Photomedicine Devices Market Report

Market Insights

The global photomedicine devices market was estimated at US$ 500 million in 2021 and is expected to grow at a CAGR of 5.3% during 2022-2028 to reach US$ 750 million by 2028.

Want to know more about the market scope: 

Photomedicine is the branch of medicine that utilizes photobiology and light for the treatment of a variety of diseases. The technologies used in the treatment include dichroic lamps, lasers, polychromatic polarized light, full-spectrum, light-emitting diodes, and fluorescent lamps. These devices find applications in the treatment of a variety of heart diseases, infections, cancer treatment, etc. Apart from that, these devices are also used to carry out a variety of medical aesthetic procedures, namely acne phototherapy, skin rejuvenation, unwanted hair removal, etc. The growing knowledge about the benefits of photomedicine will primarily drive the demand for photomedicine devices. Additionally, other factors like the launch of new robust technologies, upscaling demand for minimally invasive surgeries, and high awareness related to advanced body contouring devices will boost the market growth.

Key Players

Various industry players are analyzed in the global photomedicine devices report. As per the report, the market is moderately competitive and witnessing constant technological advancements. Small and mid-sized companies emphasize increasing revenue growth and expanding their global reach. Meanwhile, key industry players in photomedicine devices are focusing on competitive strategies, including product launches, expansion, research & development activities, etc. Key players analyzed in the photomedicine devices market include:

• BPEA (Hong Kong)
• Angiodynamics (U.S)
• Apax Partners (U.K)
• Hong Kong Science & Technology Parks Corporation (Hong Kong)
• Colorado Skin & Vein (U.S)
• Johnson and Johnson Private Limited (U.S)
• Koninklijke Philips N.V. (Netherlands)
• PhotoMedex (U.S)
• Sisram Medical Ltd. (Israel)
• Thor Photomedicine Ltd. (U.K)
• Lumenis Be Ltd. (Israel)
• Alma Lasers Ltd (Israel)
• Candela Medical (U.S)
• IRIDEX Corporation (U.S)
• Other Prominent Players

Market Dynamics

Market Drivers:

Upscaling demand for minimally invasive aesthetic surgeries is influencing the photomedicine devices market. Youth are more concerned about their physical and aesthetic appearance, which is adding benefits for the market. The benefits linked with laser surgery, including faster recovery, painless procedures, low cost, and lesser hospital stays, are fuelling the photomedicine devices market growth. 

Changing lifestyles and growing knowledge about non-invasive surgeries are also propelling the photomedicine devices market growth. The cases of skin damage are growing, pushing the high need for cosmetic enhancement procedures, including skin resurfacing, laser hair removal, and others.

Growing ophthalmological concerns upscales the need for minimally invasive surgeries, thereby driving the demand for photomedicine devices. Excessive exposure to television and computers and head injury will increase the demand for effective treatments, thereby presenting potential prospects for the photomedicine devices market.

Restraints/Challenges:

The global photomedicine devices market may witness hurdles due to the high cost of devices and evolving safety concerns.

Segment Analysis

Application Type

The hair removal segment will record the highest growth rate, owing to the rising knowledge about the benefits of laser hair removal treatment. Laser hair removal is gaining high popularity across various nations, which is raising high demand for Intense pulsed light (IPL) and laser devices.

With the rise in demand for cosmetic procedures, dermatology centers are upgrading their technologies to provide effective treatment. The American Society of Plastic Surgeons (ASPS) data reports that in 2020, the United States alone recorded 13,281,235 cosmetic minimally invasive procedures, wherein botulinum toxin held the top place.

Nearly 4.4 million botulinum toxin procedures were performed in 2020 in the United States, while soft tissue filler procedures held the second place, accounting for 3.4 million, followed by Laser Skin Resurfacing, accounting for 997,245.

Regional Analysis

North America will lead in the photomedicine devices market, owing to the rising cases of cancer and upscaling use of lasers. Moreover, North America is home to a large number of industry giants and hi-tech technology infrastructure. Further, the upscaling rate of cancer cases in the area will potentially boost the demand for photomedicine devices. According to cancer.org, the year 2022 is expected to record the diagnosis of 1.9 million new cancer cases, wherein 609,360 cancer deaths are likely to occur in the United States in the same year.

The rising emphasis on R&D and effective treatments will also influence market growth. For instance, Amgen won approval from the United States Food and Drug Administration (FDA) for its Otezla (apremilast) for treating adult patients suffering from plaque psoriasis. Additionally, the Wellman Center for Photomedicine in 2021 announced that it has investigated the impacts of light on human biology. Such breakthroughs are likely to accelerate the growth of the photomedicine devices market. 

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

Recent Developments

• In January 2021, TheraLight, LLC announced that the firm's TheraLight 360 full-bodyphotobiomodulation system won approval from Health Canada for its use.
• In July 2021, Cytrellis' ellacor system received FDA clearance. Ellacor system is the company's first propriety product, integrated with micro-coring technology, which is used in the treatment of wrinkles. This minimally invasive device is suitable for moderate to severe wrinkles.
• In September 2021, Alma, a Sisram Medical company, received the 2021 Gold Award for Industrial and Life Science Medical/Scientific Machinery Design for its advanced Alma Hybrid Platform. This platform is specifically designed with the aim to enable unlimited options of ablative, non-ablative, and thermal treatments.