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Photomedicine Technology Market - Growth, Trends, and Forecasts (2020 - 2025)

Photomedicine Technology Market - Growth, Trends, and Forecasts (2020 - 2025)

  • October 2020
  • 104 pages
  • ID: 5993741
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until Apr 20th 2021

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The global photomedicine technology market is expected to register a CAGR of 7.89% during the forecast period.

The growth is attributed to increasing adoption of advanced, laser-based treatments, raising awareness and new product launches. According to the American Society for Aesthetic Plastic Surgery (ASAPS), laser hair removal treatments were the third most popular non-surgical cosmetic procedure in 2017. According to the data published by the American Society for Aesthetic Plastic Surgery, about 31,892 laser skin resurfacing procedures and 178,488 laser or pulsed light hair removal procedures were undertaken in the United States in 2017.

Furthermore Increasing awareness about non-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 market during the forecast period. However, the high cost of photomedicine and advanced device technologies are expected to hinder the market growth.

Key Market Trends
Oncology Segment is Expected to Register Significant Growth

- Phototherapy is one of the most successful therapies used for curing cancer. In a process called photodynamic therapy (PDT), light-sensitive drugs are injected into the body, which settles into the cancer cells. When the cells are exposed to certain light waves, the drugs are activated to kill the cells and shrink the tumor.
- US FDA approved the photosensitizing agent called porfimer sodium, or photofrin, for use in PDT, to treat or relieve the symptoms of esophageal cancer and non-small cell lung cancer. The porfimer sodium itself can destroy the blood vessels in the tumor. When the tumor does not receive enough blood, basically, it starves to death. This is one of the successful molecules used mostly for esophageal cancer.
- Aminolevulinic acid is one of the recent drugs identified to treat actinic keratosis (AK), a skin condition that can become cancer, however, it can only be used on the face or scalp. A special blue light, rather than the laser light, is used to activate this drug.
- Owing to the increasing prevalence of cancer coupled with the increasing trend of early detection and therapeutic intervention, novel therapeutic approaches such as phototherapies are increasingly being employed.

North America is Expected to Retain Largest Market Share During the Period of Forecast.

- North America photomedicine technology market is projected to have significant market growth over the forecast period. Availability of advanced diagnostic tools and high awareness regarding these products are the key factors driving the growth of the market in North America.
- For instance, in October 2018, Sun Pharma has launched ILUMYATM (tildrakizumab-asmn) in the United States for the Treatment of Moderate-to-Severe Plaque Psoriasis in adults who are candidates for systemic therapy or phototherapy.
- Furthermore, increasing funding from public & private organization 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 sector growth in the near future. ?
- There are several organizations and companies which are increasingly focusing on coming up with innovative technologies in the market. The Wellman Center for Photomedicine at Massachusetts General Hospital focuses on investigating the effects of light on human biology, and discovering new diagnostic and therapeutic uses of light.? This is likely to further fuel the market growth over the forecast period.

Competitive Landscape
Several global and local companies are operating in the market. The market is observing significant technological shifts and market participants are competing on the basis of product advancements such as increased efficacy and ease of operation. Key players in the market include Sisram Medical Ltd (Alma Lasers), Beurer GmbH, Biolitec AG, Koninklijke Philips N.V., Lumenis, Photomedex, Inc., LUMIBIRD, Candela Medical, Thor Photomedicine Ltd, and Johnson & Johnson.

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