Photomedicine Devices And Technologies Market Size, Share & Trends Analysis Report By Product (Dermatology, Wound healing Pain management, Optical diagnostics, Oncology), By Technology, By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global photomedicine devices and technologies market valued at USD 3.64 billion in 2023 and is anticipated to exhibit a growth rate of 10.9% during 2024 to 2030. Increasing cases of vision correction and laser surgeries among the geriatric population are driving the market. Furthermore, increasing incidences of cancer are triggering R&D initiatives to develop innovative solutions for cancer treatment, which is anticipated to provide further growth opportunities. As laser treatment has proven to be effective in treating cancer, it is hence expected to gain popularity in the future.

Additionally, increasing popularity of aesthetic procedures, optical diagnostic procedures and full body contouring techniques are further expanding photomedicine devices market. According to American Society of Plastic Surgeons in 2023 total number of minimally invasive cosmetic procedures was more than 25 million.

Product Insights

Dermatology dominated the market by capturing a revenue share of 19.3% in 2023, owing to the high number of aesthetic procedures performed in laser skin resurfacing, tattoo removal, and hair removal. Additionally, fat removal surgeries using infrared & radiofrequency, use of advanced body contouring devices are further fostering the segment growth.

Use of laser technology has additional benefits such as safe, painless and convenient procedures, further expanding the segmental growth. Additionally, the increasing use of dermatologic applications such as skin rejuvenation surgeries and tattoo removal procedures is expected to positively impact the growth prospects.

Oncology is expected to surge at a fastest CAGR of 11.7% over the forecast period. The increasing geriatric population across the world is an important factor in increasing the number of cancer patients. According to The Scientist magazine, the 60% patients among the new cancer diagnosis in 2023 are aged over 65 years.

Technology Insights

Laser technology led the photomedicine devices and technologies market with a revenue share of 33.7% in 2023 and is expected to continue to retain its position over the forecast period. The key factors impacting the segment growth are wide use of laser technology in treatments of cancer, immunology, arthritis, cardiovascular diseases and others.

Additionally, laser technology is preferably used in treatment of diabetic macular edema to reduce the treatment burden of Intravitreal pharmacotherapy. Adoption of minimal invasion therapies and computerized navigated laser are increasing by the virtue of effective results in reduction of side effects. Furthermore, adoption of advanced laser medicine in dermatologic applications is anticipated to promote the usage of laser-based therapies in the coming years.

Regional Insights

North America held the largest revenue share in 2023 owing to favorable reimbursement policies, higher awareness levels, and greater penetration of laser therapeutics in the treatment of various diseases. Furthermore, increasing funding from public & private organizations for R&D pertaining to the development of advanced photomedicine devices to be applied in the diagnosis of various diseases is anticipated to boost the growth in coming years.

U.S. Photomedicine Devices And Technologies Market Trends

The U.S. dominated the North America market in 2023 by capturing more than 70.0% of the share. Presence of several photomedicine device manufacturing companies, increasing awareness and developed healthcare sector are the key factors driving the market.

Europe Photomedicine Devices And Technologies Market Trends

Europe held a sizable market share of 20.8% in 2023 and is expected to grow at a CAGR of 10.8% over the forecast period. The key factor driving the market is increasing popularity of aesthetic treatments. As non-invasive treatments have reduced risks and incisions, it has become popular in young European population, shaping the regional market.

Asia Pacific Photomedicine Devices And Technologies Market Trends

Asia Pacific is expected to grow at the fastest CAGR of 12.7% during the forecast period. The increasing healthcare expenditure and encouraging government initiatives promoting new product development are the factors contributing towards the regional growth. In countries such as China and India, the growing inclination towards skincare and innovative technology usage in healthcare are positively impacting the market.

Key Photomedicine Devices And Technologies Company Insights

Some of the key companies operating in the photomedicine & technologies market include Galderma, Lumenis, THOR Photomedicine Ltd, Alma Lasers Ltd., QBMI Photomedicine and others.

• Galderma holds several brands that offer premium skin care products and therapeutic dermatology solutions. It emphasizes research and advanced technology to develop solutions. Galderma operates with advanced R&D and manufacturing facilities.

Recent Developments

• In May 2024, Clinical Laserthermia Systems AB announced that it entered into an agreement with MTEC Company. It is an exclusive distribution agreement to sell & market CLS TRANBERG product offerings in France.

• In March 2023, Galderma announced the launch of an aesthetic visualization tool powered by augmented reality. FACE by Galderma enables patients and aesthetic professionals to visualize injectable treatment results before the treatment begins i.e. at the planning stage.

• In April 2023, Johnson & Johnson Vision announced the FDA 510(k) clearance of ELITA Femtosecond Laser for the creation of LASIK flaps.

• In August 2020, LASEROPTEK Co. Ltd. announced the launch of PALLAS in the U.S. It is a Solid-State 311nm UVB laser which is FDA cleared for treating patients with psoriasis, vitiligo, leukoderma and atopic dermatitis.

Photomedicine Devices And Technologies Market Report Scope

Global Photomedicine Devices And Technologies Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levelsand provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2030. For this study, Grand View Research has segmented the photomedicine devices & technologies market report based on product, technology and region:

• Product Outlook (Revenue, USD Billion, 2020 - 2030)

  • Dermatology

    • Tattoo removal

    • Hair removal

    • Skin resurfacing

  • Wound healing

  • Pain management

  • Oncology

  • Optical diagnostics

  • Dental procedures

  • Others

• Technology Outlook (Revenue, USD Billion, 2020 - 2030)

  • Laser

  • Polychromatic polarized light

  • Full spectrum light

  • Dichroic lamps

  • Light emitting diodes

• Regional Outlook (Revenue, USD Billion, 2020 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait