July 17, 2024
Photomedicine Market

Photomedicine Market Is Expected To Be Flourished By Growing Demand

Photomedicine, also known as light therapy, involves using light to treat various medical conditions. Photomedicine utilizes different types of light sources such as lasers, intense pulsed light, polychromatic non-coherent light, and light-emitting diodes (LEDs). The application of photomedicine includes photodynamic therapy for the treatment of cancer, low-level light therapy for wound healing and pain relief, intensive pulsed light therapy to treat skin conditions, light therapy for neonatal jaundice, lasers for tattoo removal, hair removal, skin rejuvenation, acne treatment, and others. The use of photomedicine has gained immense popularity in aesthetic procedures such as hair removal, acne treatment, skin rejuvenation, tattoo removal, and others.

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 Dynamics:

One of the major drivers fueling the growth of the photomedicine market is the growing demand for various aesthetic applications. Non-invasive aesthetic procedures offer instant results with minimal downtime and have seen tremendous growth in popularity. Properties of photomedicine devices such as lasers, intense pulsed light, and LEDs enable non-invasive treatment of various aesthetic conditions such as tattoo removal, hair removal, acne scar reduction, skin rejuvenation, and others. Various R&D activities are being undertaken by market players to develop innovative photomedicine-based solutions for aesthetic applications.Growing medical tourism in various countries for affordable yet effective aesthetic treatments is also expected to boost the demand for photomedicine over the forecast period.

Segment Analysis

Photomedicine market can be segmented by application into aesthetic, healthcare, analytics & sensing, disinfection & purification. The healthcare segment is dominating the market and is expected to continue dominating during the forecast period. Photomedicine finds wide application in treatment of various skin diseases like psoriasis, acne etc. Adoption of photomedicine for treatment of different medical conditions like jaundice is also driving the growth of healthcare segment.

PEST Analysis

Political: Government regulations around use of certain light therapy devices and approval process play a major role. Stringent regulations regarding safety can hamper growth.
Economic: Growing healthcare expenditure and rising disposable income is driving demand for advanced photomedicine devices for treatment and aesthetics procedures. Reimbursement policies also impact market growth.
Social: Increasing adoption of non-invasive aesthetic procedures, rising awareness about photomedicine applications and growing focus on wellness & preventive healthcare are positively impacting the market.
Technological: Advancements in light source technologies like use of lasers & LEDs, integration with artificial intelligence and development of wearable devices are offering new opportunities and propelling the market growth.

Key Takeaways

The global Photomedicine Market Growth is expected to witness high growth during the forecast period of 2023 to 2030 driven by increasing application of light therapy in treatment and rising investment in development of advanced devices.
Regional analysis: North America is expected to dominate the photomedicine market during the forecast period. High healthcare expenditure, presence of leading manufacturers and rapid adoption of advanced medical technologies drive the North America photomedicine market. Asia Pacific region is anticipated to be the fastest growing market attributed to growing medical tourism, rising healthcare standards and increasing disposable incomes.
Key players: 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 is one of the leading players focusing on development of advanced photodynamic therapy devices and solar simulators for medical applications. Yulong Dingtajian is a Chinese firm specializing in manufacturing solar simulators for dermatology.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it