Worldwide photomedicine market to reach $754M by 2019, says BCC Research
A new report from BCC Research (Wellesley, MA) forecasts that the global photomedicine market is expected to reach $754 million by 2019, registering a compound annual growth rate (CAGR) of 4.1 percent for the 2014-2019 period. Photomedicine, which includes drugs activated by light, ultraviolet phototherapy, photodynamic therapy (PDT), and low-level laser/light therapy, is driven primarily by healthcare reforms that provide coverage to an increasing number of patients and continuous innovation in drug development and medical devices.
Related: Low-level laser therapy: Treatment through precise application of light
Due to the rapid transformations occurring in research and development, new healthcare reforms, and the advent of personalized medicine, the dynamics of the market are changing. Particularly in the United States and China, reforms are drastically increasing the number of patients with access to healthcare, as well as treatment options. The arrival of personalized medicine and the growing speed at which R&D is delivering new medical devices are strong contributors to a developing market as well.
In terms of regions, North America holds the largest market share and will be the fastest-growing region, followed by Asia and Europe. North America will also generate the highest revenue, growing from $300.9 million in 2014 to $372 million in 2019, with a five-year CAGR of 4.3 percent.
"Current applications depend on the available chemistry and technologies that support phototherapy," says BCC Research healthcare analyst Alessandro Varotto. "Future advances in photomedicine are promising, and there are many potential problems where phototherapy can offer better solutions over conventional treatment options."
The industry is, however, facing serious threats from biologics. These are naturally occurring molecules, such as proteins and antibodies, that are effective for the treatment of conditions previously treated with photomedicine. But due to the relatively low cost and fewer side effects of photomedicine compared to biologics, the former will continue to grow.
The report is available for purchase at www.bccresearch.com.
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We edited the content of this article, which was contributed by outside sources, to fit our style and substance requirements. (Editor’s Note: BioOptics World has folded as a brand and is now part of Laser Focus World, effective in 2022.)