Global Photomedicine Market Size Study & Forecast, by Technology (Lasers, Polychromatic Polarized Light, Full Spectrum Light, Dichroic Lamps, Light Emitting Diodes, Fluorescent Lamps) by Application (Dermatology, Pain Management, Oncology, Ophthalmology,

Global Photomedicine Market Size Study & Forecast, 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) and Regional Analysis, 2023-2030

Global Photomedicine Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Photomedicine is a branch of medicine that utilizes light-based technologies for therapeutic purposes. It involves the use of various wavelengths of light, such as ultraviolet (UV), visible, and infrared (IR), to diagnose, treat, and prevent diseases and medical conditions. Photomedicine encompasses a wide range of applications across different medical specialties, including dermatology, ophthalmology, oncology, and psychiatry, among others. Moreover, factors like increasing prevalence of chronic diseases, growing shift towards non-invasive treatments, increasing healthcare expenditure, and expanding applications in dermatology and aesthetic medicine that anticipated to create a lucrative demand for the market during the forecast period 2023-2030.

Rising incidence of chronic diseases such as cancer, skin disorders, and ophthalmic conditions necessitates effective treatment options. Photomedicine offers non-invasive or minimally invasive therapeutic approaches for various chronic conditions, thereby driving market growth. As per (National Institutes of Health) NIH, the number of people in the United States aged 50 years and older will increase by 61.11% from 137.25 million in 2020 to 221.13 million in 2050. Of the population 50 years and older, the number with at least one chronic disease is estimated to increase by 99.5% from 71.52 million in 2020 to 142.66 million by 2050. At the same time, those with multimorbidity are projected to increase 91.16% from 7.83 million in 2020 to 14.96 million in 2050. Also, according to the World Health Organization, in 2020, it was estimated that nearly 19.3 million new cases of cancer were recorded globally, which is projected to rise and is likely to reach 30.2 million new cases by 2040. As a result, the growing prevalence of chronic diseases is anticipated to support market growth. Moreover, the increased awareness among healthcare professionals and patients about the benefits of photomedicine, and technological integration and connectivity is anticipated to create a lucrative opportunity for the market. However, the safety issues related to photomedicine devices, and the high cost of photomedicine procedures stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Photomedicine Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising incidence of chronic diseases such as cancer, skin disorders, and ophthalmic conditions, growing adoption of minimally invasive procedures, and growing awareness among patients and healthcare professionals about the benefits of photomedicine therapies is driving their adoption. Moreover, the Asia Pacific is expected to grow with the fastest growth rate during the forecast period, owing to factors such as the growing ageing population, rising disposable incomes and increasing healthcare expenditure in countries across Asia Pacific, and government initiatives aimed at promoting healthcare infrastructure development, research, and innovation are supporting the growth of the photomedicine market in Asia Pacific.

Major market players included in this report are:
Apax Partners LLP
Sisram Medical Ltd.
Colorado Skin and Vein
Thor Photomedicine Ltd.
Biomedical Technology Holdings Limited
PhotoMedex, Inc.
AngioDynamics, Inc.
Johnson and Johnson Company
Koninklijke Philips N.V.
Baring Private Equity Asia Limited

Recent Developments in the Market:
 In July 2021, Cytrellis, Inc., a pioneer in medical technology, has recently received clearance from the U.S. Food and Drug Administration for its groundbreaking innovation: the ellacor system featuring Micro-Coring technology. This proprietary product is now approved for effectively addressing moderate to severe wrinkles in the mid to lower face, marking a significant advancement in the field of aesthetic treatment.

Global Photomedicine Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Technology, Application, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

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:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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