PHOTOMEDICINE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The photomedicine market size is expected to reach US$ 7.6 billion by 2030, from US$ 3.6 Billion in 2023, at a CAGR of 11.3% during the forecast period. Photomedicine involves the use of light for medical diagnosis and treatment. It utilizes optical and photonic methods such as lasers, polychromatic light, full spectrum lights, and lamps for treating various diseases like skin problems, cancer, ophthalmic disorders, and pain management. One of the key drivers of the photomedicine market is the rising prevalence of skin diseases globally. Skin conditions like psoriasis, acne, and vitiligo are on the rise, creating demand for photomedicine products. The photomedicine market is segmented by product type, application, end user, and region. By product type, the lasers segment accounts for the largest share due to technological advancements in laser therapy and its growing adoption for treating a wide range of medical conditions.

Photomedicine Market Regional Insights:

• North America is expected to be the largest market for the photomedicine market during the forecast period, accounting for over 33.5% of the market share in 2023. The growth of the market in North America is attributed to high healthcare expenditures and established reimbursement policies in the region.
• The Europe market is expected to be the second-largest market for photomedicine market, accounting for over 26.1% of the market share in 2023. The growth of the market in Europe is attributed to the rise in the incidence of skin disorders and increasing research on photomedicine products.
• The Asia Pacific market is expected to be the fastest-growing market for photomedicine market, with a CAGR of over 20.3% during the forecast period. The growth of the market in Asia Pacific is attributed to improving healthcare infrastructure and the growing medical tourism industry in the region.

Figure 1. Global Photomedicine Market Share (%), by Region, 2023

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Analysts’ Views on Global Photomedicine Market:

The global photomedicine market is expected to grow significantly over the forecast period due to the rising prevalence of skin disorders and the increasing demand for non-invasive aesthetic procedures. The increasing adoption of laser and light-based devices for various therapeutic applications will drive market revenues. The growing elderly population susceptible to eye disorders and age-related skin problems also presents growth opportunities. However, the high costs of photomedicine devices and procedures may hamper broader adoption in price-sensitive regions. The Asia Pacific region is expected to dominate the market owing to rising medical tourism, favorable government support and initiatives, growing awareness about aesthetics, and increasing healthcare expenditure in major countries like China and India. North America will continue to be a major revenue generator owing to the presence of advanced healthcare infrastructure and frequent new product launches. Moreover, rising research into developing applications of photomedicine in conditions like jaundice treatment in newborns, wound healing, and psoriasis treatment can further expand the market. Strict regulatory frameworks and time-consuming approval process for new devices pose challenges to market players.

Photomedicine Market Drivers:

• Increasing prevalence of diseases treatable by photomedicine: The rising prevalence of various diseases that can be treated using photomedicine techniques is a major factor driving the growth of the photomedicine market. Skin conditions like acne, psoriasis, and eczema are becoming more common worldwide. Photomedicine offers effective treatment options for these conditions through laser therapy, PUVA, and other light-based techniques. Furthermore, the incidence rates of chronic diseases like cancer, ophthalmic disorders, and cardiovascular diseases are also on the rise. Photodynamic therapy is used to treat different types of tumors. Photomedicine devices like lasers are utilized in ophthalmic surgeries. The growing patient pool is expected to increase the utilization of photomedicine modalities and boost market growth. For instance, in October 2021, according to a study published by PLOS, a nonprofit publisher of open-access journals in science, technology, and medicine, the mean annual percentage of atopic dermatitis patients with moderate and severe disease was highest among older adults 31.8% and 3.0%, respectively.
• Technological improvements in photomedicine devices: Advancements in photomedicine technology such as more powerful and precise lasers, intense pulsed light systems, LED light sources, and hybrid techniques are key factors propelling market growth. For instance, picosecond lasers allow faster tattoo removal with lesser pain compared to traditional lasers. IPL systems with integrated cooling technology offer enhanced safety and efficacy. Such innovations that improve treatment outcomes, efficiency, and safety are leading to wider adoption of photomedicine globally. For instance, in January 2022, BIOLASE, Inc., a medical device company, and EdgeEndo, a global leader in commercializing endodontic products, announced the FDA 510(k) clearance of the EdgePRO system for endodontists seeking a more effective cleaning and disinfection alternative within root canal procedures.
• Rising demand for minimally invasive procedures: The shift towards minimally invasive surgeries and procedures over conventional surgery is positively impacting the photomedicine market's growth. Lasers and related technologies allow procedures like biopsy, tumor removal, clot busting, and tissue welding with greater precision, smaller incisions, less pain and a quicker recovery compared to open surgery. Photomedicine is an important component of minimally invasive techniques. Its role in reducing morbidity and enabling a quicker return to normal activity is driving adoption.
• Increasing applications in aesthetics and dermatology: Photomedicine is gaining significant popularity in aesthetic medicine and dermatology for an array of cosmetic procedures and skin treatments. Intense pulsed light therapy, laser skin resurfacing, laser hair removal, and LED light masks are widely used non-invasive procedures for anti-aging, skin rejuvenation, acne treatment, and pigmentation reduction.

