Photomedicine is a medical specialty that uses light for disease detection, diagnosis, and treatment. Examples of photonic devices include fluorescent lighting, lasers, and light-emitting diodes. In addition to using light for therapeutic purposes, photomedicine is concerned with illnesses and disorders linked to light. The use of photomedicine devices and technologies is expanding in diagnosing and treating heart diseases, various infections, and cancer due to their benefits, such as effective light penetration enabling enhanced visualization, which speeds up the diagnostic process. One can use photomedicine to treat several conditions, including alopecia, cancer, psoriasis, seasonal affective disorder, and other circadian rhythm issues. X-ray, MRI, and PET imaging techniques are a few imaging methods employed in diagnostic photomedicine.
The market for photomedicine technology is now growing for various reasons, including the rising acceptance of more effective laser-based therapies and an increase in aesthetic consciousness. Nevertheless, the sector is expected to be restricted by worries about the security of photomedicine technology and the high price of photomedicine procedures. Photomedicine has wholly altered the way that diseases are diagnosed and treated today. The demand for med-aesthetic procedures, including skin rejuvenation, acne phototherapy, and unwanted hair removal, is expected to increase, which will be advantageous for the current industry. The development of technologically advanced products, the rise in demand for less invasive cosmetic operations, and the availability of contemporary body contouring technology are additional essential factors driving the market's growth.
Rapid technological breakthroughs in lasers have allowed them to be utilized safely and efficiently in surgical settings, aesthetic operations, ophthalmology, oncology, cardiology, and many other biomedical applications, which has led to a growth in the market. Moreover, advantages including efficiency, safety, and precision are driving forces in the development of lasers. The market for photomedicine technology is expanding because medical lasers in surgical applications are more precise than conventional surgical scalpels and injure surrounding tissue less. Market participants are offering the newest laser therapy technology. To promote patient health by enhancing the efficacy of their therapies, medical professionals are utilizing an expanding number of contemporary products as they become available on the market.
The use of lasers for aesthetic operations has grown in popularity across the globe. This is mainly caused by individuals emphasizing appearance and changes made to procedures that result in better outcomes. For instance, data from the American Society of Plastic Surgeons shows that roughly 1,055,456 laser-based hair removal procedures were performed in the United States in 2019. Consequently, more laser procedures have been performed in the US, which is predicted to accelerate the growth of the photomedicine technology market in the following years. In addition, market players have been motivated by technological advancements to launch cutting-edge goods that promote healthy skin. For instance, in 2019, Belle51 unveiled its Soley laser-based technology. It can quickly remove stretch marks, acne scars, unwanted moles, dark spots, and melasma at home. Such product launches will continue to fuel market expansion over the anticipated term.
The advancements in photo dermatology are driving technological innovations in photomedicine. Innovation in photomedicine technology has many potential applications, from treating severe sunburn to aggressive skin cancer. This is because photomedicine technology is used to understand the skin's immune system and determine how UV exposure impacts the design. These research projects have opened up new opportunities for proponents of phototherapy in the medical field. In recent years, photomedicine technologies have demonstrated significant promise in recognizing, diagnosing, and treating various diseases. Due to the growing use of nanoscience and the development of different innovative nanoparticles, the field of photomedicine therapy is growing. The most promising areas for photomedicine technology are surgery, dermatology, cardiology, and oncology.
North America will command the leading market share, expanding at a CAGR of 8.2% over the forecast period. The United States dominates the market for photomedicine technology in the region. The growing usage of photomedicine equipment and technology and the increased acceptance of cosmetic and aesthetic procedures across the nation contribute to the country's market expansion. The rising approval of cutting-edge cancer treatment techniques and the rise in new product launches are expected to drive the market for photomedicine technology in the United States. According to GLOBACAN, there were 2,129,118 new cancer cases and 616,714 cancer-related deaths in the United States in 2018. In terms of newly diagnosed instances of cancer in 2018, the breast, lung, prostate, colon, and bladder were the front five. Consequently, it is projected that the market for photomedicine technology will grow as cancer incidence rates rise.
Europe is expected to hold USD 3,278 million, growing at a CAGR of 8.1% over the forecast period. Due to the increased use of photomedicine and the demand for less invasive and noninvasive therapies, the market for photomedicine equipment and technology is growing. However, market participants in Europe are predicted to have a significant potential for growth due to the growing use of photomedicine in the treatment of cancer and ongoing technological breakthroughs in the area. In addition, phototherapy is increasingly used to treat skin cancers. GLOBOCAN 2018 reports that there were 455,618 new cancer diagnoses and 182,372 cancer-related deaths in France. The increased prevalence of cancer is expected to fuel the market for photomedicine technology.