Photomedicine Devices and Technologies Market Size, Share, Growth, Trends and Forecast Report
by Susan Hill Business ConsultantThe global photomedicine devices and technologies market was
valued at USD 314.9 million in 2015 and is expected to reach a value of USD
470.8 million by 2024. Growing demand for minimally invasive aesthetic
procedures is a key contributing factor toward the flourishing market growth.
Rising concern amongst the youth regarding their physical and aesthetic
appearance is a crucial factor responsible for this growth.
Moreover, benefits
associated with the use of laser surgery, such as less recovery time, painless
procedure, cost efficiency, and shorter length of hospital stay, are the
factors expected to fuel the demand for minimally invasive aesthetic surgeries
over the forecast period.
According to the report
published by the American society of plastic surgeons, the total number of
minimally invasive cosmetic procedures was 13,945,388 in 2014 and is expected
to grow by 4% every year. Whereas, the number of procedures in the UK was
50,122 in 2013, which represents a growth of 17% as compared to the previous
year. This represents the emergence of the laser-based cosmetic procedures,
which in turn is expected to continue boosting the demand for photomedicine
devices in the coming years.
In addition, higher adoption
of laser surgery in vision correction, body contouring, and in cancer treatment
are anticipated to drive the sector growth over the forecast period.
Further Key Findings from the Study Suggest:
- Oncology segment is expected to show
lucrative growth in the near future due to the increasing global cancer
incidence and government funding related to cancer research. In addition,
the introduction of various photomedicine technologies in cancer treatment
such as photodynamic therapy (PDT), immuno PDT, and fluorescence-guided
surgery are anticipated to boost the usage rates in the coming years
- Dichroic lamps are expected to gain
popularity in the next 7 years due to their increasing medical
application, such as their use in illuminating the organs during
endoscopy. On the other hand, laser surgery is anticipated to show
substantial growth during the forecast period due to its increasing
adoption by healthcare professionals and the growing awareness levels
amongst the end users regarding the merits of laser use in surgeries
- For instance, miniature lasers and light
emitting diodes, made up of biocompatible materials are used in optical
sensing & therapy. Furthermore, the evolution of optogenetics has led
to the development of highly efficient photonic devices with better level
of integration achieved through neurological circuits thus enabling
enhanced optical communication, which offer health monitoring and light
activated in vivo therapies for disease treatment
- Asia Pacific photomedicine devices market
is anticipated to show lucrative growth during the forecast period.
Increasing demand for minimally invasive aesthetic procedures, soaring
geriatric population, ongoing cancer research, and the increasing
healthcare spending are contributing toward the highest regional
growth
- The photomedicine devices market is
oligopolistic in nature and is dominated by players such as Colorado Skin
& Vein, THOR Photomedicine Ltd., Lumenis, QBMI Photomedicine, Alma
Lasers Ltd., AngioDynamics, and PhotoMedex, Inc. Market players are
focusing on strategies such as updating current products, product
launches, acquisitions, and distribution agreements
- For example, in May 2014, Spectranetics
announced the acquisition of AngioScore, Inc., for USD 230 million. This
acquisition led to the expansion of the sales & distribution network
of the company and the expansion of the company’s addressable market
Access full research report on global photomedicine
devices and technologies market:
www.grandviewresearch.com/industry-analysis/photomedicine-devices-technologies-market
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Created on Apr 9th 2020 00:30. Viewed 265 times.