The Photomedicine Market is estimated to be valued at Us$ 3.6 Bn or Mn 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:
The photomedicine market deals with light-based therapeutic and diagnostic medical applications. Products in this market include laser, intense pulsed light equipment, LED therapy devices, and excimer laser systems. These products find uses in applications such as dermatology, ophthalmology, dentistry, oncology, surgery, and aesthetic medicine. Laser therapy is commonly used in dermatology for conditions such as acne, skin pigmentation, psoriasis, and hair removal.
Market Dynamics:
The photomedicine market is driven by rising demand for minimally invasive aesthetic procedures and growing applications of light therapy in treatment of various dermatological and ophthalmic conditions. According to American Society of Plastic Surgeons (ASPS), nearly 18.1 million aesthetic procedures were performed in the U.S. in 2020, indicating increased adoption of laser-based and light-based aesthetic treatments. Furthermore, increasing research investments for application of optogenetics in neuroscience is supporting the market growth. Optogenetics uses light to control neurons and investigate the neural circuits and pathways in the brain. However, high cost of light therapy equipment limits the market growth to some extent.
SWOT Analysis
Strength: Photomedicine offers non-invasive treatments with no downtime which is growing preference among consumers. The rising demand for aesthetic treatments and growing awareness regarding photomedicine procedures bolsters the market growth. Advanced technological innovations leads to development of more effective photomedicine devices.
Weakness: High cost of photomedicine procedures and devices limits its adoption in developing regions. Strict regulatory approvals and clinical trial requirements increases the time and costs involved in launching new products.
Opportunity: Untapped growth opportunities in emerging Asian and Latin American markets due to rising medical tourism and disposable incomes. Increasing adoption of photomedicine in treatment of various dermatological and dental diseases presents lucrative opportunities.
Threats: Presence of alternatives like laser surgeries and lesser invasive cosmetic treatments pose significant threat. Stringent regulatory frameworks and reimbursement policies impacts the industry growth.
Key Takeaways
The Global Photomedicine Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for non-invasive aesthetic procedures. The market size is projected to reach US$ 6.3 Bn by 2030 from US$ 3.6 Bn in 2023.
Regional analysis
North America dominates the global photomedicine market currently and is expected to continue its dominance over the forecast period. This is attributed to growing geriatric population seeking anti-aging treatments, availability of advanced medical facilities and favorable reimbursement policies in the region. Asia Pacific exhibits the fastest growth supported by rising medical tourism, growing dermatological patient pool and increasing discretionary incomes in countries like China and India.
Key Players
Key players operating in the photomedicine market are Lumenis, Alma Lasers, THOR Photomedicine, PhotoMedex, Syneron, Galderma, Candela, Beiersdorf, and IRIDEX Corporation. These companies primarily focus on new product launches, technological innovations and mergers & acquisitions to strengthen their market position. For instance, in 2021, Lumenis launched ablative fractional CO2re:store laser for skin resurfacing procedures.
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