Global Photomedicine Technology Market - 2024-2031

Global Photomedicine Technology Market - 2024-2031

The global photomedicine technology market reached US$ 3.6 billion in 2023 and is expected to reach US$ 6.7 billion by 2031, growing at a CAGR of 8.2% during the forecast period 2024-2031.

The field of medicine known as photomedicine uses light and photobiology to treat diseases. Technologies in photomedicine are employed for a range of therapeutic and diagnostic applications. Photomedicine technologies are more advanced than traditional disease detection methods and are used to treat a wide range of therapy areas such as oncology, ophthalmology, dentistry, dermatology pain management, and others.

The market is driven by factors such as the increasing adoption of advanced laser-based treatments, increased awareness of aesthetics, and rising awareness about non-invasive procedures & technological advancements.

Market Dynamics: Drivers

Increasing adoption of advanced laser-based treatments

The demand for the global photomedicine technology market is driven by multiple factors. Laser treatments have been implemented over the new technologies available for different skin diseases. Ablative and non-ablative lasers act on different levels of the epidermis and dermis, allowing to treatment of many dermatological conditions.

Moreover, the integration of laser technology and artificial intelligence would drive this market growth. As per Asclepion laser technology publication in January 2024, the integration of AI with laser devices is indicating a new era, offering practitioners unprecedented precision, efficiency, and outcomes that seamlessly achieve their patients’ aesthetic goals.

In addition, key players in the industry introducing new treatments and approvals would propel this market growth. For instance, in November 2022, the US Food and Drug Administration (FDA) cleared Accure Acne, Inc.’s Accure Laser System for the treatment of mild to severe inflammatory acne vulgaris. Accure’s system is the first 1726nm-based laser device with both FDA and CE Mark clearances.

Also, in April 2024, ViaLase announces the closure of the financing series with $40 million for laser advancement. The development of a laser system that performs femtosecond laser image-guided high-precision trabeculectomy.

Restraints

Factors such as adverse effects & complications associated with the treatment, the high cost of photomedicine procedures, lack of skilled professionals, and limited regulatory framework & reimbursement policies are expected to hamper the market.

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Segment Analysis

The global photomedicine technology market is segmented based on technology, application, end-user, and region.

The oncology segment accounted for approximately 54.6% of the global photomedicine technology market share

The oncology segment is expected to hold the largest market share over the forecast period. Skin carcinoma is one of the most dangerous types of cancer & fifth most commonly reported cancer in the world. As per BMC research publication in January 2023, the American Academy of Dermatology (AAD) disclosed that approximately 9,500 people in the United States were diagnosed with skin cancer every day in 2022.

In addition, key players in the market launching innovative technologies in treating various diseases and research studies would propel this market growth. According to an EurekAlert news release in December 2023, ultrafast laser technology could offer improved cancer treatment discovery by the Canadian research team at INRS could lead to more effective use of radiation therapy in oncology.

As per the AAAS publication in March 2022, Biologists and physicists at Lawrence Berkeley National Laboratory (Berkeley Lab) have teamed up to create new opportunities for cancer treatment using laser-generated proton beams.

Moreover, key players launching new products and approvals would drive this market growth. For instance, in January 2024, AngioDynamics, Inc. announced that the United States Food and Drug Administration (FDA) has cleared the Auryon XL Catheter, a 225-cm radial access catheter, for use with the Auryon Atherectomy System in the treatment of Peripheral Arterial Disease (PAD).

Geographical Analysis

North America accounted for approximately 43.4% of the global photomedicine technology market share

North America region is expected to hold the largest market share over the forecast period. The high incidence of skin disorders and cancers in North America, particularly in the United States, drives the demand for advanced photomedicine technologies. According to the American Cancer Society's 2022 update, there were an estimated 1.9 million new cancer cases in the United States, with breast cancer alone accounting for 290,560 new cases.

Moreover, side effects associated with cancer such as hair loss and skin problems drive this market growth. According to the American Hair Loss Association estimated that more than 80 million men and women are suffering from hair loss concerns in the US with a 400% increase in patient demand since the pandemic in 2022.

In addition, major players in this region launched new product launches, and approvals would drive this market growth. For instance, in March 2022, Alma announced the commercial launch of two game-changing additions to Alma’s U.S. portfolio of products this year. Alma TED and CBD+ Professional Skincare Solution were launched at the American Academy of Dermatology.

Similarly, in April 2024, Bestqool launched an FDA class-II cleared, durable, and versatile variety of red light therapy (RLT), unique devices designed to handle various skin problems & have medical-grade product certification, like alleviating symptoms of eczema and improving skin health.

Also, in July 2021, Cytrellis announced that the U.S. Food and Drug Administration has cleared their first proprietary product, the ellacor system with Micro-Coring technology, for the treatment of moderate to severe wrinkles in the mid to lower face. This minimally-invasive, first-in-category device safely and effectively removes micro-sized portions of excess skin without surgery, thermal energy, or evidence of scarring.

Similarly, in January 2024, Iridex launches new Iridex 532 and Iridex 577 Lasers in the US market marking 35 years of laser innovation in treating retina disorders & glaucoma.

Market Segmentation

By Technology
• Photodynamic Therapy
• Photoimmune Therapy
• Lasers
• Others

By Application
• Aesthetics & Dermatology
Hair Removal
Tattoo Removal
Skin Resurfacing
Other Applications
• Ophthalmology
• Dentistry
• Oncology
• Pain Management
• Wound Healing
• Other Applications

By End-use
• Hospitals & Clinics
• Cosmetic Centers
• Academics & Research Institutions
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the photomedicine technology market include Candela Corporation, Alma Lasers, Lumenis Be Ltd, PhotoMedex, biolitec Holding GmbH & Co KG, Beurer, Lumibird Medical, Koninklijke Philips N.V., THOR Photomedicine Ltd, and Johnson & Johnson among others.

Key Developments

 In May 2024, the Photomedicine to Enhance Military Readiness Program, a part of the Musculoskeletal Injury Rehabilitation Research for Operational Readiness (MIRROR), was launched in 2018 with support from the Defense Health Agency to help prevent and treat musculoskeletal injuries.

 In March 2024, Pioneering biopharmaceutical company CLINUVEL hosted a wide-ranging market briefing discussing its novel drug SCENESSE (afamelanotide) and the future of photomedicine.

 In May 2022, Lumenis Be stated that OptiLight has received the highly competitive MedTech Breakthrough Award for “Best New Technology Solution for Ophthalmology.”

 In January 2021, TheraLight, LLC, announced that Health Canada has approved the TheraLight 360 full-body photobiomodulation system for use in Canada. Which incorporates next-generation light therapy technology for advanced pain relief and recovery.

Why Purchase the Report?
• To visualize the global photomedicine technology market segmentation based on technology, application, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global photomedicine technology market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The global photomedicine technology market report would provide approximately 62 tables, 62 figures, and 182 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies