According to a new report published by Allied Market Research, titled, "Photomedicine Market by Technology, Application, and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022," the photomedicine market accounted for $2,750 million in 2015 and is anticipated to reach $5,512 million by 2022, registering a CAGR of 10.3% during the forecast period, 2014-2022.
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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.
Increased awareness related to beauty and physical appearance among the youth, augmented R&D investment on photomedicine, and advancement in technology are anticipated to boost the market growth. The rise in the prevalence of various skin diseases such as psoriasis and acnes and eye diseases such as dry eyes and other vision problems will positively impact the market growth. The increase in incidence of neonatal jaundice and increase in awareness about the benefits of photomedicine also fuel the market growth. However, safety issues related to photomedicine devices and competition from alternative treatment methods are anticipated to hinder the market growth.
Aesthetic procedures segment is expected to be the fastest growing segment throughout the analysis period. It accounted for almost one-third of the total share of the market in 2015, owing to growing adoption of minimally invasive aesthetic technology and increasing awareness of physical appearance.
In 2015, North America had the maximum contribution in the photomedicine segment accounting for 36% of the share in the total revenue generated that year. High buying power of the customers, favorable reimbursement policies, and increase in number of cosmetic surgeries in the U.S. largely contribute toward the growth of this region. Asia-Pacific region observes fast paced growth in the photomedicine market registering a CAGR of 11.4%. Rise in disposable income, increase in healthcare expenditure and high potential for cost-savings on aesthetic procedures in Asian countries such as Singapore and Malaysia as compared to U.S. are the main reason for the growth of photomedicine market in the Asia-Pacific region.
Key findings of the Photomedicine Market
- Light emitting diodes segment is projected to be the fastest growing segment during the analysis period.
- Laser technology generated the highest revenue and is expected to continue its dominance throughout the forecast period.
- North America dominated global animal therapeutics and diagnostics market and projected to grow at a CAGR of 9.9%.
- Opthalmology segment occupied nearly one-third of the total market in 2015.
- China is the fastest growing country in Asia-Pacific region, registering a CAGR of 13.9% from 2016 to 2022.
The major companies profiled in the report provide extensive competitive analysis and profiles of key market players including 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.