Market Size of Photomedicine Technology Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Photomedicine Technology Market Analysis
The photomedicine technology market is expected to register a CAGR of 8.2% during the forecast period.
The COVID-19 pandemic adversely affected the treatment and diagnostics procedures initially, significantly impacting the studied market. However, the use of photomedicine for the treatment of COVID-19 patients was effective in increasing immunity, helping tissue repair, and reducing pro-inflammatory cytokines. For instance, in May 2022, Agencia FAPESP published a report stating that light-based therapies like photobiomodulation achieved good results in the rehabilitation of patients with post-COVID-19 complications. Thus, the significant effect of photomedicine on the rehabilitation of patients with post-COVID-19 complications is expected to positively affect the market over the forecast period.
The growth is attributed to the increasing adoption of advanced, laser-based treatments, raising awareness, and new product launches. According to the American Society for Aesthetic Plastic Surgery February 2022 update, the total number of surgical and non-surgical facial plastic surgery treatments increased significantly in 2021. Plastic surgeons carried out an additional 600 treatments per year on average than they did in the previous year, a 40% increase out of the projected 1.4 million surgical and non-surgical procedures in 2020. The demand for laser procedures increased by over 10% in 2021 compared to 2020. This indicated that lasers are gaining significant attention in the aesthetic industry, as plenty of procedures can be performed using lasers. Therefore, the increased demand for laser cosmetic procedures is likely to augment the photomedicine technology market's growth.
Rising awareness about non-invasive procedures, advancements in laser delivery procedures, and rising demand for lasers in different healthcare sectors are contributing to the expanding adoption of advanced laser-based therapies. For instance, in March 2021, B-Cure Laser launched a low-level laser therapy (LLLT) device in the United Kingdom, which helps chronic pain sufferers to relieve their pain. These launches are expected to fuel the growth of the photomedicine technology market during the forecast period.
However, safety issues related to photomedicine devices and the high cost of photomedicine procedures are likely to impede the market's growth.
