The global Photomedicine market size is estimated to reach USD 551.3 Million by 2028, registering a CAGR of 4.8% over the forecast period, according to a new report by Reports and Data. Major factors driving market revenue growth are technological advancements in medical aesthetics, as well as the development of compact, adaptable, and multi-functional photomedicine equipment. The introduction of photodynamic treatment and fluorescence guided procedures were other significant achievements. Photomedicine is an interdisciplinary field of medicine that studies and applies light to health and diseases induced by light, as well as the use of light to detect, diagnose, and treat diseases. The photomedicine industry is expected to develop in the next years as laser therapy becomes more widely used in cancer treatment and the treatment of skin problems. The growing use of photomedicine to incorporate laser-based targeted therapies that promote precision medicine is a major driver of the market. The market is forecast to develop due to the increasing use of photomedicine technology in aesthetic procedures, as well as the introduction of healthcare reforms with better reimbursement policies.
Top Companies Profiled in the Report Include
THOR Photomedicine Ltd., PhotoMedex Inc., Alma Lasers Ltd., Syneron Medical Ltd., Lumenis and Candela..
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Photomedicine market in these key regions.