factors that drives the market. However, availability of alternative methods for the treatment of diseases and product safety issues of photomedicine devices are expected to restrain the photomedicine market growth of the market. Conversely, high market potential in the untapped emerging economies, rise in various developmental strategies, among the key players, and development of pipeline products are expected to provide many opportunities for market growth during the forecast period.
By technology, the market is segmented into lasers, polychromatic polarized light, full spectrum light, dichroic lamps, light emitting diodes, and fluorescent lamps. The lasers segment generated maximum revenue in 2020, accounting for largest share throughout the forecast period and is expected to witness highest CAGR of 7.3% during the forecast period.
By application, the photomedicine industry is segmented into dermatology, pain management, oncology, ophthalmology, wound healing, dental procedures, aesthetics, and others. The aesthetics segment generated maximum revenue in 2020, accounting for largest photomedicine market share in 2020 and throughout the forecast period. The aesthetics segment is expected to witness highest CAGR of 9.5% during the forecast period.
North America exhibited the global photomedicine market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to better healthcare infrastructure and facilities, surge in the number of aesthetic enhancement procedures, adoption of technologically advanced treatments and presence of key players. However, Asia-Pacific photomedicine market forecast is anticipated to witness notable growth, owing to its increase in disposable incomes, surge in healthcare expenditure, various developmental activities, and rise in number of facilities offering such services.
Key findings of the Study
- By technology, the lasers segment was the highest contributor to the photomedicine industry in 2020.
- By application, the ophthalmology segment was the highest contributor to the market in 2020
- Region-wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- Baring Private Equity Asia Limited
- AngioDynamics, Inc.
- Apax Partners Llp
- Biomedical Technology Holdings Limited
- Colorado Skin and Vein
- johnson and johnson md&d
- PhotoMedex, Inc.
- Koninklijke Philips N.V.
- Sisram Medical Ltd.
- Thor Photomedicine Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 151 |
| Published | March 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 4048 million |
| Forecasted Market Value ( USD | $ 7510 million |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