Photomedicine Market Opportunities:

• Emergence of Combination therapies: Combining photomedicine with other novel treatment modalities such as stem cell therapy, immunotherapy, and genetic medicine can pave the way for promising new therapeutic options for difficult-to-treat diseases. Early studies on the combination of PDT with immunotherapies for cancer seem promising. More R&D on the synergistic effects of photomedicine with emerging biotech and genetic treatments can provide new avenues for growth. Companies investing in evaluating combination regimens may gain a good dividend in the future. The emergence of combination therapy can provide huge growth opportunities in the photomedicine market. Photomedicine involves the use of light-based therapies for various medical applications. Combination therapy, which utilizes two or more treatment modalities together, has shown promising results in effectively treating many conditions. Photodynamic therapy (PDT) is a major field of cancer treatment where combination therapy is becoming more and more popular. Conventional PDT uses light activated photosensitizing drugs to induce oxidative stress in cancer cells. However, combining PDT with other modalities like chemotherapy, targeted drug therapy, or immunotherapy has shown enhanced outcomes. For instance, on January 18, 2023, according to a report published by the National Center for Biotechnology Information (NCBI), numerous non-invasive phototherapy (PDT and PTT) and chemotherapy are used in combination for the treatment of cancer.

Photomedicine Market Trends:

• Integration with robotics and AI: Photomedicine devices integrated with robotics and AI are an important technology trend reshaping the market's future outlook. Robotic surgical systems guided by AI algorithms facilitate more consistent and ultra-precise maneuvering of light-based tools. Companies like Medtronic and Stryker offer robotic-assisted platforms for spinal, prostate, and gynecological surgeries using photomedicine devices. As AI and robotics advance, their fusion with photomedicine will rise, enabling automation and improving surgical outcomes.
• Adoption of wearable light therapy: Wearable medical devices that deliver light therapy are an emerging trend, with some key players already offering S. FDA-cleared products. These include low-level light therapy helmets, intravenous light wands, and wearable LED panels. Wearable light devices enhance patient mobility and sustained treatment effects compared to clinic-based systems. With remote monitoring capabilities, they support home-based photomedicine with better adherence. Wearables are forecast to gain more popularity. Increasing investments for wearable light therapy is expected to drive market growth over the forecast period. For instance, in January 2022, Bilihome B.V., a company that provides light therapy, medical equipment, etc., announced that it had successfully closed an investment round for smart, wearable light therapy for newborns with jaundice.
• Growing R&D on new light sources: Extensive R&D on finding new optimized light sources and novel wavelengths for photomedicine applications is shaping product development. Ultrafast pulsed lasers, UV and infrared spectrum LEDs, organic LEDs, and vertical-cavity lasers are being investigated for varied uses. For instance, UV-C light is showing promise for disinfection and blood treatment. Such light source advancements are leading to new, more efficient photomedicine equipment and expanding scope of applications. For instance, in June 2020, according to an article published by IOP Publishing, a scientific publisher, stated new research suggesting the use of quantum dot light-emitting diodes as light sources in photomedicine.
• Shift towards outpatient settings: There is an increasing shift in delivery of photomedicine procedures from inpatient hospital settings to outpatient clinics and office settings. Laser tattoo removal, IPL skin rejuvenation, PDT for skin lesions are transitioning to outpatient clinics due to their non-invasive nature. Many specialized chains providing outpatient dermatology, plastic surgery, pain management services are adopting light-based devices. This allows ease of access for patients while reducing costs. For instance, in November 2021, according to American Cancer Society, Inc., Photodynamic therapy (PDT) is usually done as an outpatient procedure but is sometimes combined with surgery, chemotherapy or other anti-cancer drugs, or radiation therapy.

