Photomedicine is the medical application of light to treat diseases or injuries. Photomedicine products include laser, LED phototherapy devices and consumer light therapy devices used for conditions like skin rejuvenation, pain management, wound healing and disease treatment. Some key advantages of photomedicine include being noninvasive, painless procedures with minimal side effects. Rising awareness about the benefits of photomedicine over conventional drug therapies and surgical procedures is driving increased demand for phototherapy and low level light therapy products.
The global Photomedicine Market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the major trends in the photomedicine market is increasing adoption of light therapy for aesthetic procedures. Photorejuvenation or non-ablative skin remodeling using lasers, intense pulsed light devices or LEDs is a minimally invasive procedure to reduce signs of aging like wrinkles, skin laxity and pigmentation. Rising consumer emphasis on youthful appearance and popularity of non-surgical cosmetic procedures is driving the adoption of light based aesthetic treatments. Moreover, introduction of new multi-application devices that offer both medical and aesthetic treatments using different light technologies is further supporting the growth of aesthetic photomedicine.
Porter’s Analysis
Threat of new entrants: The photomedicine industry requires significant investment in R&D for new product development. The intellectual property also creates barriers for new companies.
Bargaining power of buyers: Individual consumers have relatively low bargaining power compared to the large hospitals and clinics. However, rising competitive pressures have increased options for buyers.
Bargaining power of suppliers: Key suppliers including laser and light equipment manufacturers possess some bargaining power given the specialized nature of components. However, the presence of multiple suppliers mitigates their influence over photomedicine companies.
Threat of new substitutes: New alternative therapies pose a substitution threat but photomedicine still faces limited direct competition for several applications.
Competitive rivalry: The global photomedicine industry comprises numerous global and local players vying for market share and increased competitive pressures.
Key Takeaways
The Global Photomedicine Market Growth is expected to witness high. The global Photomedicine Market is estimated to be valued at US$ 3.6 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis: North America has the largest share in the global photomedicine market led by the United States. This can be attributed to factors such as advanced healthcare facilities, rising aesthetic consciousness and reimbursement policies. Asia Pacific is anticipated to emerge as the most lucrative region owing to growing healthcare infrastructure and better reimbursements in countries like China and India.
Key players: Key players operating in the photomedicine market are Bombay Spirits Company LTD, Diageo plc, William Grant & Sons Ltd, Charles Tanqueray & Co., Vantguard, Jaisalmer Indian Craft Gin, Nao Spirits & Beverages Pvt Ltd, Radico Khaitan Limited, Pernod Ricard, and Beam Suntory, Inc. These players are focusing on new product launches and mergers to strengthen their market position.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it