A new report from BCC Research (Wellesley, MA) forecasts that the global photomedicine market will reach $754 million by 2019, registering a compound annual growth rate (CAGR) of 4.1 percent through 2019. Photomedicine includes drugs activated by light, ultraviolet phototherapy, photodynamic therapy (PDT), and photobiomodulation or low-level laser/light therapy. The sector is driven primarily by healthcare reforms that provide coverage to an increasing number of patients and continuous innovation in drug development and medical devices, the report says.
"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 challenged by growth in biologics (naturally occurring molecules such as proteins and antibodies), which can be effective for the treatment of conditions targeted by photomedicine. But due to the relatively low cost and fewer side effects of photomedicine, light-based treatments will continue to grow.