The global photomedicine technology market size was worth USD 5.2 billion in 2021. It is expected to reach USD 9.7 billion by 2030, growing at a CAGR of 8.15% during the forecast period (2022–2030). Photomedicine is a medical discipline that uses light to detect, diagnose, and treat disease. Fluorescent lights, lasers, and light-emitting diodes are examples of photonic devices. Photomedicine is concerned with diseases and disorders connected to the light in addition to the therapeutic use of light. Due to the associated benefits, such as effective light penetration enabling enhanced visualization, which speeds up the diagnostic process, photomedicine devices and technologies are growing in treating heart diseases, various infections, and cancer diagnosis and treatment. Alopecia, cancer, psoriasis, seasonal affective disorder, and other circadian rhythm problems are just a few of the illnesses that can be treated using photomedicine. Light is used in diagnostic photomedicine for several imaging techniques, including X-ray, MRI, and PET.
The photomedicine technology market is expanding due to several causes, including the increased popularity of improved laser-based therapies and rising aesthetic awareness. However, the industry is predicted to be hampered by concerns regarding the safety of photomedicine equipment and the high cost of photomedicine operations. The conventional approaches to disease diagnosis and treatment have been revolutionized by photomedicine. It is projected that the present market will benefit from the rising demand for med-aesthetic therapies such as skin rejuvenation, acne phototherapy, and undesired hair removal. Furthermore, the development of technologically sophisticated goods, the rise in demand for minimally invasive cosmetic procedures, and the accessibility of modern body contouring equipment are significant driving forces behind the market's expansion.
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Growing Laser-Based Treatments
The market is growing due to the rapid technological advancements in lasers that have allowed them to be used safely and effectively in surgical settings, aesthetic procedures, ophthalmology, oncology, cardiology, and many other biomedical applications. Moreover, the development of lasers is fueled by factors such as effectiveness, safety, and precision. Medical lasers are more accurate than traditional surgical scalpels in surgical applications, causing less harm to surround tissue and driving the growth of the photomedicine technology market. The market participants are introducing the most recent laser therapy technology. Medical practitioners are using more everyday items as they become available on the need to improve patient health by increasing the effectiveness of their treatments.
There has been an increase in the popularity of laser-based aesthetic procedures worldwide. This is primarily due to people emphasizing looks and improved methods that produce better results. For instance, according to data from the American Society of Plastic Surgeons, approximately 1,055,456 laser-based hair removal treatments were carried out in the United States in 2019. As a result, more laser operations have been performed in the United States, which is anticipated to stimulate the photomedicine technology market expansion in the coming years. Additionally, market participants have been inspired by technology breakthroughs to introduce cutting-edge products that support healthy skin. For instance, Belle51 introduced its laser-based Soley device in 2019. It is intended for home use and may be used to easily erase stretch marks, acne scars, undesirable moles, dark spots, and melasma. During the anticipated term, it is expected that such product introductions will continue to fuel market expansion.
Although photomedicine technologies have made significant strides in development, safety concerns still limit market expansion. Lasers can cause infections, burns, eye damage, scarring, and dyspigmentation. Lasers that emit a continuous beam provide a greater danger of burns. Scarring during laser surgery may result from burns sustained during treatment, aberrant wound healing, or secondary infections. Furthermore, lasers employed in treating vascular lesions, pigmented lesions, and laser hair removal can burn the surrounding tissue and leave scars. Additionally, scarring may result from postoperative cutaneous infections. Additionally, individuals with darker skin who undergo laser treatments run a higher risk of developing dyspigmentation, which is also anticipated to slow the market's expansion for photomedicine technology.
Advancements in Photo-dermatology and Deployment of Nanoscience
Improvements in photo dermatology propel technological developments in photomedicine. The market for photomedicine technology has a broad possibility for innovation, covering everything from treating severe sunburn to aggressive skin cancer. This is due to the use of photomedicine technology to comprehend the skin immune system and assess how UV exposure affects the system. Indicatively, such initiatives by researchers have created prospective horizons for phototherapy advocates in the healthcare industry. Aside from this, photomedicine technologies have shown considerable promise in recent years for identifying, diagnosing, and treating various ailments. The field of photomedicine therapy is expanding due to the increasing use of nanoscience and the appearance of several novel nanoparticles. Surgery, dermatology, cardiology, and oncology are a few of the markets for photomedicine technology's most potential application fields.
The global photomedicine technology market is classified based on technology, application, and region.
Technology-wise, the global photomedicine technology market comprises Photodynamic Therapy, Photo-immune Therapy, Fluorescence-guided Surgery, Photodynamic Diagnosis, Lasers, and Others.
