Photomedicine Technologies Market Size Forecast to Reach $583.2 Million by 2026

April 14 23:26 2021
Photomedicine Technologies Market Size Forecast to Reach $583.2 Million by 2026

Photomedicine Technologies Market
Increasing Advances in Photodermatology Along With the Growing Use of Nanoscience and the Advent of Slew of New Nanoparticles Are Likely to Aid in the Market Growth of the Photomedicine Technologies Market.

The Photomedicine Technologies Market size is forecast to reach $583.2 million by 2026, growing at a CAGR of 7.2% during the forecast period 2021-2026. Photomedicine is the branch of medicine that helps in the treatment of diseases using photobiology and light. Photomedicine technologies are used for various diagnostic and therapeutic purposes. Photomedicine technologies helps treating various diseases and has outpaced the traditional method of detecting a disease. Increasing adoption of advanced laser based treatments and increasing awareness about non-invasive procedures is the major factor driving the growth of the market. Rising demand for cosmetic surgeries and availability of advanced body contouring devices is set to further enhance the overall market demand for the Photomedicine Technologies Market for the period 2021-2026.

Photomedicine Technologies Market Segment Analysis – By Technology

Photodynamic Therapy held the largest share in the Photomedicine Technologies Market in 2020 and is estimated to grow at a CAGR 6.7% during the forecast period 2021-2026. The largest share is attributed to the increasing prevalence of cancer coupled with the increasing trend of early detection and novel therapeutic approaches. Phototherapy, also known as photodynamic therapy is one of the most successful therapies used for curing cancer. In photodynamic therapy, light-sensitive drugs are injected into the body which settles into the cancer cells and when the cells get exposed to certain light waves. Porfimer Sodium is used in photodynamic therapy to relieve the symptoms of esophageal cancer and non-small cell lung cancer. Gold nano particles are used in photodynamic therapy with significantly lower side effects and are even in clinical trials for cancer therapy. It has the ability to destroy the blood vessels in the tumor. It is one of the most successful molecules used for esophageal cancer. Thymidine dimers absorbs ultraviolet light and this added energy opens in the bond and allow it to react it with a neighboring base in photomedicine technology. Interventional Radiology is a medical specialization in photomedicine that involves performing a range of imaging procedures to obtain the images of the internal part of the body and carefully interprets these images to diagnose injury and diseases. Interventional Radiology is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.

Photomedicine Technologies Market Segment Analysis – By Application

Oncology held the largest share in the Photomedicine Technologies Market in 2020 and is estimated to grow at a CAGR 7.0% during the forecast period 2021-2026. The largest share is attributed to the evolution of photomedicine technologies in medical imaging in which cancer is detected. Numerous laser devices are currently being used in clinical practice to treat cancer through photodynamic effects. Photomedicine technologies is an alternative cancer treatment modality that induces cell death by the generation of reactive oxygen species. The photosensitizer drug can damage blood vessels in the tumor, thereby preventing cancer cells from receiving important nutrients and can activate the immune system to attack tumor cells. Aesthetics & Dermatology is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.

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Photomedicine Technologies Market Segment Analysis – By Geography

North America dominated the Photomedicine Technologies Market with the major share of 39.5% in 2020. This is owing to the availability of advanced diagnostic tools and high awareness regarding the photomedicine technologies. Increasing funding from both public and private organization pertaining to the development of advanced photomedicine devices and increasing focus by key players on investigating the effects of light on human biology, and discovering new diagnostic and therapeutic uses of light, is increasing the growth of the market in this region. However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the growing adoption of photomedicine technology in aesthetic procedures coupled with the introduction of healthcare reforms with better reimbursement policies.

Photomedicine Technologies Market Drivers

Increasing Advances in Photodermatology Along With the Growing Use of Nanoscience

The increasing advances in photodermatology along with the growing use of the nanoscience is increasing the growth of the Photomedicine Technologies Market. Photodermatology utilizes the beneficial effects and immunoregulatory functions of natural sunlight. It is used for refractory skin disease when topical steroid treatment is not effective. The use of nanoscience in photomedicine technologies is increasing as it can be integrated into imaging and therapy to increase the potential for novel applications in the field of photomedicine technologies. Thus, increasing the growth of the Photomedicine Technologies Market during the forecast period 2021-2026.

Increasing Adoption of Advanced Laser Based Treatments

Increasing adoption of advanced laser based treatments is increasing the growth of the Photomedicine Technologies Market. Laser based treatments is a non-invasive procedure that uses light energy to repair and regenerate damaged skin. It includes increased energy for cells, resulting in less need for pain medication. In photomedicine technologies lasers allow surgeons to work at high level of precision by focusing on a small area, damaging less of the surrounding tissue. With laser based treatments, one experience less pain, swelling, and scarring than with the traditional surgeries. However, laser based treatments can be expensive and require repeated treatments. Thus, increasing the growth of the Photomedicine Technologies Market over the forecast period 2021-2026.

Photomedicine Technologies Market Challenges

High Cost of Photomedicine Technologies and Competition from Biologics Companies

Some of the factors that are set to impede the growth of the Photomedicine Technologies Market are the high cost of photomedicine technologies and competition from biologics companies. The product safety concerns is also set to hamper the growth of the Photomedicine Technologies Market during the aforesaid period.

Photomedicine Technologies Market Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Photomedicine Technologies Market. In 2020, the Photomedicine Technologies Market share is consolidated by the top ten players present in the market. Photomedicine Technologies Market, top 10 companies are Koninklijke Philips N.V., Lumenis, Cadela Corporation, Sisram Medical Ltd., Quantel Medical, Spectranetics, AngioDynamics, PhotoMedex Inc., QBMI Photomedicine, and Colorado Skin & Vein among others.

Acquisitions/Product Launches

In December 2020, Koninklijke Philips N.V. acquired Bio Telemetry Inc. for $ 2.8 Billion to transform the delivery of healthcare combination of Philips leading patient monitoring position in the hospital.

In October 2018, Sun Pharma launched ILUMYATM in U.S. for treatment of plaque psoriasis ina dults who are candidate for phototherapy.

Key Takeaways

North America dominated the Photomedicine Technologies Market in 2020 owing to the availability of advanced diagnostic tools and high awareness regarding the photomedicine technologies. The Photomedicine Technologies Market scope for different regions will be provided in the final report.

Increasing advances in photodermatology along with the growing use of nanoscience and the advent of slew of new nanoparticles are likely to aid in the market growth of the Photomedicine Technologies Market.

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Photomedicine Technologies Market report.

High cost of photomedicine technologies and competition from biologics companies are poised to create hurdles for the Photomedicine Technologies Market.

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