Photomedicine Market to Reach $7.51 Bn, Globally, by 2030 at 6.7% CAGR: Allied Market Research

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Apr 20, 2022, 09:00 ET

PORTLAND, Ore., April 20, 2022 /PRNewswire/ -- Allied Market Research recently published a report, "Photomedicine Market by Technology (Lasers, Polychromatic Polarized Light, Full Spectrum Light, Dichroic Lamps, Light Emitting Diodes, Fluorescent Lamps), by Application (Dermatology, Pain Management, Oncology, Ophthalmology, Wound Healing, Dental Procedures, Aesthetics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global photomedicine industry generated $4.04 billion in 2020, and is projected to reach $7.51 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.

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Drivers, restraints, and opportunities-

Rise in aesthetic awareness, technological advancements in laser treatment, surge in incidence of skin damage, changes in lifestyle, and increase adoption of noninvasive procedures drive the growth of the global photomedicine market. On the other hand, availability of alternative treatment methods and product safety issues of photomedicine devices are expected to restrain the growth to some extent. However, high market potential in the untapped emerging economies and rise in various developmental strategies among the key players are expected to create lucrative opportunities in the industry.

Covid-19 Scenario-

Visits for aesthetic procedures, dermatological treatments, dental procedures, and other photomedicine based therapies decreased significantly during the pandemic, especially throughout the initial phase. This, in turn, impacted the global photomedicine market negatively.
However, the market is anticipated to get back on track soon.

The lasers segment had the lion's share in 2020-

On the basis of technology, the lasers segment accounted for the highest market share in 2020, generating more than three-fourths of the global photomedicine market. The same segment is also anticipated to cite the fastest CAGR of 7.3% from 2021 to 2030. This is owing to growing preference for laser technology among women for hair removal, and other surgical procedures.

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The aesthetics segment to lead the trail-

On the basis of application, the aesthetics segment generated the highest share in 2020, holding more than one-fourth of the global photomedicine market. The same segment is also expected to cite the fastest CAGR of 9.5% from 2021 to 2030. This is attributed to rise in the preference for treatments among women as well as men for aesthetic enhancement.

North America to dominate by 2030-

On the basis of region, North America contributed to the major market share in terms of revenue 2020, holding more than two-fifths of the global photomedicine market. Increase in consumer awareness for looks, rapid adoption of advanced technologies, and presence of key players across North America drive the market growth. The Asia-Pacific region, however, is projected to cite the fastest CAGR of 8.8% from 2021 to 2030, due to rise in disposable income of people and wide number of facilities offering photomedicine services in the province.

Prominent market players-

Baring Private Equity Asia Limited
Koninklijke Philips N.V.
Apax Partners Llp
Biomedical Technology Holdings Limited
AngioDynamics, Inc.
Sisram Medical Ltd.
Thor Photomedicine Ltd.
PhotoMedex, Inc.
Colorado Skin and Vein
johnson and johnson md&d

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