Market Size of Photomedicine Technology Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.54 Billion |
| Market Size (2029) | USD 6.64 Billion |
| CAGR (2024 - 2029) | 7.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Photomedicine Technology Market Analysis
The Photomedicine Technology Market size is estimated at USD 4.54 billion in 2024, and is expected to reach USD 6.64 billion by 2029, growing at a CAGR of 7.90% during the forecast period (2024-2029).
The COVID-19 pandemic adversely affected the treatment and diagnostics procedures initially, significantly impacting the studied market. However, the use of photomedicine for the treatment of COVID-19 patients was effective in increasing immunity, helping tissue repair, and reducing pro-inflammatory cytokines. For instance, in May 2022, Agencia FAPESP published a report stating that light-based therapies like photobiomodulation achieved good results in the rehabilitation of patients with post-COVID-19 complications. Thus, the significant effect of photomedicine on the rehabilitation of patients with post-COVID-19 complications is expected to positively affect the market over the forecast period.
The growth is attributed to the increasing adoption of advanced, laser-based treatments, raising awareness, and new product launches. According to the American Society for Aesthetic Plastic Surgery February 2022 update, the total number of surgical and non-surgical facial plastic surgery treatments increased significantly in 2021. Plastic surgeons carried out an additional 600 treatments per year on average than they did in the previous year, a 40% increase out of the projected 1.4 million surgical and non-surgical procedures in 2020. The demand for laser procedures increased by over 10% in 2021 compared to 2020. This indicated that lasers are gaining significant attention in the aesthetic industry, as plenty of procedures can be performed using lasers. Therefore, the increased demand for laser cosmetic procedures is likely to augment the photomedicine technology market's growth.
Rising awareness about non-invasive procedures, advancements in laser delivery procedures, and rising demand for lasers in different healthcare sectors are contributing to the expanding adoption of advanced laser-based therapies. For instance, in March 2021, B-Cure Laser launched a low-level laser therapy (LLLT) device in the United Kingdom, which helps chronic pain sufferers to relieve their pain. These launches are expected to fuel the growth of the photomedicine technology market during the forecast period.
However, safety issues related to photomedicine devices and the high cost of photomedicine procedures are likely to impede the market's growth.
Photomedicine Technology Industry Segmentation
As per the scope of the report, photomedicine is a branch of medicine that deals with the application of light with respect to health and disease. The report on the photomedicine technology market includes the range of products and services being used by (but not limited to) hospitals, clinics, organizations, and individuals for healthcare therapies.
The photomedicine technology market is segmented by application (aesthetics and dermatology, dental procedures, oncology, ophthalmology, pain management, wound healing, and other applications) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
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Photomedicine Technology Market Size Summary
The photomedicine technology market is poised for significant growth, driven by the increasing adoption of advanced laser-based treatments and rising awareness of non-invasive procedures. The market's expansion is further supported by new product launches and technological advancements, such as the introduction of low-level laser therapy devices for chronic pain relief. The demand for laser cosmetic procedures, including hair removal and skin treatments, is on the rise, contributing to the market's positive trajectory. Despite challenges like safety concerns and high procedure costs, the market is expected to benefit from the growing geriatric population and the effectiveness of photomedicine in treating conditions like post-COVID-19 complications.
North America is anticipated to experience substantial market growth due to the high incidence of cancer and the strong presence of industry players. The region's advanced healthcare infrastructure and increased awareness of photomedicine technologies further bolster market prospects. Key players, including Sisram Medical Ltd, Beurer GmbH, and Koninklijke Philips NV, are actively involved in launching innovative technologies and forming strategic partnerships to enhance market penetration. The competitive landscape is characterized by a few dominant companies, with ongoing research and development efforts aimed at expanding the therapeutic and diagnostic applications of light-based technologies.
Photomedicine Technology Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Adoption of Advanced Laser-based Treatments
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1.2.2 Increased Awareness of Aesthetics
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1.3 Market Restraints
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1.3.1 Safety Issues Related to Photomedicine Devices
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1.3.2 High Cost of Photomedicine Procedures
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Application
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2.1.1 Aesthetics and Dermatology
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2.1.1.1 Hair Removal
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2.1.1.2 Tattoo Removal
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2.1.1.3 Skin Resurfacing
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2.1.1.4 Other Aesthetics and Dermatology Applications
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2.1.2 Dental Procedure
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2.1.3 Oncology
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2.1.4 Ophthalmology
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2.1.5 Pain Management
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2.1.6 Wound Healing
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2.1.7 Other Applications
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2.2 By Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Australia
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2.2.3.5 South Korea
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2.2.3.6 Rest of Asia-Pacific
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2.2.4 Middle East and Africa
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2.2.4.1 GCC
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2.2.4.2 South Africa
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2.2.4.3 Rest of Middle East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Argentina
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2.2.5.3 Rest of South America
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Photomedicine Technology Market Size FAQs
How big is the Photomedicine Technology Market?
The Photomedicine Technology Market size is expected to reach USD 4.54 billion in 2024 and grow at a CAGR of 7.90% to reach USD 6.64 billion by 2029.
What is the current Photomedicine Technology Market size?
In 2024, the Photomedicine Technology Market size is expected to reach USD 4.54 billion.
