Global Photomedicine Market size was valued at US$ 2.6 Bn in 2017 and is expected to reach US$ 5.1 Bn by 2026 to exhibit a CAGR of 8.79 % during a forecast period.
Photomedicine is an interdisciplinary branch of medication that includes the treatment, study and conclusion of light with respect to health and disease. In photomedicine, light at a specific wavelength is used for therapeutic purposes in various fields such as ophthalmology, dermatology, and oncology.
Photomedicine operations are more accurate than other manual surgeries, thus, it is boosting the growth of the market. Rising cosmetic surgeries for aesthetics, rising occurrences of skin diseases, and its treatment through laser are some of the major driving factors of the market. Increasing awareness of physical appearance among the young, increased research and development venture on photomedicine as well as progression in innovation are expected to help the development of the global photomedicine market.
The growth in frequency of neonatal jaundice and a growing consciousness about the advantages of photomedicine additionally boost the growth of the market. However, the rise in the predominance of different skin infections such as psoriasis & acnes and eye ailments, like dry eyes & other vision issues will definitely disturb the market growth. Available another treatment as well as safety concerns also hinder the growth of the photomedicine market.
Light emitting diodes segment is estimated to be the fastest growing segment during the analysis period. Light is useful in different therapeutic fields such as dermatology, oncology, cardiology, surgery, and optical diagnostics. The use of photomedicine devices is expanding especially in the treatment of heart diseases. Full spectrum light is used in various applications like surgery, dermatology, cardiology, oncology, and optical diagnostics. Dichroic lamps are expected to more popular in a few years, due to their growing medical application, such as their large use in illuminating the organs during endoscopy.
Ophthalmology application segment is occupied nearly one-third of the total market and show lucrative growth in the near future, due to the growing global cancer incidence as well as government funding related to cancer research. Furthermore, the introduction of various photomedicine technologies in cancer treatment like photodynamic therapy (PDT), immuno PDT, and fluorescence-guided surgery are expected to boost the ophthalmology segment during the forecast the period.
North America is anticipated to hold the largest 36% shares in the photomedicine market, owing to the regions essential nature of adopting advanced technologies in healthcare in their initial stage. High buying power of the consumers, favorable reimbursement policies, and rise in the number of cosmetic surgeries in the U.S. mainly contribute toward the growth of this region. The presence of large numbers of market players present in this region supporting R&D activities is one of the main factors driving the growth of the global photomedicine market in North America.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global photomedicine market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER's analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to an emerging segment in the global photomedicine market.
Scope of Global Photomedicine Market:
Global Photomedicine Market, By Technology:
• Fluorescent Lamps
• Full Spectrum Light
• Light Emitting Diodes
• Lasers
• Dichroic Lamps
• Polychromatic Polarized Light
Global Photomedicine Market, By Application:
• Ophthalmology
• Surgical procedures
• Oncology
• Other
Global Photomedicine Market, By Region:
• North America
• Europe
• Middle East & Africa
• Asia Pacific
• South America
The Key Players Operating In the Global Photomedicine Market:
• Koninklijke Philips
• Lumie
• Verilux
• Aura Daylight
• Chromogenex
• Compass Health Brands
• Deka Laser Technologies
• Demyk Lightmod Products
• Alma Lasers
• Syneron Medical Ltd.
• IRIDEX Corporation
• Pfizer Inc.
• Spectranetics
• AngioDynamics.
• Medical Optics Inc.
• Novartis
• Philips
• Lumenis Ltd
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