by Photomedicine or light therapy involves the application of specific wavelengths of light for modulation of biological processes. It is used for a wide variety of applications in dermatology, ophthalmology, oncology and wound healing. Some common light therapies include low-level laser therapy, photodynamic therapy, blue light therapy and ultraviolet phototherapy. In dermatology, it is widely used for treatment of acne, psoriasis, wrinkles, scars and other skin conditions. For instance, intense pulsed light therapy uses broad spectrum light to treat sun damage, redness, pigmentation issues and vascular lesions.
The global photomedicine market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global photomedicine market is expected to be flourished by rising demand for non-invasive medical aesthetic treatments. Recent years have witnessed significant growth in medical tourism for cosmetic procedures. Furthermore, the advent of new technologies has enabled development of various light-based devices that are effective, painless and cause minimal downtime. This has boosted the popularity of photomedicine among consumers. Another key driver for the market is increasing incidence of skin diseases owing to changing lifestyles and environmental pollution. Exposure to UV rays, toxic chemicals and rising pollution levels have contributed to the risk of various dermatological conditions. This has triggered the demand for effective light-based therapies for treatment of skin disorders. Additionally, growing geriatric population prone to age-related skin changes and diseases also drives the need for photomedicine.
Segment Analysis
The Photomedicine Market Size can be segmented into devices, photosensitizers,indications and geography. The devices segment is further divided into surgical devices and therapeutic devices. The surgical devices sub-segment dominates the market owing to increasing number of cosmetic surgeries worldwide.
PEST Analysis
Political: Regulations regarding medical device approval and consumer safety influence the market.
Economic: Rising healthcare spending and increasing affordability boost market growth.
Social: Rising beauty consciousness and awareness about photomedicine benefits drive the market.
Technological: Advancements in light therapy devices and techniques expand applications and market opportunities.
Key Takeaways
The global photomedicine market is expected to witness high growth. The global photomedicine market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis comprises the North American region dominates the market currently due to advanced healthcare infrastructure and high awareness levels regarding photomedicine applications.
The 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. The technological advancements have enabled the market players to widen their product portfolio and expand to other geographies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
