The Allied Market Research published a report on Medical Device Outsourcing Market 2021-2030 Interesting fact and figures (CAGR, Global Size, Shares and Revenue with Business Growth Support and Market Value and Volume with Supply Demand Scenario and Pipeline Projects). The global photomedicine market was valued at $4,047.64 million in 2020, and is projected to reach $7,510.35 million by 2030, growing at a CAGR of 6.7% from 2021 to 2030.
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Photomedicine is the branch of medicine that involves the study of light and its application in the treatment and diagnosis of diseases. Different photomedicine technologies such as laser, fluorescent lamps, and polychromatic polarized light are used for various diagnostic and therapeutic purposes. In photomedicine, light at specific wavelength is used for therapeutic purposes in different fields such as ophthalmology, dermatology, and oncology. In addition, these technologies are also used for various aesthetic purposes such as hair and tattoo removal.
Increased awareness related to beauty and physical appearance among the youth, augmented R&D investment on photomedicine, and advancement in technology are anticipated to boost the market growth. The rise in the prevalence of various skin diseases such as psoriasis and acnes and eye diseases such as dry eyes and other vision problems will positively impact the market growth. The increase in incidence of neonatal jaundice and increase in awareness about the benefits of photomedicine also fuel the market growth. However, safety issues related to photomedicine devices and competition from alternative treatment methods are anticipated to hinder the market growth.
According to Onkar Sumant, Research Analyst, Healthcare at Allied Market Research, “Lasers segment is anticipated to dominate the market with maximum share, in 2015. Lasers are used for the treatment of various skin and eye diseases. Furthermore, laser technology is used for various aesthetic purposes such as body contouring. It can also be used for therapeutic purposes related to various fields such as oncology and pain management.”
Aesthetic procedures segment is expected to be the fastest growing segment throughout the analysis period. It accounted for almost one-third of the total share of the market in 2015, owing to growing adoption of minimally invasive aesthetic technology and increasing awareness of physical appearance.
In 2015, North America had the maximum contribution in the photomedicine segment accounting for 36% of the share in the total revenue generated that year. High buying power of the customers, favorable reimbursement policies, and increase in number of cosmetic surgeries in the U.S. largely contribute toward the growth of this region. Asia-Pacific region observes fast paced growth in the photomedicine market registering a CAGR of 11.4%. Rise in disposable income, increase in healthcare expenditure and high potential for cost-savings on aesthetic procedures in Asian countries such as Singapore and Malaysia as compared to U.S. are the main reason for the growth of photomedicine market in the Asia-Pacific region.
Key findings of the study:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the photomedicine market analysis from 2020 to 2030 to identify the prevailing photomedicine market growth opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the photomedicine market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global photomedicine market size, trends, key players, market segments, application areas, and market growth strategies.
The major companies profiled in the report provide extensive competitive analysis and profiles of key market players including Baring Private Equity Asia Limited, AngioDynamics, Inc., Apax Partners Llp, Biomedical Technology Holdings Limited, Colorado Skin and Vein, johnson and johnson md&d, PhotoMedex, Inc., Koninklijke Philips N.V., Sisram Medical Ltd.,Thor Photomedicine Ltd.
To request more information about the report, visit the website at https://www.alliedmarketresearch.com/photomedicine-market
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