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.
Lucrative Regions for Medical Photobiostimulation System Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
Medical Photobiostimulation System Market, by Product – 2021 and 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
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Medical Photobiostimulation System Market: Strategic Insights
Market Size Value in US$ 204.66 Million in 2021 Market Size Value by US$ 314.88 Million by 2028 Growth rate CAGR of 6.3% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Photobiostimulation System Market: Strategic Insights
Market Size Value in | US$ 204.66 Million in 2021 |
Market Size Value by | US$ 314.88 Million by 2028 |
Growth rate | CAGR of 6.3% from 2021-2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystCompanies 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 – 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)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Application and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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. 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.
The factors that are driving growth of the market are 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 boost the market growth. However, stringent regulatory framework hampers the market growth.
The Medical Photobiostimulation System Devices market majorly consists of the players such as Abbott, Koninklijke Philips N.V., General Electric Company, Hill-Rom Holding Inc., Medtronic, Biotronik, Inc., AliveCor, Inc, ACS Diagnostics, Medicalgorithmics, and OSI Systems, Inc amongst others.
The medical photobiostimulation system market in the United States is expected to be the largest and fastest-growing market. The US is among the highly advanced countries having various technologies available for a robust medical infrastructure, and it is globally known for its involvement in the research and development pertaining to innovative treatment methods.
The global medical photobiostimulation system market based on product is segmented into infrared light, red light, and others. The Infrared light segment is estimated to account for the largest market share in the global 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.
Asia Pacific is expected to be the fastest growing region in the medical photobiostimulation system devices market. The growth of the medical photobiostimulation system market in this region is primarily due to rising geriatric population, and the growing government initiatives for awareness regarding pain management therapies. In addition, growing healthcare expenditure is likely to increase the growth opportunities during the coming years.
The List of Companies - Medical Photobiostimulation System Market
- 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)
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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