The global photomedicine market is anticipated to grow at a significant CAGR of 7% during the forecast period. The photomedicine market is growing significantly due to enhancement in medical aesthetic technologies, growing investment and funding in R&D for photomedicine, and increasing adoption of minimally invasive procedures. Photomedicine is a branch of medicine that involves the treatment and diagnosis of diseases and other health-related disorders by using photobiology and light. Photomedicine has applications in the treatment and diagnosis of cancer, heart diseases, and various infections. The treatment is performed by exposing the individual to light with specific wavelengths through lasers, full-spectrum light, light-emitting diodes, fluorescent lamps, dichroic lamps, and polychromatic polarized light. The safety issues associated with photomedicine devices and the availability of several other alternative procedures are projected to hamper the market growth. 

Impact of COVID-19 Pandemic on Global Photomedicine Market

COVID-19 has negatively impacted the market owing to restrictions on manufacturing and transportation of healthcare essentials and among others. Moreover, people in fear of getting attacked by COVID-19 have stopped visiting for their treatments. Several procedures such as aesthetic procedures, dental procedures, dermatological treatments, and other photomedicine-based therapies that in turn decreased significantly during the COVID-19. Moreover, in the meanwhile, all the nonessential procedures were stopped due to the rapid increase in COVID-19 cases.

Segmental Outlook 

The global photomedicine market is segmented on the basis of application and technology. Based on the application, the market is segmented into dermatology, ophthalmology, dentistry, oncology, wound healing, and others. Based on technology, the market is segmented into the laser, bioptron light therapy, full-spectrum light, dichroic lamps, light-emitting diodes &fluorescent lamps, and polychromatic polarized light. Among the applications segment, the dermatology segment contributes a significant share of the photomedicine market. The technology is widely used for different aesthetic purposes, such as tattoo removal and hair. Moreover, the increasing adoption of minimally invasive technology and a growing obsession with physical appearance across the globe are some other factors that augment the demand for photomedicine in dermatology applications. The use of photomedicine devices is enhancing the treatment of cancer diagnosis and heart diseases. 

Global Photomedicine Market Share by Technology, 2021 (%)

The Laser Technology  Segment is Dominating the Global Photomedicine Market

Among technologies used in photomedicine, laser technology is significantly used in the photomedicine market. This is owing to the successful application of photomedicine in cancer treatment and R&D is being carried out to explore its application across several other medical areas. In the field of oncology, laser technology has gained milestone achievements and encouraged institutions for research. Moreover, the appropriate penetration of light and specific frequencies of laser further develops its application in treating infectious diseases. 

Regional Outlooks

The global photomedicine market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East &Africa, and Latin America. North America held a significant share, in terms of revenue, in the global photomedicine market. This is due to the large buying power of the customer; reimbursement policies and a growing number of cosmetic surgeries in the US.  Moreover, the adoption of photomedicine in the diagnosis and treatment of cancer and surgical procedures is growing, owing to a higher rate of research undertaking and exploring this area of medicine. 

Global Photomedicine Market Growth, by Region 2022-2028

The Asia Pacific Region is Fastest Growing in the Global Photomedicine Market

Asia-Pacific is projected to exhibit considerable growth in the global photomedicine market during the forecast period. This is mainly due to an increase in disposable income, rising healthcare expenditure, and greater potential for cost-saving on aesthetic processes in countries, such as Malaysia and Singapore. This, in turn, leads to the growth of medical tourism in these economies, that propels the market growth in Asia-Pacific. Moreover, the region's high aging population base and the development of a high number of facilities that offered varied medical treatments are factors that drive the region's growth.

Market Players Outlook

The competitive landscape includes key strategies of leading players, recent developments, and key company analysis. The major players that contribute to the growth of the market include Alma Lasers GmbH, BIOLASE, Inc., biolitecAG, Bright Medicine, Koninklijke Philips N.V., NinePoint Medical, Inc., Lumenis Ltd., Quantel Medical, and THOR Photomedicine Ltd.,  and others., and many others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new Deployment launches, to stay competitive in the market. For instance, in July 2020, Aspen Laser Systems, LLC, has launched Apex Laser Series, which is designed to enhance and optimize photobiomodulation or laser therapy treatments. It features three therapeutic wavelengths: 810nm, 980nm, and 1064nm it allows healthcare practitioners a new and effective clinical tool to deliver optimal outcomes.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global photomedicine market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.