Global Photomedicine Technology Market - Segmented by Application, Technology, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global photomedicine technology market is expected to register a CAGR of 4.3% during the forecast period of 2018–2023. North America dominates the global market due to an increasing focus on beauty care within its population.
Increasing Adoption of Advanced, Laser-Based Treatments
According to the data published by the American Society for Aesthetic Plastic Surgery, there were about 326,120 laser skin resurfacing procedures and 1,136,834 laser hair removal procedures undertaken in the United States in 2015. In the field of Ophthalmology, approximately 596,000 LASIK surgeries were performed in the United States in 2015. Increasing awareness about minimally-invasive procedures, advancements in laser delivery procedures, and rising demand for cosmetic surgeries are contributing to the expanding adoption of advanced laser-based therapies, which, in turn, is expected to fuel the growth of the global photomedicine technology marketduring the forecast period.
Additionally, increased awareness of aesthetics and high incidence of skin problems such as neonatal jaundice, acne, and psoriasis are also driving the market.
High Cost of Photomedicine Procedures
Cost of cosmetic surgery in the United States is higher than the developing countries. Moreover, people have to pay from their pocket, as cosmetic surgeries are not covered under insurance schemes. Developing countries have been attracting an increasing number of international patients by building state-of-the-art facilities and offering sought-after healthcare services at a fraction of the cost of the United States healthcare system. The price difference matters mostly for elective procedures, including cosmetic surgeries. High cost and low insurance coverage of cosmetic surgeries are restraining the market of photomedicine technology as cosmetic surgeries represent a major part of the photomedicine market. High cost of photomedicine therapies, coupled with expensive phototherapy devices, and the scarcity of trained personnel can also hamper the market.
Safety issues related to photomedicine devices are also restraining the growth of photomedicine technology market.
Asia-Pacific to Register Highest CAGR
North America is dominating the market due to the high buying power of the customers, favorable reimbursement policies, and an increase in the number of cosmetic surgeries in the United States. For example, in 2012 approximately 45,534 procedures for body contouring were performed for weight reduction.
The Asia-Pacific region observed a fast-paced growth due to rise in disposable income, increase in healthcare expenditure, and high potential for cost savings on aesthetic procedures.
Key Developments in the Market
• February 2018: Photomedics and the Forsyth Institute has developed an intraoral light device with proven ability to reduce the number of potentially pathogenic bacteria in the mouth that can cause gum disease and bad breath.
• September 2017: Kyocera Corporation with the University of Tsukuba is developing Artificial Intelligence (AI) based image recognition for eHealth applications for diagnosing melanoma and other skin diseases by analyzing digital images of a patient’s skin.
The major players include - Alma Lasers, Beurer GmbH, Biolitec AG, Koninklijke Philips N.V., Lumenis Lume, Photomedex, Inc., Quantel Medical, Inc., Thor Photomedicine Ltd and Verilux, Inc., among others.
Reasons to Purchase the Report
• To understand the current and future global photomedicine technology market outlook in the developed and emerging markets.
• Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
• Identify the segment that is expected to dominate the market.
• Identify the regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3-month analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Increasing Adoption of Advanced, Laser-Based Treatments
According to the data published by the American Society for Aesthetic Plastic Surgery, there were about 326,120 laser skin resurfacing procedures and 1,136,834 laser hair removal procedures undertaken in the United States in 2015. In the field of Ophthalmology, approximately 596,000 LASIK surgeries were performed in the United States in 2015. Increasing awareness about minimally-invasive procedures, advancements in laser delivery procedures, and rising demand for cosmetic surgeries are contributing to the expanding adoption of advanced laser-based therapies, which, in turn, is expected to fuel the growth of the global photomedicine technology marketduring the forecast period.
Additionally, increased awareness of aesthetics and high incidence of skin problems such as neonatal jaundice, acne, and psoriasis are also driving the market.
High Cost of Photomedicine Procedures
Cost of cosmetic surgery in the United States is higher than the developing countries. Moreover, people have to pay from their pocket, as cosmetic surgeries are not covered under insurance schemes. Developing countries have been attracting an increasing number of international patients by building state-of-the-art facilities and offering sought-after healthcare services at a fraction of the cost of the United States healthcare system. The price difference matters mostly for elective procedures, including cosmetic surgeries. High cost and low insurance coverage of cosmetic surgeries are restraining the market of photomedicine technology as cosmetic surgeries represent a major part of the photomedicine market. High cost of photomedicine therapies, coupled with expensive phototherapy devices, and the scarcity of trained personnel can also hamper the market.
Safety issues related to photomedicine devices are also restraining the growth of photomedicine technology market.
Asia-Pacific to Register Highest CAGR
North America is dominating the market due to the high buying power of the customers, favorable reimbursement policies, and an increase in the number of cosmetic surgeries in the United States. For example, in 2012 approximately 45,534 procedures for body contouring were performed for weight reduction.
The Asia-Pacific region observed a fast-paced growth due to rise in disposable income, increase in healthcare expenditure, and high potential for cost savings on aesthetic procedures.
Key Developments in the Market
• February 2018: Photomedics and the Forsyth Institute has developed an intraoral light device with proven ability to reduce the number of potentially pathogenic bacteria in the mouth that can cause gum disease and bad breath.
• September 2017: Kyocera Corporation with the University of Tsukuba is developing Artificial Intelligence (AI) based image recognition for eHealth applications for diagnosing melanoma and other skin diseases by analyzing digital images of a patient’s skin.
The major players include - Alma Lasers, Beurer GmbH, Biolitec AG, Koninklijke Philips N.V., Lumenis Lume, Photomedex, Inc., Quantel Medical, Inc., Thor Photomedicine Ltd and Verilux, Inc., among others.
Reasons to Purchase the Report
• To understand the current and future global photomedicine technology market outlook in the developed and emerging markets.
• Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
• Identify the segment that is expected to dominate the market.
• Identify the regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3-month analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
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