Medical Photobiostimulation System Market to Grow at a CAGR of 6.3% to reach US$ 314.88 Mn Million from 2021 to 2028

The medical photobiostimulation system market is projected to reach US$ 314.88 million by 2028 from US$ 204.66 million in 2021; it is expected to grow at a CAGR of 6.3% from 2021 to 2028.

Growing number of patients suffering from chronic disorders and chronic pain and rising demand for photobiostimulation devices for pain management and wound care due to increasing geriatric population are the major factors contributing to the market growth. However, stringent regulatory framework restrains the market growth. Medical photobiostimulation therapy is also known as low-level light therapy (LLLT) and is used to reduce pain, inflammation, and promote the healing of wounds. Modern photobiostimulation devices use specific wavelengths to achieve specific results. The photobiostimulation devices work on the principal because light works on a protein in the cell's mitochondria, which results in increased ATP and reduced oxidative stress. A cascade of intracellular processes results in improved tissue and reduced inflammation.

APAC countries are witnessing rise in COVID-19 cases. There has been a significant drop in in-patient and out-patient visits for private hospital chains. To relieve healthcare systems, many clinics have been postponing hospital visits. These events are likely to have a negative impact on Asia Pacific arrhythmia monitoring devices market. Medical industry segments, including medical photobiostimulation devices, have experienced losses during the COVID-19 pandemic due to restricted manufacturing and supply chain facilities.

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Medical Photobiostimulation System Market: Strategic Insights

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Market Insights

Growing Number of Patients Suffering from Chronic Disorders and Chronic Pain Fuels Medical Photobiostimulation System Market Growth

Chronic pain can be developed by an injury or surgery. Also, chronic diseases, such as cancer, musculoskeletal conditions, renal disorders, diabetes, obesity, Rheumatoid Arthritis (RA), endometriosis, migraines, and Alzheimer's disease (AD) are among major causes of chronic pain.  Most of older adults (>60%) suffer from two or more chronic conditions. According to the Centers for Disease Control and Prevention (CDC), in 2020, almost 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions.

The number of patients suffering from musculoskeletal conditions is rising. For instance, according to the details provided by the World Health Organization (WHO) in February 2021, around 1.71 billion individuals worldwide have musculoskeletal disorders. WHO also states that among these disorders, low back pain causes highest burden on healthcare system with a prevalence of 568 million people globally. Musculoskeletal diseases are the leading cause of disability; especially, low back pain is a major cause of disability in 160 countries.

In addition, the numbers of patients suffering from chronic pain is growing. According to the 2019 National Health Interview Survey (NHIS), the prevalence of chronic pain in the US Adults was 20.4%, with high-impact chronic pain accounting for 7.4%. Chronic pain was highest among people aged 65 and above (30.8%), non-Hispanic white adults (23.6%), and women (21.7%). High impact chronic pain was highest among people aged 65 and above (11.8%) and women (8.5%).

Medical photobiostimulating system are used to reduce pain, inflammation, and edema, promote the healing of wounds, deeper tissue, and nerves, and prevent tissue damage. Therefore, surging number of patients suffering from chronic pain and other chronic illness is driving the growth of the medical photobiostimulation system market.

Product-Based Insights

Based on product, the medical photobiostimulation system market is segmented into infrared light, red light, and others. The infrared light segment is estimated to hold the largest share of the market in 2021 and is expected to grow at the highest CAGR during 2021–2028. Infrared therapy is an innovative method to treat pain and inflammation and is widely being used in medicine, dentistry, veterinary medicine, and autoimmune diseases. Infrared therapy has been used in various applications to help patients suffering from pain or injury including sports medicine, and musculoskeletal injuries.

Application-Based Insights

Based on application, the medical photobiostimulation system market is segmented into pain management, wound care, cosmetic applications, others. Pain management is further segmented into dentistry, veterinary, and others. In 2021, the pain management segment is likely to hold the largest share of the market. this can be attributed to aging population and rising incidence of osteoporosis and arthritis cases worldwide. However wound care segment is expected to grow at the fastest rate during the coming years.

Companies operating in the medical photobiostimulation system market emphasize on adopting the product innovations strategy to meet the evolving customer demands across the world, which also permits them to maintain their brand name in the global market.

Medical Photobiostimulation System Market Regional Insights

The regional trends and factors influencing the Medical Photobiostimulation System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical Photobiostimulation System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Medical Photobiostimulation System Market Report Scope

Medical Photobiostimulation System Market Players Density: Understanding Its Impact on Business Dynamics

The Medical Photobiostimulation System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Medical Photobiostimulation System Market are:

1. BioLight Technologies LLC.
2. Omega Laser Systems Ltd
3. Vielight Inc.
4. Theradome Inc.
5. Lexington Intl., LLC

Disclaimer: The companies listed above are not ranked in any particular order.

Medical Photobiostimulation System Market – by Product

• Infrared Light
• Red Light
• Red Light

Medical Photobiostimulation System Market – by Application

• Pain Management
• Wound Care
• Cosmetic Applications
• Others

Medical Photobiostimulation System Market– by Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Spain
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South and Central America (SCAM)
  • Brazil
  • Argentina
  • Rest of SCAM

Company Profiles

• BioLight Technologies LLC.
• Omega Laser Systems Ltd
• Vielight Inc.
• Theradome Inc.
• Lexington Intl., LLC
• THOR Photomedicine Ltd
• Ingeneus
• iRestore Hair Growth System
• Meditech International Inc. (BIOFLEX Laser Therapy)
• Apira Science, Inc. (iGrow Laser)