Photomedicine Devices and Technologies Market Size, Share and Trends 2024 to 2034

Photomedicine Devices and Technologies Market Size and Forecast 2024 to 2034

The global photomedicine devices and technologies market size accounted for USD 4.06 billion in 2024 and is anticipated to reach around USD 11.44 billion by 2034, expanding at a CAGR of 10.92% between 2024 and 2034. Rising cases of vision correction surgeries are the key factor driving the photomedicine devices and technologies market. The rising prevalence of cancer, along with the R&D initiatives by market players.

Photomedicine Devices and Technologies Market Key Takeaways

• North America dominated the photomedicine devices and technologies market with the largest market share of 47% in 2023.
• By product, the dermatology segment contributed the biggest market share of 21% in 2023.
• By product, the oncology segment is projected to grow at the fastest CAGR of 11.72% over the forecast period.
• By technology, the laser technology segment generated the highest market share of 34% in 2023.

U.S. Photomedicine Devices and Technologies Market Size and Growth 2024 to 2034

The U.S. photomedicine devices and technologies market size is estimated at USD 1.34 billion in 2024 and is expected to be worth around USD 3.83 billion by 2034, growing at a CAGR of 11.12% between 2024 and 2034.

North America dominated the photomedicine devices and technologies market in 2023. The dominance of the segment can be attributed to the higher awareness levels coupled with the attractive reimbursement policies. Rising investment from private & public organizations for R&D to sustain the development of innovative photomedicine devices. Furthermore, the increasing trend in cosmetic and aesthetic procedures is fuelling the demand for photomedicine technologies in the region.

• In March 2023, Galderma declared the launch of an aesthetic visualization tool driven by augmented reality. FACE by Galderma enables patients and aesthetic professionals to visualize injectable treatment results before the treatment begins, i.e., at the planning stage.
• In June 2024, Johnson & Johnson launched the VELYS Robotic System, an innovative robotic-assisted surgical platform. With improved control and real-time imaging, technology seeks to improve accuracy in minimally invasive surgeries, ultimately aiming at better surgical outcomes as well as decreasing recovery times for patients who undergo complex surgeries.

Asia Pacific is anticipated to grow at the fastest rate in the photomedicine devices and technologies market over the projected period. The segment's growth can be driven by rising healthcare investments and encouraging government policies facilitating new cutting-edge product development. Moreover, there is a surge in medical tourism, as patients are increasingly seeking standard and cost-effective photomedicine treatments.

Market Overview

The photomedicine devices and technologies market is the field that utilizes light-based technologies for identifying and treating medical conditions. It involves key players that make light-based equipment for medical facilities that utilize photomedicine for treatment and research organizations that explore innovative techniques. Some of the applications of photomedicine include oncology, ophthalmology, dermatology, and pain management.

Global men skin cancer statistics 2022

Role of AI in the Photomedicine Devices and Technologies Market

AI-driven medical devices can process vast amounts of data with high speed and precision, enabling medical professionals to make more firm treatment and diagnostic decisions. Furthermore, by providing personalized treatment plans according to each patient's reports and preferences, AI-powered medical devices have the ability to transform personalized medicine, which can lead to better patient care.

• In October 2024, GE HealthCare launched its new AI Innovation Lab, aimed at boosting early-stage artificial intelligence (AI) advancements within the company to improve medical devices and healthcare delivery. The company further says early developments explore pressing care needs, such as finding new ways to detect breast cancer and enhancing the quality of care for moms and babies.
• In October 2024, Identify Health, a medical diagnostics company leader in AI and automation in healthcare, unveiled the Identifeye System, an AI-driven retinal imaging camera designed to enhance access to vision care. The Identifeye System aims to combine retinal imaging into routine healthcare settings.

Photomedicine Devices and Technologies Market Growth Factors

• The rising popularity of aesthetic procedures is expected to fuel market growth for photomedicine devices and technologies shortly.
• Increasing awareness and acceptance of photomedicine therapies among medical professionals can soon boost market growth.
• Developments in laser technology and the growing scope of photomedicine applications will likely contribute to the expansion of photomedicine devices and technologies in the photomedicine devices and technologies market. 

Market Scope

Market Dynamics

Driver

Rising prevalence of skin diseases

The growing prevalence of chronic conditions and skin disorders is increasing the scope of the photomedicine devices and technologies market. Skin disorders like acne, psoriasis, and skin cancer affect millions of people across the globe. Hence, phototherapy, part of photomedicine techniques, is emerging as a notable therapy for various illnesses. Additionally, photomedicine is also gaining traction in the diagnosis of chronic pain.

• In January 2024, DermaSensor Inc. declares FDA clearance for its real-time, first AI-powered medical device system. The 300,000 primary care physicians in the U.S. can now be equipped to offer quantitative, point-of-care testing for all types of skin cancer.
• In October 2024, Skinnovation launches two advanced devices to address skin concerns in India. These two devices will assist Indians in overcoming various skin issues such as fine lines, dullness sagging skin, acne scars, and overall texture improvement while promoting radiant skin.

