The global Photomedicine Market is estimated to be valued at Us$ 3.6 Bn in 2023 and is expected to exhibit a CAGR Of 11% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Photomedicine involves the application of various light-based technologies to prevent and treat different medical conditions. Photomedicine uses light to diagnose as well as treat various dermatological diseases like psoriasis, vitiligo and acne. It offers non-invasive and minimally invasive treatment options.
Market key trends:
One of the key trends in the photomedicine market is the increasing adoption of Telemedicine. Telemedicine involves using telecommunication and digital information technologies to provide clinical health care at a distance. It overcomes geographical barriers and provides services to remote areas. With the COVID-19 pandemic pushing more healthcare services online, the adoption of telemedicine has increased significantly which is fueling the growth of the photomedicine market. The convenience and affordability of telemedicine for photomedicinal treatments related to dermatology is leading to higher demand.
Segment Analysis
The global photomedicine market is segmented by application into aesthetic, dental, oncology, ophthalmology, and other applications. The aesthetic application segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to the growing demand for non-invasive aesthetic procedures among individuals for skin rejuvenation, body contouring, and hair removal. Furthermore, increasing adoption of laser and light-based devices for aesthetic treatments is also supporting the growth of the segment.
Key Takeaways
The Global Photomedicine Market Demand is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period (2023-2030), due to the increasing prevalence of skin diseases, cancer and rising cases of vision impairment across major regions.
North America dominated the photomedicine market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to the growing prevalence of skin diseases, cancers and technological advancements in the region.
The Asia Pacific region is anticipated to be the fastest growing market for photomedicine during the forecast period. This is owing to rising medical tourism, growing healthcare expenditure and increasing patient pool in developing Asia Pacific countries.
Key players operating in the photomedicine market are Lumenis, Alma Lasers, THOR Photomedicine, PhotoMedex, Syneron, Galderma, Candela, Beiersdorf, IRIDEX Corporation, and Quantel Laser. Major players are focusing on new product launches, partnerships and acquisitions to strengthen their market position and expand their presence across various geographies.
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