The global photomedicine market was valued at $2,750 million in 2015, and is projected to reach $5,511 million by 2022, growing at a CAGR of 10.3% from 2016 to 2022. In photomedicine, light is emitted at specific frequencies with the help of different technologies such as laser, dichromatic lamps, and light emitting diodes. Proper penetration of light at target areas and at specific frequencies help to alter the cellular and molecular mechanism of the tissue and help in treatment of different diseases. These devices are used for diagnostic and therapeutic purposes for different fields such as pain management, wound healing, dental procedures, and oncology. Furthermore, photomedicine devices are also increasingly being used for different aesthetic procedures such as tattoo removal and skin resurfacing purposes.
Global Photomedicine Market Segmentation
The report analyzes the photomedicine market into three segments-technology, applications, and geography. Based on technology, it is classified into lasers, polychromatic polarized light, full spectrum light, dichroic lamps, light emitting diodes, and fluorescent lamps. Based on applications, it is segmented into dermatology, pain management, oncology, ophthalmology, wound healing, dental procedures, aesthetics, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The photomedicine market is growing at a significant pace due to the high demand for minimally invasive aesthetic technology, especially in developing countries. This has led to the innovation of different photomedicine technology that can help to provide the treatment without leaving any visible scar and is less time-consuming than the conventional methods. For instance, on November 2016, Biolitec developed an efficient, versatile, multifunctional, and compact laser called Leonardo Mini. This laser is available in two forms-with one and two wavelengths. It can be used for the treatment of hemorrhoids, fistulas, gynecological diseases, and venous diseases.
The key players profiled in this report include Abbott Laboratories, Alma Lasers Ltd., Angiodynamics, Inc., Biolitec AG, Colorado Skin and Vein, Koninklijke Philips N.V., Lumenis Ltd., PhotoMedex, Inc., Syneron Medical Ltd., and Thor Photomedicine Ltd.
There are other players in the photomedicine market, which include QBMI Photomedicine, The Spectranetics Corporation, IRIDEX Corporation, Solarc Systems, Inc., Atom Medical Corporation, and Phoenix Medical Systems.
Global Photomedicine Market Revenue, By Geography
Fig 1 Global Photomedicine Revenue By Geography
Asia-Pacific possesses high market potential for growth of photomedicine market due to improved healthcare infrastructure and healthcare expenditures, increase in prevalence of diseases, and growth in awareness among people about their skin. The high potential for cost-savings on medical procedures in Asian Countries such as Singapore and Thailand will also boost the market growth in this region.
Saudi Arabia Global Photomedicine Market, 2014-2022 ($Million)
Saudi Arabia photomedicine market is projected to grow at a high CAGR of 12.9% during the forecast period.
Key Benefits for Stakeholders
- The report provides an extensive analysis of the current trends and highlights the market potential from 2014 to 2022, in terms of value.
- The market scenario is comprehensively analyzed with respect to the product technology and application.
- Comprehensive analysis of the patents is provided to determine the prevailing opportunities.
- Recent developments, key manufacturers, and market shares are listed in this report to analyze the competitive scenario of the market.
- In-depth analysis of the market based on geography gives an understanding of the regional market, which assists in strategic business planning.
Photomedicine Market Key Segments
The global photomedicine market segmentation is explained below:
- Polychromatic Polarized Light
- Full Spectrum Light
- Dichroic Lamps
- Light Emitting Diodes
- Fluorescent Lamps
- Pain Management
- Wound Healing
- Dental Procedures
- Aesthetics Procedures
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA