Photomedicine Devices and Technologies Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2028
Photomedicine Devices and Technologies Market size is projected to witness significant growth from 2017 to 2024.
Increasing emergence in advanced body contouring devices along with rising demand for minimally invasive aesthetic treatment are the factors driving global photomedicine devices and technologies market growth. The associated advantages such as short hospital stay, painless treatment, cost-effectiveness, as well as fleeting time for recovery will encourage the patient preferences for photomedicine devices.
The wide-ranging applications of photomedicine that include procedures conducted in dental, pain management, dermatology, oncology, wound healing, and optical diagnostics are determinants of boosting the photomedicine devices and technologies market over the forecast period. Photomedicine comprises of revelation to illuminations through definite wavelengths by means of lasers, this includes, light emitting diodes, dichroic lamps, polarized polychromatic light, fluorescent lamps, and full spectrum light. Technological advancement and increasing prevalence of skin infections, dental disorders, and cancer will upsurge the business growth.
Rising cosmetic and minimally invasive cosmetic surgeries is a major factor propelling industry growth. According to the American Society of Plastic Surgeons, in 2016, approximately 15 million minimally invasive cosmetic procedures and 17 million cosmetic procedures were performed. Such high acceptance and thereby adoption of the procedures will fuel the business size. Excessive cost associated with development and product safety are certain limiting factors for the photomedicine devices and technologies market.
The dermatology segment accounted for major revenue share in 2016, attributable towards the high number of aesthetic procedures conducted in different fields such as hair removal, skin resurfacing, and tattoo removal. Furthermore, growing usage of the radiofrequency and infrared to get rid of the undesirable fat deposits coupled with advanced device offerings are factors stimulating the photomedicine devices and technologies market progress over the forecast timeline.
Moreover, the photomedicine devices have several applications in different fields along with associated benefits that drives the patient preference rates and enlarges the industry size. For instance, in dentistry the photomedicine devices are used for strengthening bond between the filling and tooth, and as a tool for tissue cutting.
The laser technology will witness highest growth rate owing to wide-ranging applications in various fields like, immunology, cancer, cardiovascular, and arthritis. The laser light shows effective pain management as well as wound healing thereby, convincing doctors to consider laser light instead of staples, adhesives, and sutures that are painful and causes inflammation. In addition, companies providing various devices for laser therapy that can effectively aid in treatment of oncology, pain, dental, equine, and veterinary will foster the business growth over the coming years.
U.S. accounted for major photomedicine devices and technologies market in 2016, due to higher dispersion of the laser therapeutic aiding in medication of several diseases prevailing in the U.S. coupled with supporting investments provided by the private and public organizations for research and development. For instance, the Wellman Center of Photomedicine’s research agendas are established on extramural funding. In 2014, it generated around USD 25 million extramural funding that aids to support ongoing research activities. Federal sources such as Department Of Defense (DoD), National Sanitation Foundation (NSF), and National Institutes of Health (NIH) are supported by funding up to 52%.
China and India will grow lucratively owing to, rising healthcare expenditure levels along with ongoing research activities performed. Existence of high untapped opportunities and major industry players keen to expand business in emerging nations are boosting the photomedicine devices and technologies market growth.
Some of the business players are THOR Photomedicine, Colorado Skin & Vein, Iridex, Syneron Medical, AngioDynamics, qbmi Photomedicine, Abbott Laboratories, Lumenis, Koninklijke Philips N.V., and Biolitec. The business players concentrate on strategic mergers, acquisitions, and partnership for their growth. For instance, in February 2017, Iridex launched new FDA cleared probe during the annual American Glaucoma Society meeting. The Cyclo G6 Glaucoma laser system provides treatment through transillumination.
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