Photomedicine Market by Technology ,by Application, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019–2026

The Global Photomedicine Market is valued to reach USD 490.2 Million by 2026, growing at a CAGR of 8.01% over the forecast period 2020–2026. Factors like increasing adoption of advanced laser-based treatments, high prevalence of diseases caused by sunlight and emergence of personalized medicine are augmenting the market growth.

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Increase in incidences of cancer therapies across the globe and rise in demand for photo therapies is gaining a high momentum. Photomedicine is a field wherein light is used to kill undesirable cells such as pathogenic and cancer infections. The killing effect is produced when visible light is in a conjoint with photosensitizers that creates reactive oxygen modules. Photobiomodulation is a process when cancer stem cells are subset of tumor cells that are thought to be tumor recurrence. In addition, the photobiomodulation usually affects cytochrome oxidase located in the mitochondria and stem cells are inactive in their hypoxic state with low levels of mitochondrial activity.

With the inception of nanoscience that has resulted in use of novel materials such as gold, carbon nanotubes and iron-based magnetic nanoparticles, the market witness inception of new opportunities in the forecast span. Medically, the nanoparticles are viable for use due to their small size and the ability to function with other biological molecules. Adding further, photomedicine has further application for diagnosing infectious diseases, cancer and inflammation.

Photomedicine Market Trends, Drivers and Opportunities:

The photomedicine market is significantly driven by growing innovation in therapeutic fields followed by increase in medical applications. Medical transformation pertaining to diagnosis and treatment is anticipated to drive the market growth throughout the forecast span. Rise in incidence of laser therapy for skin cancer treatment and rising awareness among end users. Introduction of technologically advanced products and increase in demand for invasive procedures followed by the availability of body contouring devices are likely to result in a high market growth. Innovative treatment methods such as use of light and fluorescent lamps for cancer treatment is likely to trigger the market growth in the forecast period. In addition, emergence of personalized medicine is highly evident in the market on the grounds of increase in lifestyle diseases. Additionally, growing investments and funding for research is contributing in developing robust applications which in turn propels the market growth.