Photomedicine Market Restraints:

• High costs involved: Photomedicine involves substantial capital investment for procurement of advanced light-based systems like surgical lasers, IPL devices, and PDT equipment, which can restrain adoption, especially by smaller healthcare facilities and clinics. A lack of adequate reimbursement for many procedures further exacerbates costs. For instance, according to THOR Photomedicine Ltd, a medical device company, the price of photomedicine devices offered by the company ranges from US$16,000 to US$ 40,000.
• Risk of adverse effects: Some key risks and side effects like pain, scarring, skin discoloration, thermal damage to underlying tissue, and unintended reactions constrain the adoption of photomedicine modalities. These effects depend on factors like wavelength, treatment duration, patient skin type, and operator technique. Concerns regarding long-term impact of repeated light exposure further add to the restraints. Addressing these safety issues through more research and protocol standardization remains vital for future growth. For instance, in December 2021, according to the National Center for Biotechnology Information (NCBI), pain, infection, photosensitivity, and uroschesis are recorded as adverse events (AEs) of photomedicines.

Figure 2. Global Photomedicine Market Share (%), by Applications, 2023

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Recent Developments:

New product launches:

• In September 2020, Lumenis Be Ltd., an energy-based medical device company, announced the launch of its newest laser solution called NuEra tight for skin treatments. It uses radiofrequency and laser technology simultaneously for optimal results.
• In July 2021, Cytrellis, Inc., a medical technology company, announced that the U.S. Food and Drug Administration has cleared their first proprietary product, the ellacor system with Micro-Coring technology, for the treatment of moderate to severe wrinkles in the mid to lower face.
• In April 2021, Alma Lasers, a company that manufactures electrical equipment and components, launched Alma PrimeX, its fastest and most powerful laser for tattoo removal and skin revitalization. It enables high-volume tattoo removal with low pain and downtime.

Top companies in Photomedicine Market

• Lumenis
• Alma Lasers
• THOR Photomedicine
• PhotoMedex
• Syneron
• Galderma
• Candela
• Beiersdorf
• IRIDEX Corporation
• Quantel Laser

Definition: The photomedicine market refers to the industry and medical field centered around the use of light for diagnostic and therapeutic purposes. It involves applying optical and photonic techniques like lasers, specialized lights, and light-activated drugs to diagnose and treat various medical conditions. Photomedicine combines optics, electronics, molecular biology, and other disciplines to develop innovative light-based technologies for healthcare. Key applications include dermatology, oncology, ophthalmology, dentistry, and pain management. The photomedicine market is driven by the rising prevalence of diseases treatable with light-based devices, growing adoption of minimally invasive procedures, and technological advancements in laser and light systems. It comprises companies manufacturing light-based equipment, research institutions exploring novel techniques, and medical facilities utilizing photomedicine for patient care. With its wide range of therapeutic capabilities and future potential, photomedicine is an emerging and rapidly evolving field within the global medical industry.