Photomedicine Market Size Projected To Reach Approximately USD 7,510.35 Million By 2030

 The “Photomedicine Market," size was valued at $4,047.64 million in 2020, and is estimated to reach $7.5 Billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030. Photomedicine is a branch of medicine that includes the study of light and its application to treatment and diagnosis. Various medical imaging technologies, such as lasers, fluorescent lamps, and polychromatic polarized light, are used for various diagnostic and therapeutic purposes. In phototherapy, long-wavelength light is used for treatment in various fields, such as ophthalmology, dermatology, and oncology.

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Major Key Market Players -

The key players operating in the global photomedicine market are
Baring Private Equity Asia Limited (Lumenis Ltd.),
Angiodynamics, Inc.,
Apax Partners LLP. (Syneron Medical Ltd.),
Biomedical Technology Holdings Limited (Biolitec AG),
Colorado Skin and Vein,
Johnson and Johnson,
Koninklijke Philips N.V.,
PhotoMedex, Inc.,
Sisram Medical Ltd. (Alma Lasers Ltd.) and
Thor Photomedicine Ltd.

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.

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By technology, the market is divided into lasers, polychromatic polarized light, absolute light, dichroic lamps, light-emitting diodes and fluorescent lamps. The laser segment generated the best revenue in 2020, accounting for the largest share during the forecast period and is expected to witness the highest CAGR of 7.3% during the forecast period.

By application, the photomedicine industry is divided into dermatology, pain management, oncology, ophthalmology, wound healing, dentistry, aesthetics and others. The Aesthetics segment generated the highest revenue in 2020, accounting for the share of the pharmaceutical market in 2020 and during the forecast period. The aesthetics segment is expected to witness the highest CAGR of 9.5% during the forecast period.

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