In this report, Technavio covers the market outlook and growth prospects of the global photomedicine market for 2017-2021. The market is segmented based on end-user, including healthcare, domestic users, and commercial users.
The growing demand for diagnostic laser products and minimally invasive procedures with the rise in disposable income and the increase in the prevalence of conditions caused by overexposure or underexposure to sunlight drive the global photomedicine market. With people opting for minimally invasive procedures such as laser and light therapy to enhance their appearance and treat skin ailments, the upgradation of clinics with new and advanced devices becomes imperative if clinicians have to sustain their patient pool. The size and portability of phototherapy products have led to their increased demand among domestic and commercial users.
Technavio’s research analysts categorize the global photomedicine market into the following segments by regions:
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Americas: largest photomedicine market
The market in North America, particularly the US, is the innovation hub for photomedicine products owing to the presence of key vendors such as Verilux and Koninklijke Philips. A significant number of vendors are entering the market by offering novel and advanced products. With more than 5% of the population staying in the northern areas of the region that have limited sunlight and experience extreme cold climates, the market is growing at a constant rate.
“Light therapy products such as light therapy boxes are predominantly used by domestic users as substitutes for sunlight. Commercial users such as corporate offices, spas, salons, and hotels also use the light therapy box and the desk lamp to provide the required environmental conditions as therapy. Due to the benefits provided by these products, their sale is high in the region,” says Amber Chourasia, a lead analyst at Technavio for research on health and wellness.
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Photomedicine market in EMEA
EMEA occupies the second largest market share with countries such as Sweden, Norway, Denmark, and Finland as the major contributors. High disposable income and cold climatic conditions propel market growth in the region. The prevalence of SAD has increased the demand for light therapy products such as light therapy boxes and floor and desk lamps among domestic and commercial users. The region also experiences a high demand for both laser-based devices and phototherapy.
“The Western European market is also affected by the growing number of healthcare users who use light therapy for various healthcare applications such as, dermatology treatments and skin care, neonatal jaundice, psoriasis, and other osteology treatments. The growing demand for light therapy products in healthcare applications increases the sales revenue,” adds Amber.
Photomedicine market in APAC
The market in APAC is expected to see gradual growth during the forecast period with the growth and improvement in the healthcare infrastructure of the region. The major countries contributing to the revenue of this region are Japan, India, South Korea, Australia, and China. In recent years, the incidence of chronic diseases such as skin cancer has increased in this region because of cross-border health risks precipitated by globalization and changes in lifestyle.
Although the climatic conditions in some countries in the region limit the demand for certain products such as light therapy boxes, dawn simulators, and floor and desk lamps, the market sees growth in the healthcare segment. Circadian rhythm disorders, psoriasis, and some psychiatric disorders such as bulimia nervosa and premenstrual dysphoric disorder among others require the use of light therapy. Lasers are used in ophthalmology for non-invasive treatment of diseases of the eye as well as vision correction.
The top vendors in the global photomedicine market highlighted in the report are:
- Koninklijke Philips
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