Photomedicine is a medical discipline that entails the use of light for detection, diagnosis, and treatment of diseases. Photonic devices encompass light emitting diodes, lasers, and fluorescent lamps. The market is evolving due to the rising demand for the treatment of skin-related diseases.
"Photomedicine facilitates the diagnosis of various diseases"
Light is used in various therapeutic fields, such as surgery, dermatology, cardiology, oncology, and optical diagnostics. The application of photomedicine devices is increasing in the treatment of heart diseases, various infections, and in cancer diagnosis & treatment owing to the attached benefits including effective light penetration enabling enhanced visualization, which in turn facilitates the diagnostic process.
"Addressable photomedicine market"
Photomedicine has transformed the traditional disease diagnosis and treatment methods. The increasing demand for medaesthetic procedures, such as unwanted hair removal, acne phototherapy, and skin rejuvenation, is anticipated to serve the current market with profitable opportunities. Moreover, the growing awareness levels amongst end users, introduction of technologically advanced products, rising demand for minimally invasive aesthetic procedures, and the availability of advanced body contouring devices are key contributing factors resulting in significant market growth.
The market is competitive in nature and is dominated by certain major players including THOR Photomedicine Ltd., Lumenis, QBMI Photomedicine, Colorado Skin & Vein and Alma Lasers Ltd., AngioDynamics, Spectranetics, Syneron Medical Ltd., PhotoMedex, Inc., and IRIDEX Corporation. The market players are involved in the development of minimally invasive and cost efficient products to widen their disease treatment portfolio and gain a competitive edge over others.
"Photomedicine market outlook"
The photomedicine market is anticipated to grow in the coming years owing to increasing penetration of laser therapy in cancer treatment and in curing skin diseases. Furthermore, the increasing application of photomedicine to include laser-based targeted therapies promoting personalized medicine is a significant boosting factor for the expansion of the photomedicine devices vertical. The growing adoption of photomedicine technology in aesthetic procedures coupled with the introduction of healthcare reforms with better reimbursement policies are expected to propel the market growth. However, factors such as product safety concerns, competition from biologics companies, and the high costs associated with this technology are expected to impede the market growth over the forecast period.
In-depth report on global photomedicine devices and technologies market by Grand View Research: