Photomedicine Devices and Technologies Market to Attain USD 10.32 Bn by 2033

20 Nov 2024

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Table of Content

1. Photomedicine Devices and Technologies Market Revenue and Trends 2. Market Overview 3. Report Highlights of the Photomedicine Devices and Technologies Market  4. Photomedicine Devices and Technologies Market Trends 5. Regional Outlook 6. Photomedicine Devices and Technologies Market Coverage 7. Market News

Photomedicine Devices and Technologies Market Revenue and Trends

The global photomedicine devices and technologies market revenue was valued at USD 4.06 billion in 2024 and is expected to attain around USD 10.32 billion by 2033, growing at a CAGR of 10.92% during the forecast period. The demand for the photomedicine devices and technologies market is increasing due to rising incidences of cancer across the globe.

Market Overview

The photomedicine devices and technologies market is the area that uses light-based technologies for detecting and treating medical conditions. It includes key market players that designed light-based equipment for medical facilities that use photomedicine for treatment and research organizations that explore state-of-the-art techniques. Some of the areas of applications of photomedicine are ophthalmology, oncology, dermatology, and pain management.

Report Highlights of the Photomedicine Devices and Technologies Market 

• By product, the dermatology segment dominated the photomedicine devices and technologies market in 2023. The dominance of the segment can be attributed to the increasing number of aesthetic surgeries performed in laser skin resurfacing.
• By product, the oncology segment is anticipated to grow at the fastest rate over the forecast period. The growth of the segment can be linked to the rising elderly population across the globe which results in a higher number of cancer patients.
• By application, in 2023, the Laser technology segment dominated the market 2023 and is anticipated to retain its position during the projected period. The dominance and growth of the segment can be driven by the increasing adoption of innovative laser medicine in dermatologic applications.

Photomedicine Devices and Technologies Market Trends

Increase in minimally invasive aesthetic surgeries

The increasing concern among the majority of the young population regarding their aesthetic appearance is a key factor fuelling the market growth. Additionally, benefits offered by laser surgery including painless procedures, quicker recovery times, and cost-effectiveness are likely to fuel the requirement for minimally invasive aesthetic procedures over the projected period.

• In March 2024, GC Aesthetics, a designer, producer, and distributor of breast implants and medical devices, announced the launch of the FixNip NRI, a nipple implant for women who have undergone breast reconstruction surgery. The FixNip NRI is implanted with a minimally invasive procedure.

Rising awareness and acceptance of photomedicine technology

The increasing acceptance and knowledge of light-based therapies among medical practitioners and patients is driving the growth of the market. The advantages of photomedicine are becoming more extensively admired among medical experts. However, dermatologists are increasingly recommending light-based therapies for numerous skin disorders because of their minimum side effects and high precision.

Ongoing advancements in medical research and technology

The ongoing progress in medical technology and research is generating more revenue for the photomedicine devices and technologies market. Lasers are becoming more accurate and versatile leading to a wide range of applications in the healthcare domain. Furthermore, the utilisation of lasers in minimally invasive procedures is increasing providing less pain and quicker recovery time to the patients.

• In June 2024, Aspen Laser Systems, LLC, and TheraLight, LLC, two co-owned and co-operated, privately held U.S.-based medical device companies in photomedicine, completed an expansion of their corporate headquarters and warehouse in Lindon, Utah, to enhance the operations and growth of the company.

Regional Outlook

North America dominated the photomedicine devices and technologies market in 2023. The dominance of the segment can be credited to the increasing investment from private & public sectors for R&D to pertain to the development of cutting-edge photomedicine devices. Furthermore, there is a new trend in aesthetic and cosmetic procedures.

Asia Pacific is anticipated to grow at the fastest rate in the photomedicine devices and technologies market over the projected period. The growth of the region can be attributed to the growth in medical tourism, as patients are rapidly seeking high-quality and cost-effective photomedicine treatments. However, increasing healthcare investments and encouraging government initiatives to optimize for new advanced product development.

Photomedicine Devices and Technologies Market Coverage

Market News

• In August 2023, Lumibird announced the acquisition of Convergent Photonics, which will grow its autonomy in semiconductor and very high-power fiber laser technologies.
• In March 2024, Leading biotech company CLINUVEL last week joined an intimate event bringing together California's most famous investors and philanthropists at the Malibu home of Lady Gaga and Michael Polansky. The event shines a light on CLINUVELs pioneering work in photomedicine.

Market Segmentation

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

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