Restraint

Risk of adverse effects

Photomedicine devices and technologies market services can trigger side effects in certain patients, like scarring, pain, thermal damage to tissues, and skin discoloration. These effects can rely on factors such as treatment duration, wavelength, operator technique, and skin type. Moreover, the cost of buying advanced light-based systems including PDT equipment and IPL devices.

Opportunities

Increasing adoption of non-invasive procedures

There is a surge in demand for the photomedicine devices and technologies market products as they offer minimally invasive and impactful aesthetic solutions. Also, many market players are obtaining government permission for the best treatment options that can be utilized for several aesthetic operations like tattoo removal and hair removal. Furthermore, benefits associated with laser surgery, including painless procedures, quicker recovery times, and shorter hospital stays, can also promote the adoption of non-invasive procedures.

• In March 2024, Lumenis Be, Ltd., a key leader in producing and commercializing energy-based solutions for the Aesthetic and Vision markets, announced that the Facial Muscle Stimulation treatment that has taken over the U.S. is now coming to Canada. 
• In October 2024, Yourgene Health and Genetix unveiled the first local non-invasive prenatal testing service in Colombia. Genetix will use Yourgene Health IONA Nx NIPT Workflow to deliver the first NIPT service in the region.

Rise of people suffering from vision impairments

Ophthalmological concerns are outgrown as the rise in the number of people suffering eye-related issues as an effect of natural causes like prolonged use of computers and television. Aside from the photomedicine devices and technologies market, there is also growth in dermatological disorders like acne and psoriasis, coupled with the surge in dentistry treatments.

Product Insights

The dermatology segment dominated the photomedicine devices and technologies market in 2023. The dominance of the segment can be attributed to the high number of dermatological procedures performed in tattoo removal, hair removal, and laser skin resurfacing. In addition, the use of cutting-edge body contouring devices along with fat removal procedures using radiofrequency & infrared are further boosting the segment's growth. Also, the growing utilization of dermatologic applications, including skin rejuvenation surgeries, is gaining popularity.

• In December 2023, Aptar Digital Health, a global leader in Software as a Medical Device (SaMD), announced a new collaboration with Legit. Health is an advanced artificial intelligence (AI)-based medical device (CE-marked) software company, which aims to change patient care and raise patient adherence to better manage skin conditions.

The oncology segment is anticipated to grow at the fastest rate in the photomedicine devices and technologies market over the forecast period. The growth of the segment can be credited to the rising elderly population across the globe, which can directly lead to a surge in the number of cancer patients. In oncology, segment photodynamic therapy is gaining traction in the diagnosis and treatment of numerous diseases, such as skin cancers like actinic keratosis and cell carcinoma. Moreover, the growing efficacy and adoption of PDT in oncology treatment have made it a leading solution within the market, providing less invasive therapeutic options to patients.

Technology Insights

The laser technology segment dominated the photomedicine devices and technologies market in 2023 and is anticipated to retain its position during the projected period. The dominance and growth of the segment are driven by the increasing use of laser technology in treatments of arthritis, cardiovascular diseases, cancer, and immunology. The accuracy and versatility of lasers have made them a primary choice among medical professionals and individuals searching for targeted solutions. Additionally, laser technology is increasingly being used in the treatment of diabetic macular edema, driving the market growth.

• In July 2024, Chromacity, a Scottish laser technology business, secured USD 1.18 million of new funding from current investors. Eos Advisory, Kelvin Capital, and Scottish Enterprise to support the launch of its latest ultrafast laser technology emphasize the healthcare market, and from the UK Government Innovate UK program to develop its technology for monitoring agricultural emissions.

Photomedicine Devices and Technologies Market Companies

• Galderma
• Lumenis
• THOR Photomedicine Ltd
• Alma Lasers Ltd.
• QBMI Photomedicine
• AngioDynamics
• PhotoMedex, Inc.
• IRIDEX Corporation
• Spectranetics
• Syneron Medical Ltd.
• Candela

Recent Developments

• In May 2024, Clinical Laserthermia Systems AB declared that it entered into an agreement with MTEC Company. It is an exclusive distribution agreement to sell & market CLS TRANBERG product offerings in France.
• In April 2023, Johnson & Johnson Vision declared the FDA 510(k) clearance of ELITA Femtosecond Laser for the creation of LASIK flaps.
• In February 2023, Biolitec AG announced the launch of the new unique and high-power diode laser LEONARDO DUAL 200, which can effectively lower the risk of ejaculation issues in the treatment of benign prostatic hyperplasia (BPH).

Segments Covered in the Report

By Product 

• Dermatology
  • Tattoo removal
  •  Hair removal
  •  Skin resurfacing
• Wound healing
• Pain management
• Oncology
• Optical diagnostics
• Dental procedures
• Others

By Technology  

• Laser
• Polychromatic polarized light
• Full spectrum light
• Dichroic lamps
• Light-emitting diodes

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa