Photomedicine Market Expected to Reach $7.5 Billion by 2030

The “Photomedicine Market," size was valued at $4,047.64 million in 2020, and is estimated to reach $7.5 Billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.

Photomedicine is the branch of medicine that involves the study of light and its application in the treatment and diagnosis of diseases. Different photomedicine technologies, such as laser, fluorescent lamps, and polychromatic polarized light are used for various diagnostic and therapeutic purposes. In photomedicine, light at specific wavelength is used for therapeutic purposes in different fields, such as ophthalmology, dermatology, and oncology. In addition, these technologies are also used for various aesthetic purposes, such as hair and tattoo removal.

The growth of the photomedicine market size is majorly driven by rise in consumer awareness for younger looking skin and consumer awareness for aesthetic enhancement, thus increasing the demand for non-surgical and minimally invasive procedures for younger looking skin. Skin resurfacing, anti-wrinkle and fine line reduction treatments, acne therapy, and laser procedures are all provided under the supervision of certified doctors, cosmetologists, and dermatologist. All of these therapies are cosmetic in nature, with the goal of rejuvenating or improving an individual's appearance. Rise in treatments for laser hair removal and laser skin tightening and technological advancement in photomedicine, especially the laser technology, boost the market growth.

Furthermore, according to the American Society of Plastic Surgeons (ASPS) report in 2020, 15.6 million of cosmetic procedures were performed in the U.S., among which there were 2.3 million cosmetic surgical procedures and 13.2 million cosmetic minimally-invasive procedures. In addition, approximately $16.7 billion were spent on cosmetic procedures in the U.S. Thus, rise in aesthetic procedures is expected to significantly drive the growth of the market.

Moreover, rise in the cases of psoriasis, eczema, vitiligo, and acne further increases the demand for photomedicine-based therapies. Surge in ophthalmological problems due to rise in screen time is also one of the major factors that drives the market. However, availability of alternative methods for the treatment of diseases and product safety issues of photomedicine devices are expected to restrain the photomedicine market growth of the market. Conversely, high market potential in the untapped emerging economies, rise in various developmental strategies, among the key players, and development of pipeline products are expected to provide many opportunities for market growth during the forecast period.

By technology, the market is segmented into lasers, polychromatic polarized light, full spectrum light, dichroic lamps, light emitting diodes, and fluorescent lamps. The lasers segment generated maximum revenue in 2020, accounting for largest share throughout the forecast period and is expected to witness highest CAGR of 7.3% during the forecast period.

By application, the photomedicine industry is segmented into dermatology, pain management, oncology, ophthalmology, wound healing, dental procedures, aesthetics, and others. The aesthetics segment generated maximum revenue in 2020, accounting for largest photomedicine market share in 2020 and throughout the forecast period. The aesthetics segment is expected to witness highest CAGR of 9.5% during the forecast period.

North America exhibited the global photomedicine market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to better healthcare infrastructure and facilities, surge in the number of aesthetic enhancement procedures, adoption of technologically advanced treatments and presence of key players. However, Asia-Pacific photomedicine market forecast is anticipated to witness notable growth, owing to its increase in disposable incomes, surge in healthcare expenditure, various developmental activities, and rise in number of facilities offering such services. 

KEY FINDINGS OF THE STUDY

• By technology, the lasers segment was the highest contributor to the photomedicine industry in 2020.
• By application, the ophthalmology segment was the highest contributor to the market in 2020
• Region-wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.