Photomedicine Technology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Photomedicine Technology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global photomedicine technology market is expected to register a CAGR of 8% during the forecast period (2022-2027).

The COVID-19 pandemic adversely affected the treatment and diagnostics procedures at the beginning which had a significant impact on the studied market. However, as the number of COVID-19 cases reduced, and worldwide lockdowns were pulled back, there was a surge in diagnostics and treatment . For instance, according to a research article titled "Probable positive effects of the photobiomodulation as an adjunctive treatment in COVID-19: A systematic review" published in the National Center for Biotechnology Information in October 2020, photobiomodulation (PBM) was effective in lowering lung inflammation and encouraging the regeneration of damaged tissue in COVID patients. PBM which is a non-invasive method can increase oxygenation indirectly in order to rehabilitate the affected organs. Therefore, infra-red lasers or light-emitting diodes (LEDs) were recommended for COVID-19-caused inflammation. Owing to the benefits of lasers in the treatment of COVID-19, the market is projected to attain growth over the forecast period.

The growth is attributed to increasing adoption of advanced, laser-based treatments, raising awareness, and new product launches. According to the American Society for Aesthetic Plastic Surgery February 2022 update, the total number of surgical and non-surgical facial plastic surgery treatments has increased significantly in 2021. Plastic surgeons carried out an additional 600 treatments per year on average than they did in 2020, a 40% increase, out of the projected 1.4 million surgical and non-surgical procedures carried out in the previous year. The demand for laser procedures increased by over 10% in 2021 compared to 2020. This indicated that lasers are gaining significant attention in aesthetic industry, as there are plenty of procedures that can be performed using lasers. The increased demand for laser cosmetic procedures is likely to augment the photomedicine technology market growth.

Furthermore, increasing awareness about non-invasive procedures, advancements in laser delivery procedures, and rising demand for laser in different healthcare sectors are contributing to the expanding adoption of advanced laser-based therapies. For instance, in October 2020, Summus Medical Laser, launched the Horizon Dental Laser System, the first Class IV therapy laser system designed particularly for the dental profession. These launches in turn is expected to fuel the growth of the photomedicine technology market during the forecast period.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, safety issues related to photomedicine devices and the high cost of photomedicine procedures are likely to impede the market growth.

Key Market TrendsHair Removal is Expected to Register Significant Growth Over The Forecast Period

Hair removal is a treatment of the body to remove hair permanently or temporarily with the help of lasers or minimally invasive devices. Laser hair removal is one of the highly popular aesthetic procedures. Intense pulsed light (IPL) and laser devices are widely accepted and effective dermatology procedures for unwanted hair removal and treatment of a variety of cutaneous conditions. The American Society of Plastic Surgeons (ASPS) data updated in February 2022 reported that in 2020, a total of 13,281,235 cosmetic minimally invasive procedures were performed in the United States, among which botulinum toxin remained the top procedure with 4.4 million procedures, followed by soft tissue filler (3.4 million) and Laser Skin Resurfacing (997,245).

Owing to the increasing increasing adoption of advanced laser-based skin treatments and increased awareness of aesthetics, photomedicine technology is increasingly being employed. Additionally, the advancements in technology and increasing product approvals, along with partnerships and collaborations by key players are helping in the market growth. For instance, in March 2022, Cynosure, a company focused on manufacturing and developing energy-based aesthetic and medical treatment systems, entered into a distribution partnership with Jeisys Medical KK in Japan. Under the terms of the agreement, Jeisys Medical will have exclusive distribution rights for key premier products within Cynosure's energy-based laser portfolio, including hair removal devices in Japan.

Furthermore, in January 2022, Homiley, a United States-based company, launched their at-home IPL laser hair removal to save women from razor bumps or ingrown hair. Such partnerships and launches are projected to contribute segment's growth.

Therefore, there is a growth in the hair removal segment of the studied market.

North America is Expected to Retain Largest Market Share During the Period of Forecast.

North America is expected to dominate the market owing to factors such as the rising incidence of cancer, increased use of lasers, the strong presence of industry players in the region, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the United States. Since photomedicine is used for treating cancerous diseases, the high burden of cancer is likely to augment the studied market in the region.

According to the American Cancer Society 2022 update, there are likely to be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States in 2022. The same source stated that the estimated new breast cancer cases are 290,560, lymphoma cases are 89,010, pancreas cancer is 62,210, colon cancer is 106,180, and rectum cases are 44,850 in the United States in 2022.

The advancements in technology and increasing product approvals, along with partnerships and collaborations by key players are helping in the market growth in the region. For instance, in December 2021 Amgen announced the United States Food and Drug Administration (FDA) approval of Otezla (apremilast) for treating adult patients with plaque psoriasis who are candidates for phototherapy or systemic therapy. Such approvals are likely to augment photomedicine usage in the region.

There are several organizations and companies which are increasingly focusing on coming up with innovative technologies in the market. In 2021, the Wellman Center for Photomedicine at Massachusetts General Hospital investigated the effects of light on human biology and discovering new diagnostic and therapeutic uses of light.​ This is likely to further fuel the market growth over the forecast period.

Competitive Landscape

The photomedicine technology market is consolidated due to the presence of a few companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known. Key players in the market include Sisram Medical Ltd (Alma Lasers), Beurer GmbH, Biolitec AG, Koninklijke Philips N.V., Lumenis, Photomedex, Inc., LUMIBIRD, Candela Medical, Thor Photomedicine Ltd, and Johnson & Johnson.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.