Photobiostimulation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Photobiostimulation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The photobiostimulation market is expected to grow with a CAGR of 6.8% during the forecast period (2022-2027).

The emergence of the COVID-19 pandemic had an adverse effect on the world economy and the healthcare system. The lockdown all over the globe has affected the supply chain of pharmaceuticals, medical devices, and biotechnological products. However, the use of photobiostimulation for the treatment of COVID-19 patients was on the rise, as it was effective in increasing immunity, helping tissue repair, and reducing pro-inflammatory cytokines. For instance, an article titled “Photobiomodulation Therapy as a Possible New Approach in COVID-19: A Systematic Review” published in the journal of Life in June 2021 indicated that photobiomodulation therapy (PBMT) with the use of a low-level laser (LLLT) could be beneficial for COVID-19 patients since it is related to modulating the immune system, to the reduction of inflammation, and other beneficial activities for the restoration of health. Thus, COVID-19 had a pronounced impact on the growth of the market.

The significant factor attributing to the market growth is the growing incidence of chronic diseases which is leading to an increase in the number of patients being treated using methods of photobiostimulation. Additional factors such as the rising prevalence of chronic pain disorders such as arthritis, osteoporosis, and rising geriatric population will drive the market for photobiostimulation during the forecast period.

Cancer is a leading chronic disease affecting people all around the world. According to the GLOBOCAN 2020 report, the total number of people in the world affected by cancer in 2020 accounts for around 19,292,789 cases. The number is estimated to rise to 28,887,940 cases by 2040. ​

The photobiostimulation therpay has also been utilized in the diabetic wound healing treatment. A photobiomodulatory response is produced when cells are exposed to radiation, which changes cellular functions and promotes the healing of diabetic wounds. Through the modification of many cellular and molecular processes, photobiomodulation therapy (PBMT) employing red and near-infrared (NIR) wavelengths are being considered as a promising treatment for accelerating the rate of diabetic wound healing, eliminating pain, and reducing inflammation. According to the International Diabetes Federation Diabetes Atlas Tenth edition 2021, in 2021, around 537 million adults all over the world were found to have diabetes; with the numbers projected to grow to 643 million by 2030 and 783 million by 2045. The rising number of cancer cases and the diabetic population around the world is expected to add to the growth of the studied market over the forecast period.

The rise in the geriatric population is also adding to the market growth. According to the World Population Prospects 2022 published by the Worl Health Organization in July 2022, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. The report indicated that there were 771 million people over the age of 65 years in the world in 2022. As number of geriatric population is expected to increase in coming years who are more prone to chronic pain disorders such as arthritis, osteoporosis which ultimately rises the growth of market in near future.

The continued growth of the number of non-invasive treatments need for less expensive treatment options have an impact on the growth of the photobiostimulation market. Advancement in technology and ensuring maximum patient convenience after and during therapy, are the other factors expected to drive the growth of photobiostimulation market.

The product launches by the market players focusing on the photobiostimulation therapy is also aiding the growth of the studied market over the forecast period. For instance, in March 2021, B-Cure Laser launched a low-level laser therapy (LLLT) device that enables sufferers of chronic pain to relieve their own pain in the United Kingdom. Such activities are likely to add to the market growth.

Thus, owing to above mentioned factors the market is expected to show significant growth over the forecast period. However, the rising availability of alternative treatments is expected to hinder the growth of the market over the forecast period.

Key Market TrendsPain Management is Expected to Hold the Major Market Share in the Photobiostimulation Market Over the Forecast Period

Dominant share is retained by the pain management segment owing to the attributes such as the growing geriatric population and rising incidence of osteoporosis and arthritis cases and the individuals suffering from the pain related to these disorders worldwide, which is further expected to drive the market growth for photobiostimulation.

According to the Arthritis Statistics 2022 published by SingleCare in January 2022, around 350 million people around the world suffer from arthritis. The report also revealed that women are at three times more risk of being affected than men.​ Also, according to an article titled “Bone health 2022: an update” published in January 2022, osteoporosis causes more than 8.9 million fractures annually all over the world, resulting in an osteoporotic fracture every 3 seconds. The article indicated that osteoporosis affects 200 million women worldwide. The rising number of people being affected by such diseases creates a demand for pain management therapies, which is likely to add to the growth of the pain management segment in the photobiostimulation market over the forecast period.

The initiatives taken by the key market players are expected to add to the growth of the studied market. For instance, in March 2021, Good Energies Ltd. launched a new media campaign with Guerillascope to spread awareness of low-light laser therapy devices for pain management. Such actions are likely to boost the market segment growth.

Thus, owing to the above-mentioned factors the segment is expected to show significant growth over the forecast period.

North America is Expected to Hold the Major Market Share Over the Forecast Period

North America is expected to dominate the overall photobiostimulation market, throughout the forecast period. Factors such as the rising prevalence of chronic disorders and related pain such as arthritis, the rising geriatric population, and the growing demand for noninvasive treatments are likely to drive the market for the photobiostimulation market in the region.

According to the Action for Seniors report published by the government of Canada in February 2021, the number of people over the age of 65 years living in Canada by the year 2030 will be around 9.5 million. The rising geriatric population in the region is likely to add to the market growth.

As per the data by the Center for Disease Control and Prevention published in October 2021, about 1 in 4 United States adults (23.7%) or about 58.5 million people have doctor-diagnosed arthritis. Thus, the growing prevalence of bone-related diseases such as arthritis is expected to upsurge the demand for photobiostimulation as the noninvasive treatment is in demand which is further boosting the market growth.

Cosmetic photobiostimulation therapies constitute a significant part of the region's photobiostimulation market. In March 2021, Solta Medical launched the Clear + Brilliant Touch laser, which delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types the benefits of two wavelengths. The rising awareness about photobiostimulation therapy in the region is expected to add to the market growth.

Thus, owing to the rising prevalence of chronic diseases in the region, along with the product launches by the key market players, the North American photobiostimulation market is expected to grow significantly.

Competitive Landscape

The photobiostimulation market is consolidated and competitive and consists of a few major players. In terms of market share, a few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and new product launch with other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are BioLight Technologies LLC, Thor Photomedicine Ltd, Bioflex Laser Therapy, Vielight Inc., and Erchonia Corporation.

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