Photobiostimulation Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Photobiostimulation Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The photobiostimulation market size is expected to grow from USD 187.01 million in 2023 to USD 248.55 million by 2028, registering a CAGR of 5.83% during the forecast period.

The emergence of the COVID-19 pandemic had an adverse effect on the world economy and the healthcare system. However, the use of photobiostimulation for treating 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 in Life journal published by MDPI 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 was related to modulating the immune system to the reduction of inflammation, and other beneficial activities for the restoration of health. Similarly, in May 2022, Agencia FAPESP published a report stating that light-based therapies like photobiomodulation achieved good results in rehabilitating patients with post-COVID-19 complications. Thus, COVID-19 pronounced impacted the market's growth and is expected to continue the same in the post-COVID-19 period.

The significant factor attributing to the market growth is the growing incidence of chronic diseases, 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, os,teoporosis and the rising geriatric population, will drive the market for photobiostimulation during the forecast period.

Photobiostimulation therapy has also been utilized in diabetic wound healing treatment. A photobiomodulation response is produced when cells are exposed to radiation, which changes cellular functions and promotes the healing of diabetic wounds. By modifying many cellular and molecular processes, photobiomodulation therapy (PBMT) employing red and near-infrared (NIR) wavelengths is considered a promising treatment for accelerating the rate of diabetic wound healing, eliminating pain, and reducing inflammation. According to the IDF Diabetes Atlas 2021, around 537 million adults worldwide were found to have diabetes in 2021, with the numbers projected to grow to 643 million by 2030 and 783 million by 2045. The rising number of diabetic cases which leads to diabetic foot around the world is likely to increase the demand for photobiostimulation therapy for a cure and is expected to have growth in the market over the forecast period.

Advancements in technology and new product launches by the market players focusing on photobiostimulation therapy are 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 enabling chronic pain sufferers to relieve pain in the United Kingdom. Such activities are likely to add to the market growth.

However, the rising availability of alternative treatments is expected to hinder the market's growth over the forecast period.

Photobiostimulation Market Trends

Pain Management is Expected to Hold the Major Market Share in the Market Over the Forecast Period

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

According to the Arthritis Statistics by SingleCare in January 2022, around 350 million people worldwide suffer from arthritis. The report also revealed that women are at three times more risk of being affected than men. Furthermore, the report published by WJTM journal in August 2022 stated that devices that operate in the near-infrared region or nearby at modest intensities can control oxidative stress, inflammation, and pain in arthritis by influencing immune cells' regulatory functions and preventing the transmission of pain through sensory neuron fibers. The rising number of people 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 the key market players take 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 increase the awareness of photobiostimulation therapy and are expected to boost the market through this segment.

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

Throughout the forecast period, North America is expected to hold the major share of the overall photobiostimulation market. 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 photobiostimulation market in the region.

For instance, as per the Action for Seniors report published by the government of Canada in February 2021, the number of people over 65 years living in Canada by the year 2030 will be around 9.5 million. The rising geriatric population increases the risk for various chronic diseases that cause pain and is likely to increase market growth. Similarly, as per the data by the CDC 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 increase the demand for photobiostimulation as the noninvasive treatment is in demand, 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 in the United States, 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 and new product launches, expanding the usage of photobiostimulation therapy in the region, are expected to add to the market growth.

Photobiostimulation Industry Overview

The photobiostimulation market is consolidated and consists of a few major players. A few of the major players are currently dominating the market in terms of market share. Some prominent players are vigorously making acquisitions and new product launches with other companies to consolidate their global market positions. Some companies currently dominating the market are BioLight Technologies LLC, THOR Photomedicine Ltd, BIOFLEX, Vielight Inc., and Erchonia Corporation.

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