Photobiostimulation Devices Market: High Convenience Preference Shaping Market Growth
Transparency Market Research (TMR) has published a new report on the photobiostimulation devices market for the forecast period of 2019 to 2027.
- According to the report, the global photobiostimulation devices market was valued at US$ 180 Mn in 2018, and is projected to expand at a CAGR of more than 6% from 2019 to 2027, to reach a market value exceeding US$ 300 Mn by 2027 end. The global photobiostimulation devices market is driven by the increased awareness and acceptance of photobiostimulation devices due to their proven benefits in applications such as pain management, wound care, cosmetic procedures, and other medical disorders.
- The global photobiostimulation devices market has been segmented based on wavelength type, application, end user, and region
- In terms of wavelength type, the global photobiostimulation devices market has been categorized into infrared light, red light, and others
- Based on application, the global photobiostimulation devices market has been classified into pain management, wound care, cosmetic applications, and others.
- In terms of end user, the global photobiostimulation devices market has been divided into specialty clinics, research institutions, home care, and others.
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Increase in Number of Patients with Chronic Pain and Other Chronic Illnesses to Drive Market
- The global photobiostimulation devices market is driven by the increasing incidences of chronic diseases, rapidly aging population, and rise in the availability of emergency medical services centers.
- Photobiostimulation has been investigated and clinically used for more than 30 years. Numerous studies have concluded that, photobiostimulation devices are effective for the treatment of musculoskeletal disorders, arthritis, wound care, and many more.
- Rapid increase in the incidence rate of chronic diseases across the globe will lead to a rise in the number of patients who will undergo treatment using techniques such as photobiostimulation and light therapy. This, in turn, is projected to increase the uptake of photobiostimulation devices, thereby boosting the growth of the photobiostimulation devices
- A number of international studies have estimated that, between 10.1% and 55.2% of the population is afflicted with pain. In the U.S., 20% to 30% of the general population experiences chronic or recurring pain. Approximately, two-thirds of these individuals have had pain for more than five years.
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Rise in Patient Preference for Minimally Invasive Therapies and Non-invasive Equipment
- The American Society of Plastic Surgeons estimated that, over 17.7 million minimally-invasive aesthetic procedures were performed in the U.S. in 2017, a 2% increase over 2016. This indicates the high popularity of minimally-invasive procedures in dermatological applications.
- For simple skin-related problems such as unwanted hair, wrinkles, and lines, patients prefer faster solutions with minimal pain that help them resume work at the earliest. Furthermore, the introduction of hand-held photobiostimulation devices is likely to increase convenience for service providers, thereby boosting the uptake of these devices, and, in turn, the growth of the photobiostimulation devices
Increase in Geriatric Population to Drive Demand for Photobiostimulation Devices for Pain Management, Wound Care, etc.
- Increase in the geriatric population is a major driver of the global photobiostimulation devices market. Elderly individuals increase the patient pool in major regions of the world. According to World Health Organization (WHO) estimates, the global geriatric population is likely to reach 2 billion (22% of the global population) by 2050, which was around 962 million in 2017.
- The global geriatric population is expected to increase at faster rate in developed countries such as the U.S., the U.K., and Japan. Brazil, China, Thailand, and South Korea are expected to have a large geriatric population in the shortest span of time in the near future.
- This increase in the geriatric population is anticipated to boost the growth of the photobiostimulation devices market, as this section of the population is more prone to various age-related as well as chronic diseases. The need for photobiostimulation devices among such patients is relatively higher, which increases the demand for photobiostimulation devices for pain management.
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Cosmetic Applications Segment to Grow Rapidly in the Photobiostimulation Devices Market
- The photobiostimulation devices market report offers detailed segmentation of the global photobiostimulation devices market based on wavelength type, application, and end user. The cosmetic applications segment is expected to expand at a significant CAGR in the photobiostimulation devices market during the forecast period. The cosmetic or aesthetic industry has expanded at a double digit growth rate, as a majority of the population is inclined toward enhancing their aesthetic appearance, and has accepted minimally-invasive procedures as a way to look appealing.
- Additionally, rise in disposable income is anticipated to increase the number cosmetic procedures across the world, which, in turn, is expected to boost the demand for photobiostimulation devices during the forecast period.
- However, photobiostimulation devices are categorized as high-risk laser devices. Hence, the product undergoes rigorous clinical trials prior to a PMA (premarket approval). Such rigorous premarket approval tests make it expensive and difficult for organizations to get their product approved and out in the photobiostimulation devices market. This is likely to act as a restraint of the global photobiostimulation devices market during the forecast period.
North America Dominated the Global Photobiostimulation Devices Market
- North America was the leading market for photobiostimulation devices in 2018. Factors such as aging population, increase in incidences of pain and wound diseases, and highly structured healthcare industry are fueling the growth of the photobiostimulation devices market in the region.
- According to the National Center for Complementary and Integrative Health, in 2016, approximately 20% of adults in the U.S. had chronic pain, and 8% had high-impact chronic pain. This is likely to drive the demand for photobiostimulation devices for pain management during the forecast period.
Key Players Operating in the Global Photobiostimulation Devices Market
- The photobiostimulation devices market report also provides the profiles of leading players operating in the global photobiostimulation devices market. These include Thor Photomedicine Ltd., Bioflex Laser Therapy, Ingeneus Pty. Ltd., Biolight Technologies, TheraDome, Inc., BioCare Systems, Inc., Erchonia Corporation, and Theralase Technologies, Inc.
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