by Photomedicine devices work on the principle of phototherapy, photodynamic therapy, and photochemistry to diagnose and provide therapeutic treatment for clinical conditions like cancer, acne, psoriasis, jaundice, and other skin problems. Lasers, intense pulsed light devices, LEDs, and other light sources are commonly utilized in various photomedicine products and procedures. The demand for non-invasive and minimally invasive aesthetic treatments is rising significantly due to growing consumer preference for aesthetic enhancements without surgery. Growing awareness about photomedicine applications is also fueling market growth.
The Global Photomedicine Market is estimated to be valued at US$ 4.15 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the photomedicine market are Bombay Spirits Company LTD, Diageo plc, William Grant & Sons Ltd, Charles Tanqueray & Co., Vantguard, Jaisalmer Indian Craft Gin, Nao Spirits & Beverages Pvt Ltd, Radico Khaitan Limited, Pernod Ricard, and Beam Suntory, Inc. Bombay Spirits Company LTD and Diageo plc collectively hold over 35% of market share. Growing demand for non-invasive aesthetic procedures is driving the sales of lasers, LED therapy devices and intense pulsed light devices used in applications like skin rejuvenation, hair removal, tattoo removal and acne treatment. Technological advancements in light therapy devices allow broader range of applications with improved efficacy, shorter treatment duration and minimal side effects.
Market Trends
Some key trends in the Photomedicine Market Size include increasing adoption of at-home light therapy devices and growing popularity of combination therapies. Easy availability of cheaper at-home light therapy devices for applications like acne clearance and pain/inflammation relief is gradually gaining traction. Combination of different light sources and therapies is also emerging as clinics seek improved treatment outcomes. For example, use of intense pulsed light with fractional laser for skin rejuvenation.
Market Opportunities
Rising awareness in emerging markets and growing demand for non or minimally invasive procedures present high growth opportunities. Specifically, opportunities exist in developing unique product offerings and combination therapies for specific unmet needs in applications like wound healing, hair growth, neurological disorders, and infection control. Pediatric photomedicine also offers scope for innovations.
The COVID-19 pandemic has impacted the growth of the photomedicine market. The market experienced a decline during 2020 owing to lockdowns and restrictions imposed across countries to curb the spread of the virus. Outpatient clinics and dermatology centers faced closure or had limited operations which decreased the demand for photomedicine devices. However, with advancements in telemedicine and growing focus on infection control measures, the market is recovering gradually post 2021. Manufacturers are also modifying device features to enable contactless treatments which is supporting market growth.
While North America held the largest share of the photomedicine market in terms of value in 2024, Asia Pacific is expected to witness the fastest growth during the forecast period. The increased awareness about photomedicine treatments and growing geriatric population prone to skin diseases are driving the Asia Pacific market. Further, favorable government policies supporting healthcare infrastructure development and increasing disposable incomes are also propelling market expansion. Countries like China, India, Japan and South Korea are anticipated to offer lucrative opportunities for photomedicine companies in the coming years.
In North America, the United States accounts for the major share of the regional photomedicine market. This is attributed to the rising prevalence of dermatological and ophthalmic conditions, favorable reimbursement policies, and advanced healthcare infrastructure. Furthermore, continuous technological advancements in medical lasers and presence of prominent market players are stimulating market growth in the country. However, Europe is projected to showcase a stable growth rate owing to the high acceptance of aesthetic and cosmetic procedures among Europeans.
With growing remote consultations and virtual trainings for physicians, manufacturers are incorporating connectivity features in photomedicine devices. They are also exploring partnerships with telehealth platforms to facilitate seamless service delivery. Looking ahead, focused research on expanding approved clinical applications and development of affordable home-use devices will likely open new revenue streams for companies operating in this market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
