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

Photomedicine Market Size and Trends

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 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.