DUBLIN--(BUSINESS WIRE)--The "Global Photomedicine Technology Market - Segmented by Application, Technology, and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global photomedicine technology market is expected to register a CAGR of 4.3% during the forecast period of 2018-2023. North America dominates the global market due to an increasing focus on beauty care within its population.
Increasing Adoption of Advanced, Laser-Based Treatments
According to the data published by the American Society for Aesthetic Plastic Surgery, there were about 326,120 laser skin resurfacing procedures and 1,136,834 laser hair removal procedures undertaken in the United States in 2015. In the field of Ophthalmology, approximately 596,000 LASIK surgeries were performed in the United States in 2015.
Increasing awareness about minimally-invasive procedures, advancements in laser delivery procedures, and rising demand for cosmetic surgeries are contributing to the expanding adoption of advanced laser-based therapies, which, in turn, is expected to fuel the growth of the global photomedicine technology market during the forecast period.
Additionally, increased awareness of aesthetics and high incidence of skin problems such as neonatal jaundice, acne, and psoriasis are also driving the market.
High Cost of Photomedicine Procedures
Cost of cosmetic surgery in the United States is higher than the developing countries. Moreover, people have to pay from their pocket, as cosmetic surgeries are not covered under insurance schemes. Developing countries have been attracting an increasing number of international patients by building state-of-the-art facilities and offering sought-after healthcare services at a fraction of the cost of the United States healthcare system.
The price difference matters mostly for elective procedures, including cosmetic surgeries. High cost and low insurance coverage of cosmetic surgeries are restraining the market of photomedicine technology as cosmetic surgeries represent a major part of the photomedicine market.
High cost of photomedicine therapies, coupled with expensive phototherapy devices, and the scarcity of trained personnel can also hamper the market. Safety issues related to photomedicine devices are also restraining the growth of photomedicine technology market.
Asia-Pacific to Register Highest CAGR
North America is dominating the market due to the high buying power of the customers, favorable reimbursement policies, and an increase in the number of cosmetic surgeries in the United States. For example, in 2012 approximately 45,534 procedures for body contouring were performed for weight reduction.
The Asia-Pacific region observed a fast-paced growth due to rise in disposable income, increase in healthcare expenditure, and high potential for cost savings on aesthetic procedures.
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porters Five Forces Analysis
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1.1 Increasing Adoption of Advanced Laser-Based Treatments
6.1.2 Increased Awareness for Aesthetics
6.1.3 High Incidences of Skin Problems Such as Neonatal Jaundice, Acne, Psoriasis
6.2.1 Safety Issues Related to Photomedicine Devices
6.2.2 High Cost of Photomedicine Procedures
6.4 Key Challenges
7. Market Segmentation
7.1 By Application
7.1.3 Tattoo Removal
7.1.4 Optical Diagnostics
7.1.5 Wound Healing
7.1.6 Skin Resurfacing
7.2 By Technology
7.2.1 Photodynamic Therapy (PDT)
7.2.2 Immuno-PDT (Photoimmune Therapies)
7.2.3 Fluorescence-Guided Surgery
7.2.4 Photodynamic Diagnosis
7.3 By Geography
7.3.1 North America
7.3.4 Middle East & Africa
7.3.5 South America
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Key Players
9.1 Alma Lasers
9.2 Beurer GmbH
9.3 Biolitec AG
9.4 Koninklijke Philips N.V.
9.5 Lumenis Lume
9.6 Photomedex Inc.
9.7 Quantel Medical Inc.
9.8 Thor Photomedicine Ltd.
9.9 Verilux Inc.
List Not Exhaustive
10. Future of the Market
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