Market Trends of Photomedicine Technology Industry
This section covers the major market trends shaping the Photomedicine Technology Market according to our research experts:
Hair Removal is Expected to Register Significant Growth During the Forecast Period
Hair removal is a treatment to remove hair permanently or temporarily with the help of lasers or minimally invasive devices. Laser hair removal is one of the highly popular aesthetic procedures. Intense pulsed light (IPL) and laser devices are widely accepted and effective dermatology procedures for unwanted hair removal and treatment of a variety of cutaneous conditions.
Due to the rising adoption of advanced laser-based skin treatments, the growing geriatric population, and rising awareness of aesthetics, photomedicine technology is increasingly employed. The advancements in technology and increasing product approvals, along with partnerships and collaborations by key players, are boosting the market's growth. For instance, in March 2022, Cynosure, a company focused on manufacturing and developing energy-based aesthetic and medical treatment systems, entered a distribution partnership with Jeisys Medical KK in Japan. Under the terms of the agreement, Jeisys Medical will have exclusive distribution rights for key premier products within Cynosure's energy-based laser portfolio, including hair removal devices, in Japan. In January 2022, Homiley, a United States-based company, launched its at-home IPL laser hair removal to protect women from razor bumps or ingrown hair. Such partnerships and launches are projected to contribute to the segment's growth.
Studies on the efficacy of various light-based hair removal methods are expected to increase the demand for photomedicine in the segment and drive the market. For instance, as per the study published by the International Journal of Trichology in February 2022, the frequency of light-based home hair removal devices is quite high, with patient satisfaction and less incidence of side effects. Hence, such studies reveal patient usage and satisfaction with various light-based treatments for hair removal, which are expected to boost the market over the forecast period.
North America is Expected to Retain Significant Growth During the Forecast Period
North America is expected to witness significant growth in the market due to the rising incidence of cancer, increased use of lasers, the strong presence of industry players in the region, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the United States.
According to the American Cancer Society 2022 update, an estimated 1.9 million new cancer cases were diagnosed in the United States in 2022. As per the same source, an estimated 290,560 new breast cancer cases were diagnosed in 2022. Since photomedicine is used for treating cancerous diseases, the high burden of cancer will likely augment the region's market. The advancements in technology, increasing product approvals, partnerships, and collaborations by key players are helping the market's growth in the region. For instance, in March 2021, Solta Medical launched the Clear + Brilliant Touch laser in the United States, which delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types the benefits of two wavelengths. Such approvals are likely to augment photomedicine usage in the region.
Several organizations and companies are focusing on launching innovative technologies in the market. In 2021, the Wellman Center for Photomedicine at Massachusetts General Hospital investigated the effects of light on human biology and discovered new diagnostic and therapeutic uses of light. Such factors are likely to fuel the market over the forecast period.
