Photomedicine market is anticipated to grow at a considerable CAGR of 7.0% during the forecast period (2024-2031). The market growth is attributed to the increasing demand for combination therapies including stem cell therapy, immunotherapy, and genetic medicine for treatment of chronic disorders. Photodynamic therapy (PDT) has emerged as a promising alternative cancer therapy. According to the National Center for Biotechnology Information (NCBI), in August 2023, there were 19.3 million newly diagnosed cancer cases and 10.0 million cancer-related mortalities. Projections indicate that the number of cancer cases may rise to 28.4 million by 2040.

Market Dynamics

Growing Application of Photomedicine in the Treatment of Chronic Disorders

The main factor propelling the growth of the photomedicine market is the increasing prevalence of severe diseases that can be treated with photomedicine techniques. Acne, psoriasis, and eczema are among the skin disorders that are growing more prevalent globally. Psoralen plus ultraviolet-A radiation (PUVA), laser therapy, and other light-based treatments are among the efficient treatment choices for skin disorders. In addition, there has been an increase in the prevalence of long-term conditions such as cancer, eye problems, and cardiovascular diseases. Many tumor types are treated with photodynamic therapy. Lasers and other photomedicine tools are used in eye surgery. It is anticipated that as the patient base grows, photomedicine modalities will be used more frequently, driving market expansion.

Increasing Demand for Minimally Invasive Procedures

The growth of the photomedicine market is being positively impacted by the move from conventional surgery to minimally invasive operations and treatments. Compared to open surgery, lasers, and related technologies provide more precise, smaller incisions, less discomfort, and faster recovery times for treatments including tissue welding, tumor excision, biopsy, and clot-busting. One crucial element of minimally invasive methods is photomedicine. Adoption is being fueled by its ability to lower morbidity and facilitate a quicker return to regular activities. Additionally, technological developments in photomedicine, including enhanced laser power and accuracy, intense pulsed light systems, LED light sources, and hybrid approaches, are major market expansion drivers.

Market Segmentation

• Based on the technology, the market is segmented into (laser bioptron light therapy, full-spectrum light, dichroic lamps, light emitting diodes (LED) & fluorescent lamps, and polychromatic polarized light.

• Based on the application, the market is segmented into dermatology, ophthalmology, dentistry, oncology, wound healing, and others.

Laser is Projected to Hold the Largest Share

The implementation of laser devices in clinical practice to treat cancer through photothermal effect, photodynamic effect, and other technologies has driven their market demand. Photodynamic Therapy (PDT) is an alternate cancer treatment approach that produces reactive oxygen species, which causes cell death, in addition to traditional surgery, radiation, and chemotherapy. For instance, THOR Photomedicine Ltd. offers Photobiomodulation (PBM Therapy) previously known as Low-Level Laser Therapy (LLLT) or LED light therapy that improves tissue repair (skin wounds, muscle, tendon, bone, nerves), reduces inflammation and reduces pain wherever the beam is applied.

Dermatology Segment to Hold a Considerable Market Share

Photomedicine is an emerging treatment modality in dermatology with increasing office and home-based use. Photomedicine can be used effectively to treat conditions secondary to cancer therapies, alopecia, ulcers, herpes simplex virus, acne, skin rejuvenation, wounds, and scars. According to the NCBI, in March 2023, approximately 95.0% of patients undergoing radiotherapy (RT) experienced radiation dermatitis (RD). Evidence has suggested that photobiomodulation therapy (PBMT) can stimulate skin renewal and minimize radiation dermatitis.

Regional Outlook

Global photomedicine market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America). 

Growing Demand for Photomedicine in Europe

The regional growth is attributed to the expanding use of innovative, laser-based therapies by growing awareness. Additionally, increasing demand for laser hair removal, skin resurfacing, and anti-aging treatments drive the growth of the market in the region. According to the GOV.UK, in September 2023, the cosmetic and personal care sector supported a total GDP contribution of £24.5 billion ($26.5 billion). The increasing accessibility and affordability of high street providers and aesthetic clinics and the advancement of technologies and products applied in this field. Procedures such as botulinum toxin (commonly known as Botox) anti-wrinkle injections, cosmetic fillers (commonly known as dermal fillers), chemical peels, and energy-based treatments are growing in popularity, with new procedures rapidly emerging onto the market

Global Photomedicine Market Growth by Region 2024-2031

North America Holds Major Market Share

The market growth is attributed to the advancement in photomedicine technologies such as improvements in laser technology, LED therapy, and other light-based treatments. Additionally, increasing cases of skin disorders such as acne, psoriasis, and skin cancer increase the demand for photomedicine treatments in the region. According to the American Academy of Dermatology Association (AAD), in June 2024, it is estimated that approximately 9,500 people in the US are diagnosed with skin cancer every day. It is estimated that 200,340 new cases of melanoma, 99,700 noninvasive (in situ) and 100,640 invasive, will be diagnosed in the US in 2024. Additionally, the government in the region allows customers to efficiently purchase advanced, state-of-the-art medical and therapeutic light and laser devices from companies for pain management, physical therapy, rehabilitation, and regenerative medicine. For instance, in December 2021, Aspen Laser, LLC, in the medical device industry with a focus on photomedicine, announced that it had been awarded a Schedule 65 II A – Medical Equipment and Supplies contract by the US General Services Administration (GSA), the procurement arm of the federal government.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the photomedicine market include AngioDynamics, Inc., Beurer GmbH, Biolase, Inc., IRIDEX Corp., and Koninklijke Philips N.V. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. 

Recent Developments

• In February 2024, Biofrontera AG, an international biopharmaceutical company, and GME - German Medical Engineering GmbH announced that Biofrontera AG's subsidiary Biofrontera Pharma GmbH has entered a strategic collaboration with German Medical Engineering GmbH (GME) to strengthen the commercialization of the MultiLite daylight lamp for the photodynamic therapy (PDT) of actinic keratoses (AK) in Germany and the UK.

• In January 2022, BIOLASE, Inc., in dental lasers, and EdgeEndo, in commercializing endodontic products, announced FDA 510(k) clearance of the EdgePRO system for endodontists seeking a more effective cleaning and disinfection alternative within root canal procedures. The new laser-assisted microfluidic irrigation device offers an advanced solution to current cleaning and disinfection techniques, without disrupting procedure workflow or adding substantial cost on a per-procedure basis.

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global photomedicine market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.