January 11, 2017
Wellesley, Mass., Jan 11, 2017 – Light-emitting diode (LED) technology should drive demand in the photomedicine technology (PDT) global market because it offers superior photon absorption, avoids tissue damage, covers a large application area, and significantly lowers treatment costs. BCC Research reveals in its new report that the photomedicine field has become one of the most exciting fields in biomedical research in the past 50 years.
Photomedicine encompasses the study as well as treatment of diseases caused by exposure to light and therapeutic application of light in detecting and curing these diseases. Light energy is capable of causing mechanical and heating effects and chemical reactions. The transfer of light energy through photon absorption leads to several consequences in photomedicine. Photomedicine technology uses light to treat chronic pain, muscle stiffness and abnormal blood circulation. Full-spectrum light, fluorescent lamps, LEDs, and lasers are the most commonly used technologies.
The global PDT market should grow from $346 million in 2016 to $436 million by 2021, demonstrating a five-year compound annual growth rate (CAGR) of 4.7%. North America, the largest market by region, should reach $174 million and $222 million in 2016 and 2021, respectively, expanding at a five-year CAGR of 5.0%. The European market is expected to increase from $92 million in 2016 to $114 million by 2021, at a five-year CAGR of 4.4%.
Asia-Pacific accounted for a significant market share due to growing consumer awareness regarding skin cancer and rising demand for better healthcare services. Also, its market has seen an increase in demand for plastic surgeries in the past several years. Growing adoption of new technologies in China, Japan and India should drive demand through 2021.
In Latin America, countries such as Brazil, Colombia, Chile and Argentina offer increasing opportunities for the medical devices market. That region's growing healthcare infrastructure, coupled with rising disposable income, has created pent-up demand for PDT in the past few years. However, lack of consumer awareness could be a major restraint through 2021.
In the future, PDT could be used to treat large-sized tumors, a technique known as interstitial therapy, which involves imaging tests such computerized tomography (CT) that guides the fiber optic directly to the tumor using needles. Results of interstitial therapy in head and neck, prostate, and liver tumors have been promising.
"LED therapy, which enhances blood flow in patients, is an effective treatment to reduce pain, post-operative edema and inflammation. Laser technology produces multiple wavelengths, and thus is ideal to treat wounds with larger surfaces. As a result, the technology should see substantial growth over the forecast period,” says BCC Research analyst Vijay Laxmi. "Targeted therapeutic application has emerged as a promising strategy that exploits a multitude of crucial pathways involved in metastasis and tumorigenesis. New therapeutic approaches have improved treatment outcomes by preventing the formation of new blood vessels with the use of anti-angiogenic agents and vascular disrupting agents that eliminate tumors during PDT."
Photomedicine: Technologies and Global Markets (HLC172B) analyzes medical equipment (such as lasers, light emitting diodes and other kinds of light technologies) that treat and diagnose diseases such as skin conditions, seasonal and non-seasonal medical conditions, and sleep disorders. The report also examines therapeutic areas that include dermatology, surgery, optical diagnostics, cardiology, and oncology. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
Photomedicine: Technologies and Global Markets( HLC172B )
Publish Date: Dec 2016
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.