by The global Photomedicine Market is estimated to be valued at Us$ 3.6 Bn in 2023 and is expected to exhibit a CAGR Of 11% over the forecast period from 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Photomedicine involves the use of visible and invisible light for diagnostic or therapeutic applications in medicine. Various photomedicine technologies and applications include phototherapy, laser surgery, photodynamic therapy, photochemistry, diagnostics, and optogenetics. These allow non-invasive treatment of various conditions such as acne, psoriasis, skin cancer, depression and cardiovascular diseases among others. Advancements in phototherapy have enabled treatment of chronic wounds, skin inflammations and healing musculoskeletal injuries more effectively with benefits of reduced scarring and infection risk.
Market key trends:
The global photomedicine market is witnessing significant growth due to increasing adoption of minimally invasive procedures. Photomedicine procedures offer advantages over conventional drug therapies and surgical treatments such as minimal pain, reduced tissue damage, less scarring and lower risk of infection. Growing geriatric population prone to various skin and musculoskeletal conditions also drives the demand. Furthermore, ongoing research for expanding photomedicine applications in treatment of neurological disorders, ophthalmology and cardiovascular diseases is expected to present lucrative opportunities. Manufacturers are focusing on developing advanced laser and light therapies as well as combining photomedicine with theranostics and tissue engineering for personalized treatment pathways.
Porter’s Analysis
Threat of new entrants: The photomedicine market requires high initial investments for R&D and manufacturing facilities which acts as a barrier for new companies.
Bargaining power of buyers: Individual consumers have low bargaining power due to lack of availability of substitute products, but large healthcare organizations and hospitals have significant bargaining power.
Bargaining power of suppliers: A few large players dominate the supply of key components like laser systems, limiting the bargaining power of individual suppliers.
Threat of new substitutes: Other non-invasive and minimally-invasive aesthetic procedures pose potential threats, though photomedicine still offers unique benefits with continuous technological advancements.
Competitive rivalry: The market has the presence of numerous global and regional players offering devices for various applications intensifying the competition.
Key Takeaways
The Global Photomedicine Market Demand is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing prevalence of skin diseases and rising demand for non-invasive aesthetic treatments.
The North American region currently dominates the photomedicine market owing to growing adoption of advanced treatment options and rising medical tourism. Asia Pacific is anticipated to be the fastest growing regional market because of booming medical aesthetics industry, rising disposable incomes, and increasing access to healthcare in developing nations.
Key players operating in the photomedicine market are Lumenis, Alma Lasers, THOR Photomedicine, PhotoMedex, Syneron, Galderma, Candela, Beiersdorf, IRIDEX Corporation, and Quantel Laser. Leading companies are investing heavily in R&D to develop innovative products with enhanced features and expanding their geographic presence through mergers & acquisitions and collaborations with local players.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
