Photomedicine Technology Market report presents in-depth analysis of Photomedicine Technology which includes market size, share, growth and demand forecast until 2023 (in USD billion). Photomedicine Technology market report includes research methodology, value chain analysis, industry analysis by power of suppliers and consumers. Photomedicine Technology market report also includes new upcoming technology of Photomedicine Technology Industry that will helps to our clients.
Industry experts project Photomedicine Technology market to grow at a CAGR of 4.3% during the period 2018-2023.
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The global photomedicine technology market is expected to register a CAGR of 4.3% during the forecast period of 2018–2023. North America dominates the global market due to an increasing focus on beauty care within its population.
Increasing Adoption of Advanced, Laser-Based Treatments
According to the data published by the American Society for Aesthetic Plastic Surgery, there were about 326,120 laser skin resurfacing procedures and 1,136,834 laser hair removal procedures undertaken in the United States in 2015. In the field of Ophthalmology, approximately 596,000 LASIK surgeries were performed in the United States in 2015. Increasing awareness about minimally-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 marketduring the forecast period.
Additionally, increased awareness of aesthetics and high incidence of skin problems such as neonatal jaundice, acne, and psoriasis are also driving the market.
High Cost of Photomedicine Procedures
Cost of cosmetic surgery in the United States is higher than the developing countries. Moreover, people have to pay from their pocket, as cosmetic surgeries are not covered under insurance schemes. Developing countries have been attracting an increasing number of international patients by building state-of-the-art facilities and offering sought-after healthcare services at a fraction of the cost of the United States healthcare system. The price difference matters mostly for elective procedures, including cosmetic surgeries. High cost and low insurance coverage of cosmetic surgeries are restraining the market of photomedicine technology as cosmetic surgeries represent a major part of the photomedicine market. High cost of photomedicine therapies, coupled with expensive phototherapy devices, and the scarcity of trained personnel can also hamper the market.
Safety issues related to photomedicine devices are also restraining the growth of photomedicine technology market.
Asia-Pacific to Register Highest CAGR
North America is dominating the market due to the high buying power of the customers, favorable reimbursement policies, and an increase in the number of cosmetic surgeries in the United States. For example, in 2012 approximately 45,534 procedures for body contouring were performed for weight reduction.
The Asia-Pacific region observed a fast-paced growth due to rise in disposable income, increase in healthcare expenditure, and high potential for cost savings on aesthetic procedures.
Key Developments in the Market
• February 2018: Photomedics and the Forsyth Institute has developed an intraoral light device with proven ability to reduce the number of potentially pathogenic bacteria in the mouth that can cause gum disease and bad breath.
• September 2017: Kyocera Corporation with the University of Tsukuba is developing Artificial Intelligence (AI) based image recognition for eHealth applications for diagnosing melanoma and other skin diseases by analyzing digital images of a patient’s skin.
The Major Players include – Alma Lasers, Beurer GmbH, Biolitec AG, Koninklijke Philips N.V., Lumenis Lume, Photomedex, Inc., Quantel Medical, Inc., Thor Photomedicine Ltd and Verilux, Inc., among others.
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Global Photomedicine Technology Market Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2013-2023):
- North America: United States, Canada and Mexico
- Europe: Germany, UK, France, Italy, Russia, Spain and Benelux
- Asia Pacific: China, Japan, India, Southeast Asia and Australia
- Latin America: Brazil, Argentina and Colombia
- Middle East and Africa: Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Global Photomedicine Technology Market Segmentation:
- Application 1
- Application 2
The Photomedicine Technology Market report also answers the key questions of the clients; these are:
- How big is the market opportunity?
- What are the forces influencing the market growth?
- What will be the market size at the end of the forecast?
- Which regions and sub-segments will grow at the highest rate?
- How will the regulatory scenario impact the Biosolids market?
- What are the top strategies that the companies in the market are adopting?
- How will the patent expires shape the market dynamics?
- How will the market dynamics be shaped by the end of the forecasting horizon?
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