Infrared Light Segment has the Largest Share of Product in the South and Central America Medical Photobiostimulation System Market during 2021–2028
According to The Insight Partners market research study on “South and Central America Medical Photobiostimulation System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product, and Application” is expected to reach US$ 21.6 million by 2028 from US$ 14.8 million in 2021. The market is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The report provides trends prevailing in the South and Central America Medical photobiostimulation system market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the 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 key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the stringent regulatory framework.
Brazil, Argentina, Peru, Chile, Uruguay, Colombia are affected by the second wave of corona infection. Amongst which Brazil has recorded the majority of the deaths. It is expected that the region is likely to impose a second lockdown, which will ultimately hamper the healthcare industry in the area. Countries in Brazil and Argentina are among the top destinations in the world for aesthetic procedures. However, the outbreak of COVID–19 has severely impacted the flow of medical services in the region. In addition, the countries are famous for medical tourism, which is also affected by the pandemic. Brazil, Argentina, Peru, Chile, Uruguay, Colombia are affected by the second wave of corona infection.
The market for medical photobiostimulation system market is segmented into product, and application. Based on type, the medical photobiostimulation system market is segmented into infrared light, red light, and others. In 2020, the infrared light segment is estimated to account for the largest market share in the medical photobiostimulation system market. The growth of the segment is attributed to increasing adoption in pain management such as arthritis, osteoporosis, and rising geriatric population.
BioLight Technologies LLC., Omega Laser Systems Ltd, Vielight Inc., Theradome Inc., Lexington Intl., LLC, THOR Photomedicine Ltd, Meditech International Inc. (BIOFLEX Laser Therapy), and Apira Science, Inc. (iGrow Laser) are among the leading companies in the South and Central America medical photobiostimulation system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in May 2018, HairMax, world-wide leader in laser hair growth, expanded their international product offerings through the creation of HairMax (Thailand) under the supervision of Ways 2 Link Group Co., Ltd, market leader of innovative, trendy, unique products.
The market for medical photobiostimulation system market is segmented into product, and application. Based on type, the medical photobiostimulation system market is segmented into infrared light, red light, and others. Based on application, the medical photobiostimulation system market is segmented into pain management, wound care, cosmetic applications, and others. Geographically, the medical photobiostimulation system market is segmented into South and Central America (Brazil, Argentina, Rest of South and Central America).
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