$ 712.91 Million by 2028 Market Size Leading Photomedicine Devices and Technologies by Photodynamic Therapy (5.3% CAGR) Coronavirus Outbreak Impact and Global Analysis and Forecast by TheInsightPartners.com

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Photomedicine devices and technologies market size will reach $ 712.91 million by 2028, from $ 497.40 million in 2021 to grow at a CAGR of 5.3% from 2021 to 2028; while the photodynamic therapy segment held the largest market share of 24.82% in 2021 and the market is driven by minimally invasive and non-invasive therapies.

New York, November 24, 2021 (GLOBE NEWSWIRE) – Based on our new research study on Photomedicine Devices and Technologies Market Size, Share, Revenue, Growth, Trends, Forecast to 2028 – COVID-19 Impact and Global Analysis by Technology (Photodynamic Therapy (PDT), Immuno-PDT (Photoimmune Therapies), Fluorescence Guided Surgery, Photodynamic Diagnosis, lasers, others); Application (dermatology, oncology, tattoo removal, hair removal, optical diagnostics, wound healing, skin resurfacing, neurology, gastroenterology, others) with COVID-19 impact and global analysis available at https://www.theinsightpartners.com/covid-analysis-sample/TIPMD00002381

Cover of the report

Details

Market size Value in

US $ 497.40 million in 2021

Market size Value per

$ 712.91 million by 2028

Rate of growth

CAGR of 5.3% from 2021 to 2028

Forecast period

2021-2028

Year of reference

2021

Number of pages

180

Number of tables

84

Number of graphs and figures

79

Historical data available

Yes

Covered segments

Technology, application and geography

Regional scope

North America; Europe; Asia Pacific; Latin America; AEM

Country Scope

United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Cover of the report

Revenue forecast, company ranking, competitive landscape, growth factors and trends

Photomedicine Devices and Technologies Market: Competitive Landscape and Key Developments
Alma Lasers, Beurer GmbH., Biolitec AG, Lumenis, Quantel Medical, THOR Photomedicine Ltd, Verilux Inc, Candela Medical, KONINKLIJKE PHILIPS NV and Iridex Corporation are among the leading companies operating in the market of photomedicine devices and technologies. These players are focused on expanding as well as diversifying their market presence and acquiring new customers, thereby exploiting existing business opportunities.

In November 2021, biolitec launched the website of the virtual fair www.biolitec-fair.com. Here, healthcare professionals can find relevant information about biolitec therapies in their area of ​​expertise.

In July 2021, Beurer GmbH announced the expansion of its medical device factory in Europe to tackle challenges caused by the pandemic such as insufficient availability of materials, production delays and supply bottlenecks. The expansion has helped the company to significantly increase its production in Europe.

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In May 2021, Lumenis announced the partnership with the British clinic Harrods Wellness Clinic to equip aesthetic clinics with Stellar M22. This partnership has allowed patients to seek extremely natural results in addition to cutting-edge technologies.

In March 2021, Iridex and Topcon announced a global collaboration that includes three main agreements: an exclusive distribution agreement, an asset purchase agreement and an equity financing agreement.

The wider applicability of photomedicine and increasing demand for minimally invasive and non-invasive therapies are driving the growth of the market for photomedicine devices and technologies. However, the strict regulatory framework of photomedicine technologies is hampering the growth of the market. On the other hand, the growing penetration of photomedicine in the treatment of cancer along with the continuous technological advancements in photomedicine are expected to provide significant growth opportunities for market players to capitalize and expand their customer base in Asia and Latin America.

In 2020, North America dominated the photomedicine devices and technologies market. The United States has the largest market share in this region. The growth of the market in the country is attributed to the increasing adoption of photomedicine devices and technologies and the increasing rates of cosmetic and aesthetic procedures across the country. According to Aesthetic Society data for 2019, 180,332 and 31,033 full-field laser and ablative hair removal (laser skin resurfacing) procedures were performed, respectively. Likewise, 2018 data from the American Society for Dermatology Surgery (ASDS) showed approximately 76% growth in cosmetic procedures by ASDS members from 2012 to 2018. In addition, 9 million procedures were performed in 2018, which is an increase of 7% over 2017. Due to the above mentioned factors, it is expected that the market growth is expected to continue significantly during the forecast period.

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Wider Applicability of Photomedicine Devices and Technologies to Drive Market Growth Over the Forecast Period:
At present, photomedicine is widely used in several medical applications such as diagnosis, therapy and surgical procedures. Photomedicine involves the use of photons in medicine to image or treat a medical condition. Photomedicine is an interdisciplinary field, and therefore it has wide applications. It applies to several branches of medicine, including surgery, radiology, oncology, diagnostics, dermatology, ophthalmology, dentistry, pain management and wound healing.

The market for photomedicine devices and technologies is also driven by the increase in adoption of minimally invasive procedures due to the involvement of tiny incisions, faster patient recovery and less patient discomfort. . Plus, photomedicine procedures offer benefits such as less pain; less trauma to muscles, nerves, tissues and organs; less bleeding and scarring; and minimal tissue injury.

According to the American Society of Plastic Surgeons, in 2020, more than 15.6 million minimally invasive cosmetic procedures were performed in the United States. A total of 13,281,235 minimally invasive cosmetic procedures were performed in 2020. In the top 5 minimally invasive cosmetic procedures, Intense Pulsed Light (IPL) treatment replaced laser hair removal treatment recording more of 827,000 IPL procedures carried out in 2020.

Photomedicine Devices and Technologies Market: Segment Overview
The technology-based photomedicine devices and technologies market is segmented into photodynamic therapy (PDT), immuno-PDT (photoimmune therapies), fluorescence-guided surgery, photodynamic diagnostics, photobiomodulation (laser lights), and other technologies. The photodynamic therapy segment held the largest share of 24.82% of the market in 2021. On the basis of application, the photomedicine devices and technologies market is segmented into Aesthetics & Dermatology, Oncology, Ophthalmology, Neurology, pain management, wound healing and other applications. The Aesthetics and Dermatology segment market is further segmented into hair removal, tattoo removal, skin resurfacing and other applications. The Aesthetics and Dermatology segment held the largest market share in 2021, and the same segment is expected to register the highest market CAGR during the forecast period.

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The COVID-19 pandemic has had a negative impact on countries in North America, such as the United States and Canada. The disease has led to a chaotic situation in the medical industry across the region, and the demand for diagnostic and therapeutic devices, such as ventilators, respirators, and in vitro diagnostic (IVD) tests, has increased dramatically in hospitals. The demand for personal protection kits has also increased significantly. The FDA has stepped up its efforts to keep people healthy and has implemented several guidelines for hospitals and medical device companies. Various companies have also stepped up their research and development activities for diagnostic tests and therapeutic devices. Thus, the redirected efforts of healthcare players, due to increased demands in other categories, have considerably hampered the performance of the photomedicine devices and technologies market.

Key Questions to Ask for Photomedicine Devices and Technologies Market:

  • What is photomedicine?

  • What are the driving factors behind the photomedicine devices and technologies market across the globe?

  • What technology has dominated the market for photomedicine devices and technologies?

  • Which application had the largest share of the photomedicine devices and technologies market?

  • Who are the key players in the photomedicine devices and technologies market?

  • What is the regional market scenario for Photomedicine and Diagnostic Devices?

About Us:
The Insight Partners is the industry’s unique research provider for actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors & Electronics, Aerospace & Defense, Automotive & Transportation, Biotechnology, Health Informatics, Manufacturing & Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.

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