Report : North America Photomedicine Devices and Technologies Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Photodynamic Therapy (PDT), Immuno-PDT (Photoimmune Therapies), Fluorescence-Guided Surgery, Photodynamic Diagnosis, Photobiomodulation (Lasers Lights), and Other Technologies) and Application (Aesthetics and Dermatology, Oncology, Ophthalmology, Neurology, Pain Management, Wound Healing, and Other Applications)
Aesthetics and Dermatology Segment to dominate North America Photomedicine Devices and Technologies Market during 2021–2028
According to a new market research study on “North America Photomedicine Devices and Technologies Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Application,” is expected to reach US$ 281.51 million by 2028 from US$ 194.66 million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the North America photomedicine devices and technologies market along with the drivers and restraints pertaining to the market growth. Growing demand for minimally invasive and noninvasive therapies, raising penetration of photomedicine in cancer treatment, and strengthening technological advancements in photomedicine are the major factor driving the growth of the North America photomedicine devices and technologies market. However, strict regulatory framework hinders the growth of North America photomedicine devices and technologies market.
The North American region is highly affected due to the outbreak of the Covid-19 pandemic. Countries such as the US and Canada reported the highest numbers of COVID-19 positive cases. The US registered the highest number of deaths due to the COVID-19 pandemic. The chaotic situation was created in the medical industry across the countries, increased demand for COVID diagnostics and therapeutics have dramatically increased in the hospitals. In the US, due to an increasing number of infected patients, healthcare professionals and leading organizations distract the flow of healthcare resources from research & development to primary care, which is slowing down the process of innovation. Moreover, the cosmetic surgeons having a unique perspective of collaborating with patients and their teams create difficulties and challenges in distress. Furthermore, in light of the ongoing pandemic of COVID-19, the American Society of Plastic Surgeons (ASPS) in May 2020 released a statement to urge the suspension of elective and non-essential Technologies of cosmetic surgeries in the US. In addition, the cosmetic surgery societies are implementing various strategies to curb the financial losses and have amended their policies to support small businesses, such as the Small Business Administration offering expanded disaster impact loans and deferment of the federal income tax payments by three months to July 15. In addition, the COVID-19 pandemic is perplexing healthcare institutions in the region with unprecedented operational and clinical challenges. Moreover, shift of priorities from photomedicine devices treatment to corona virus diagnosis and treatment devices are leading to decline in photomedicine Devices and technologies, leading to decline in market growth up to certain extent.
The North America photomedicine devices and technologies market is segmented on the basis of technology, application, and country. Based on technology, the market is segmented into photodynamic therapy (PDT), Immuno-PDT (Photoimmune Therapies), photobiomodulation (Lasers Lights), photodynamic diagnosis, fluorescence-guided surgery, and other technologies. In 2021, Photodynamic Therapy (PDT) segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into aesthetics and dermatology, oncology, ophthalmology, neurology, pain management, wound healing, and other applications. In 2021, aesthetics and dermatology segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Further based on aesthetics and dermatology, the market is segmented into hair removal, tattoo removal, skin resurfacing, and other applications. In 2021, hair removal segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the US, Canada, and Mexico. In 2021, the US held the largest share in the market, and it is also expected to be the fastest growing country during the forecast period.
Alma Lasers; Beurer GmbH; Candela Medical; Koninklijke Philips N.V.; Iridex Corporation; Lumenis; THOR Photomedicine Ltd; biolitec AG; Lumibird; and Verilux, Inc. are among the leading companies in the North America photomedicine devices and technologies market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Alma, a Sisram Medical Company, Launches Breakthrough ClearSkin PRO.
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