The Photodynamic Therapy section is projected to advance significantly and hold the largest market share over the forecast period. With the development and use of novel photosensitizing chemicals and light source technologies, photodynamic therapy (PDT) as a medical treatment for malignancies is becoming increasingly common in clinical settings. PDT involves administering photosensitizing medications to patients and exposing them to light with a directed energy device to produce a therapeutic effect. PDT providers should be aware of any possible occupational health and safety risks created by the treatment equipment and photosensitizing medications given to patients. PDT has been widely used to treat dermatological conditions such as actinic keratosis, non-melanoma skin cancer, and cutaneous lesions.
Application-wise, the global photomedicine technology market comprises Aesthetics & Dermatology, Dental Procedures, Oncology, Ophthalmology, Pain Management, and Wound Healing.
The Aesthetics & Dermatology section is projected to advance at a CAGR of 8.52% and hold the largest market share over the forecast period. Light energy is used in photomedicine to treat several dermatological and aesthetic disorders. The segment is further bifurcated as hair removal, tattoo removal, skin resurfacing, and other aesthetics & dermatology applications. The hair removal segment holds the most significant share. Hair is being destroyed with the use of specific wavelengths of light. Melanin is present in the hair shaft and serves as a target. When the hair shaft absorbs the light, it is converted to heat. The heat is then transported down the hair shaft and is used to cure the hair. One issue everyone has dealt with at some point is getting rid of undesirable body hair. Dermatologists and aesthetic physicians have provided patients with treatments that have stood the test of time since the invention of laser light and energy-based devices for removing unwanted hair, which has caused a significant increase in the market for photomedicine technology.
The Ophthalmology section will hold the second-largest market share. In ophthalmology, lasers can be used for both therapeutic and diagnostic purposes. Diagnostic procedures have used laser technology, including examining the optic nerve head with a Confocal Scanning Laser Ophthalmoscope, among others. Lasers have been used in therapeutic operations such as phototherapeutic keratectomy (PTK) to eliminate surface imperfections, minor corneal opacities, and refractive error correction procedures like LASIK epi-LASIK, LASEK, and PRK. Lasers also help with cataract procedures and treat glaucoma and other conditions. The prevalence of ophthalmological illnesses is rising, along with the number of new products released and technological improvements driving the segment's expansion.
North America Surpasses the Rest of the World
Region-wise, the global photomedicine technology market is analyzed across North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
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North America will command the leading market share, expanding at a CAGR of 8.2% over the forecast period. The US holds the most significant share in the region. The expansion of the US market is correlated with the increasing usage of photomedicine techniques and the popularization of cosmetic and aesthetic procedures. The market for photomedicine technology is anticipated to grow in the US due to the expanding acceptance of cutting-edge cancer treatment methods and the rise in new product launches. GLOBACAN reports that in the US in 2018, there were 616,714 cancer-related deaths and 2,129,118 new cancer cases. The breast, lung, prostate, colon, and bladder were the first five malignancies diagnosed in recent instances. Consequently, the rising cancer prevalence is anticipated to boost the market for photomedicine technology.
Similarly, according to data from the American Society for Dermatology Surgery (ASDS), the number of cosmetic treatments performed on ASDS members increased by 76% between 2012 and 2018. A 7% increase from 2017 was also seen in the number of procedures, which grew to 9 million in 2018. This suggests that the photomedicine technology market will continue to rise significantly. Additionally, supported by government initiatives, robust research frameworks on various phototherapy modalities in the United States and Canada have enabled companies to introduce innovative photomedicine technology for several ailments, including skin cancer. Device manufacturers in the regional market now have more opportunities because of the increasing clinical potential of laser-based targeted therapies in individualized treatments.
Europe is expected to hold USD 3,278 million, growing at a CAGR of 8.1% over the forecast period. The market for photomedicine equipment and technology is expanding due to the developed applications of photomedicine, along with the growing need for minimally noninvasive and invasive treatments. On the other hand, the market participants in Europe are anticipated to have many growth possibilities due to the increasing use of photomedicine in treating cancer and ongoing technological advancements in the field. Additionally, phototherapy is being used more frequently to treat skin malignancies. According to GLOBOCAN 2018, there were 182,372 cancer-related deaths and 455,618 new cancer diagnoses in France in 2018.
The market for photomedicine technology is also anticipated to be driven by the rising cancer incidence. A contract to purchase the laser and ultrasound business of Ellex Medical Lasers Limited was signed by LUMIBIRD in December 2019. These partnerships should help the region's photomedicine technology market grow. Owing to the rising prevalence of cancers and the widespread use of laser-based therapies for medical and cosmetic procedures, the market for photomedicine technology is predicted to experience rapid expansion.