Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The "Photomedicine Technology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The photomedicine technology market is expected to register a CAGR of 8.2% during the forecast period.
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.
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.
Key Market Trends
Hair Removal is Expected to Register Significant Growth During the Forecast Period
Hair removal is a treatment to remove hair permanently or temporarily with the help of lasers or minimally invasive devices. Laser hair removal is one of the highly popular aesthetic procedures. Intense pulsed light (IPL) and laser devices are widely accepted and effective dermatology procedures for unwanted hair removal and treatment of a variety of cutaneous conditions.
Due to the rising adoption of advanced laser-based skin treatments, the growing geriatric population, and rising awareness of aesthetics, photomedicine technology is increasingly employed. The advancements in technology and increasing product approvals, along with partnerships and collaborations by key players, are boosting the market's growth.
Studies on the efficacy of various light-based hair removal methods are expected to increase the demand for photomedicine in the segment and drive the market.
North America is Expected to Retain Significant Growth During the Forecast Period
North America is expected to witness significant growth in the market due to the rising incidence of cancer, increased use of lasers, the strong presence of industry players in the region, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the United States.
According to the American Cancer Society 2022 update, an estimated 1.9 million new cancer cases were diagnosed in the United States in 2022. As per the same source, an estimated 290,560 new breast cancer cases were diagnosed in 2022. Since photomedicine is used for treating cancerous diseases, the high burden of cancer will likely augment the region's market.
The advancements in technology, increasing product approvals, partnerships, and collaborations by key players are helping the market's growth in the region.
Several organizations and companies are focusing on launching innovative technologies in the market. In 2021, the Wellman Center for Photomedicine at Massachusetts General Hospital investigated the effects of light on human biology and discovered new diagnostic and therapeutic uses of light.? Such factors are likely to fuel the market over the forecast period.
Competitive Landscape
The photomedicine technology market is consolidated due to the presence of a few companies operating globally and regionally. The competitive landscape includes an analysis of a few international and local companies that hold significant market shares. Key players in the market include Sisram Medical Ltd (Alma Lasers), Beurer GmbH, Biolitec AG, Koninklijke Philips NV, Lumenis, Photomedex Inc., LUMIBIRD, Candela Corporation (Syneron Medical), Thor Photomedicine Ltd, and Johnson & Johnson.
A selection of companies mentioned in this report includes
- Sisram Medical Ltd (Alma Lasers)
- Beurer GmbH
- Biolitec AG
- Koninklijke Philips NV
- Lumenis
- Photomedex Inc.
- LUMIBIRD
- Candela Corporation (Syneron Medical)
- Thor Photomedicine Ltd
- Johnson & Johnson
For more information about this report visit https://www.researchandmarkets.com/r/jhz11h
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