$712.91Mn by 2028 Photomedicine Devices and Technologies Market Size Lead by Photodynamic Therapy (5.3% CAGR) Impact of Coronavirus Outbreak and Global Analysis & Forecast by TheInsightPartners.com
The Insight Partners
7 min read
The photomedicine devices and technologies market size to reach $712.91 million by 2028 from $497.40 million in 2021 to grow at a CAGR of 5.3% from 2021 to 2028; while the photodynamic therapy segment held largest market share of 24.82% in 2021 and market is driven by minimally invasive and noninvasive therapies.
New York, Nov. 24, 2021 (GLOBE NEWSWIRE) -- According to our new research study on Photomedicine Devices and Technologies Market Size, Share, Revenue, Growth, Trends, Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Photodynamic Therapy (PDT), Immuno-PDT (Photoimmune Therapies), Fluorescence-Guided Surgery, Photodynamic Diagnosis, Lasers, Others); Application (Dermatology, Oncology, Tattoo Removal, Hair Removal, Optical Diagnostics, Wound Healing, Skin Resurfacing, Neurology, Gastroenterology, Others) with COVID-19 Impact and Global Analysis available at https://www.theinsightpartners.com/covid-analysis-sample/TIPMD00002381
Report Coverage
Details
Market Size Value in
US$ 497.40 million in 2021
Market Size Value by
US$ 712.91 million by 2028
Growth Rate
CAGR of 5.3% from 2021 to 2028
Forecast Period
2021-2028
Base Year
2021
No. of Pages
180
No. Tables
84
No. of Charts & Figures
79
Historical Data Available
Yes
Segments Covered
Technology, Application, and Geography
Regional Scope
North America; Europe; Asia Pacific; Latin America; MEA
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Photomedicine Devices and Technologies Market: Competitive Landscape and Key Developments Alma Lasers, Beurer GmbH., Biolitec AG, Lumenis, Quantel Medical, THOR Photomedicine Ltd, Verilux Inc, Candela Medical, KONINKLIJKE PHILIPS N.V., and Iridex Corporation are among the leading companies operating in the photomedicine devices and technologies market. These players focus on expanding as well as diversifying their market presence and acquiring new customer base, thereby tapping prevailing business opportunities.
In November 2021, biolitec launched the virtual trade show website www.biolitec-fair.com. Here, medical professionals can find relevant information on biolitec's therapies in their field of expertise.
In July 2021, Beurer GmbH announced the expansion of its medical device facility in Europe to combat the challenges caused by the pandemic such as inadequate material availability, production delays, and supply bottlenecks. The expansion has helped the company to significantly grow production in Europe.
In May 2021, Lumenis announced the partnership with UK-based Harrods Wellness Clinic to equip the aesthetic clinics with Stellar M22. This partnership has helped the patients to seek extremely natural results in addition to state-of-art technologies.
In March 2021, Iridex and Topcon announced comprehensive collaboration that includes three main agreements: an Exclusive Distribution Agreement, an Asset Purchase Agreement, and an Equity Funding Agreement.
The wider applicability of photomedicine and rise in demand for minimally invasive and noninvasive therapies are boosting the photomedicine devices and technologies market growth. However, the stringent regulatory framework for photomedicine technologies hampers the growth of the market. On the other hand, the increasing penetration of photomedicine in cancer treatment along with continuous technological advancements in photomedicine is expected to offer significant growth opportunities to the market players to capitalize and expand their customer base in Asia and Latin America.
In 2020, North America dominated the photomedicine devices and technologies market. The US holds the largest share of the market in this region. The market growth in the country is attributed to the increasing adoption of photomedicine devices and technologies and the surging rates of cosmetic and aesthetic procedures across the country. According to the Aesthetic Society's data for 2019, 180,332 and 31,033 laser hair removal procedures and full-field ablative (laser skin resurfacing) were performed, respectively. Similarly, 2018 data from the American Society for Dermatology Surgery (ASDS) showed ~76% growth in cosmetic procedures by ASDS members from 2012 to 2018. In addition, there were 9 million procedures performed in 2018 that accounted for a rise of 7% from 2017. Owing to the factors mentioned above, it is projected that the growth of the market is likely to continue significantly during the forecast period.
Wider Applicability of Photomedicine Devices and Technologies to Boost Market Growth during Forecast Period: At present, photomedicine is prominently used in several medical applications such as diagnostics and therapeutics and surgical procedures. Photomedicine involves the use of photons in medicine to image or treat a medical condition. Photomedicine is an interdisciplinary field, and hence, it has wide applications. It applies to several branches of medicine, including surgery, radiology, oncology, diagnostics, dermatology, ophthalmology, dentistry, pain management, and wound healing.
The photomedicine devices and technologies market is also driven by increase in adoption of minimally invasive procedures owing to the involvement of tiny incisions, faster recovery of patients, and less discomfort caused to the patients. Moreover, photomedicine procedures offer benefits such as less pain; less trauma to muscles, nerves, tissues, and organs; less bleeding and scarring; and minimal injuries to tissues.
According to the American Society of Plastic Surgeons, in 2020, over 15.6 million minimally invasive cosmetic procedures were performed in the US. A total of 13,281,235 minimally invasive cosmetic procedures were performed in 2020. In the top 5 cosmetic minimally invasive procedures, intense pulsed light (IPL) treatment has replaced laser hair removal treatment by recording over 827,000 IPL procedures performed in 2020.
Photomedicine Devices and Technologies Market: Segmental Overview The The photomedicine devices and technologies market, based on technology, is segmented into Photodynamic Therapy (PDT), Immuno-PDT (Photoimmune Therapies), Fluorescence-Guided Surgery, Photodynamic Diagnosis, Photobiomodulation (Lasers Lights), and other technologies. The photodynamic therapy segment held the largest share of 24.82% of the market in 2021. Based on Application, the photomedicine devices and technologies market is segmented into Aesthetics and Dermatology, Oncology, Ophthalmology, Neurology, Pain Management, Wound Healing, and Other Applications. The market for the Aesthetics and Dermatology segment is further segmented into hair removal, tattoo removal, skin resurfacing, and other application. The aesthetics and dermatology segment held the largest market share in 2021, and the same segment is expected to register the highest CAGR in the market during the forecast period.
The COVID-19 pandemic has adversely affected North American countries, such as the US and Canada. The disease led to a chaotic situation in the medical industry across the region, and the demand for diagnosing and therapeutic devices, such as ventilators, respirators, and in vitro diagnostic (IVD) tests, has increased dramatically in hospitals. The demand for personal protective kits has also surged significantly. The FDA has increased its efforts to keep people healthy and has rolled out several guidelines for hospitals and medical device companies. Various companies also enhanced their research and development activities for diagnostics tests and therapeutic devices. Thus, the redirected efforts of healthcare players, due to increased demands in other categories, have considerably hampered the photomedicine devices and technologies market performance.
Key Questions to Request for Photomedicine Devices and Technologies Market:
What is Photomedicine?
What are the driving factors for the photomedicine devices and technologies market across the globe?
Which technology led the photomedicine devices and technologies market?
Which application held the largest share in the photomedicine devices and technologies market?
Who are the key players in the photomedicine devices and technologies market?
What is the regional market scenario of photomedicine devices and diagnostics?
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