Allied Market Research recently published a report, “Photomedicine Market by Technology (Lasers, Polychromatic Polarized Light, Full Spectrum Light, Dichroic Lamps, Light Emitting Diodes, Fluorescent Lamps), by Application (Dermatology, Pain Management, Oncology, Ophthalmology, Wound Healing, Dental Procedures, Aesthetics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030.” According to the report, the global photomedicine industry generated $4.04 billion in 2020, and is projected to reach $7.51 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.
Request Sample Copy of Report –
https://www.alliedmarketresearch.com/request-sample/1532
Covid-19 Scenario –
- Visits for aesthetic procedures, dermatological treatments, dental procedures, and other photomedicine based therapies decreased significantly during the pandemic, especially throughout the initial phase. This, in turn, impacted the global photomedicine market negatively.
- However, the market is anticipated to get back on track soon.
Drivers, restraints, and opportunities –
Rise in aesthetic awareness, technological advancements in laser treatment, surge in incidence of skin damage, changes in lifestyle, and increase adoption of noninvasive procedures drive the growth of the global photomedicine market. On the other hand, availability of alternative treatment methods and product safety issues of photomedicine devices are expected to restrain the growth to some extent. However, high market potential in the untapped emerging economies and rise in various developmental strategies among the key players are expected to create lucrative opportunities in the industry.
Furthermore, according to the American Society of Plastic Surgeons (ASPS) report in 2020, 15.6 million of cosmetic procedures were performed in the U.S., among which there were 2.3 million cosmetic surgical procedures and 13.2 million cosmetic minimally-invasive procedures. In addition, approximately $16.7 billion were spent on cosmetic procedures in the U.S. Thus, rise in aesthetic procedures is expected to significantly drive the growth of the market.
Moreover, rise in the cases of psoriasis, eczema, vitiligo, and acne further increases the demand for photomedicine-based therapies. Surge in ophthalmological problems due to rise in screen time is also one of the major factors that drives the market. However, availability of alternative methods for the treatment of diseases and product safety issues of photomedicine devices are expected to restrain the photomedicine market growth of the market. Conversely, high market potential in the untapped emerging economies, rise in various developmental strategies, among the key players, and development of pipeline products are expected to provide many opportunities for market growth during the forecast period.
Specific Requirement on COVID-19? Ask more about Photomedicine Market:
https://www.alliedmarketresearch.com/purchase-enquiry/1532
The aesthetics segment to lead the trail-
On the basis of application, the aesthetics segment generated the highest share in 2020, holding more than one-fourth of the global photomedicine market. The same segment is also expected to cite the fastest CAGR of 9.5% from 2021 to 2030. This is attributed to rise in the preference for treatments among women as well as men for aesthetic enhancement.
North America to dominate by 2030-
On the basis of region, North America contributed to the major market share in terms of revenue 2020, holding more than two-fifths of the global photomedicine market. Increase in consumer awareness for looks, rapid adoption of advanced technologies, and presence of key players across North America drive the market growth. The Asia-Pacific region, however, is projected to cite the fastest CAGR of 8.8% from 2021 to 2030, due to rise in disposable income of people and wide number of facilities offering photomedicine services in the province.
Prominent market players-
- Baring Private Equity Asia Limited
- Koninklijke Philips N.V.
- Apax Partners Llp
- Biomedical Technology Holdings Limited
- AngioDynamics, Inc.
- Sisram Medical Ltd.
- Thor Photomedicine Ltd.
- PhotoMedex, Inc.
- Colorado Skin and Vein
- johnson and johnson md&d
Buy Now with Discount:
https://www.alliedmarketresearch.com/checkout-final/9fcc68a8b8532035bbda4140ae1f5c3d
North America exhibited the global photomedicine market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to better healthcare infrastructure and facilities, surge in the number of aesthetic enhancement procedures, adoption of technologically advanced treatments and presence of key players. However, Asia-Pacific photomedicine market forecast is anticipated to witness notable growth, owing to its increase in disposable incomes, surge in healthcare expenditure, various developmental activities, and rise in number of facilities offering such services.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Contact Us:
David Correa
Portland, OR, United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022,
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975