Photobiostimulation Devices Market: Quicker Product Approval is the Key Focus of Manufacturers
Photobiostimulation – Treatment through Precise Application of Light
Patient outcomes are making devices and services the core of the healthcare sector. This growing focus of companies to suffice patients’ growing expectations in terms of experience has solidified the infiltration of technology, with several leaps been made in the medical device sector over the last few decades. Innovation, such as laser technology, is revolutionizing the medical device industry in unique ways, while driving the sector ahead in a way that could deliver great dividends to healthcare providers and patients alike. Over the years, the medical application of light has evolved, with newer technologies and devices, such as photobiostimulation devices, which are capable of more precise parameters, taking center stage.
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Photobiostimulation devices, prompted by the superfast success of laser- and light-based medical procedures, are garnering their share of the limelight, with healthcare providers drifting from invasive to non-invasive devices, in line with the growing demand for painless treatment. For medical companies, technology-driven devices such as photobiostimulation devices have not only taken their place as a powerful tool for uplifting service value, but have laid novel grounds for better customer interaction. Greater precision provided by photobiostimulation devices in wound care and pain management has been allowing clinicians to target specific light-absorbing molecules to treat select tissues. Acknowledging the significance of the photobiostimulation devices market, Transparency Market Research (TMR), in its latest study, lays bare the untapped potential in the marketplace for the foreseeable period of 2019–2027.
Photobiostimulation Devices Won’t Leave the Shelves Anytime Soon
As the prevalence of chronic pain is unceasingly increasing, globally, photobiostimulation devices are set for sizeable recognition in the forthcoming years. Photobiostimulation devices with distinctive wavelength types, such as red light and infrared light, have made their place in assisting healthcare providers to prodigiously examine the core drivers of chronic pain or the primary mechanisms of wounds. This falls in line with a number of studies that suggest a narrow band of red and infrared light photobiostimulation devices as the clinical sweet-spot for health and safety.
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Revenues from the market for photobiostimulation devices closed in on a valuation of over US$ 180 Mn in 2018. Global infiltration of photobiostimulation devices is envisaged to witness a colossal upshift through 2027, as technological penetration is picking up pace in the medical devices industry.
Trends Reforming the Photobiostimulation Devices Market
Advancements in the photobiostimulation devices market have picked up pace in recent years, thereby pushing the limits of product-feature development paradigms. One such growing trend in the photobiostimulation devices market is expanding applications by creating customized application-based variants. For instance, in view of the growing demand for painless-body contouring, photobiostimulation device manufacturers are focusing on developing variants specifically with a mid-600nm red light wavelength, in line with its ability to eliminate 99% contents of a cell within minutes. Non-invasive body contouring is currently the highest in-demand aesthetic treatment, caused by increased public awareness about its painless attribute and customers’ dire need to reduce unwanted body fat. Such new product development initiatives on the part of photobiostimulation devices market players are expected to make customized and bespoke devices no longer preserved solely for pain management or wound healing applications.
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High Convenience Preference Shaping Market Growth
In view of the increased demand for convenience-driven personal therapeutic devices, the photobiostimulation devices market is witnessing an increased penetration of hand-held variants. Portable, lightweight, and rechargeable photobiostimulation devices for personal home therapy treatments are garnering traction as viable substitutes to the conventional variants. This is further likely to lay a robust base for the rapid adoption of photobiostimulation devices for home care applications.
The widening pain and other chronic illness patient pool, coupled with rising patient preference for painless, minimally-invasive therapies and treatments, continues to create opportunities for companies in the photobiostimulation devices market. Furthermore, continuing technological advancements in the medical devices sector are uplifting patient expectations for quicker and more effective therapies, thereby creating the demand for improved photobiostimulation devices.
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Quicker Product Approval – Key Focus of Photobiostimulation Device Manufacturers
Stringent rules and regulations regarding photobiostimulation devices, a high risk new medical device, remain a key hurdle to market growth. The dire need to attain quicker product approval continues to hard press photobiostimulation device manufacturers to realign their core competencies into newer formats that are in compliance with the regulations in place. For instance, in July 2018, Erchonia Corporation announced the FDA 510(k) market approval for the FX 635 Laser for treating chronic low back pain of musculoskeletal origin. The FX 635 Laser is the only FDA-approved laser in the market for chronic neck and shoulder pain treatment. This remains the key differentiating strategy of established players, while most of the emerging players are wary of investing in the development of photobiostimulation devices at a steady pace, owing to their associated rigorous clinical trials prior to a premarket approval (PMA).
Promising Product Launches Hold a Competitive Advantage
Manufacturers in the photobiostimulation devices market are striving to relentlessly innovate their products with highly attributed features to remain pertinent in the rapidly-evolving competitive domain. Significant investments in R&D will continue to remain a vital cornerstone for photobiostimulation devices market players that are eying the expansion of therapeutic use of low-level laser devices (LLLT) as a treatment for neurodegenerative disorders. From a clinical standpoint, photobiostimulation devices make a readily-available and effective therapeutic tool that starts to address the gap in the therapeutic management of traumatic brain injury (TBI) and post-concussion syndrome injuries. For the fact that photobiostimulation is usually employed initially in the acute phase treatment, even before the full extent of the injury is known, photobiostimulation device manufacturers are eying the exploration of the potential of these devices for deeper level neurodegenerative disorder treatment.
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Deep-Dive into the Competition Landscape
The degree of competition remains moderate in the photobiostimulation devices market, due to the presence of only a few slightly-leading and more equally-sized players. The photobiostimulation devices market is witnessing the increased penetration of large pharmaceutical drug providers, which could increase the level of competition in the market in the coming years. The acquisition of the product profiles and R&D units of emerging players is a key strategy being adopted by frontrunners in the photobiostimulation devices market, who are aiming to co-develop innovative technologies. Strategic collaborations aimed at improved product development are likely to become a norm for photobiostimulation devices market players to gain a strong position in the industry. For instance, in November 2018, Erchonia Corporation, a leading player in the photobiostimulation devices market, entered into a partnership with InnerScope Hearing Technologies, and announced the development of Erchonia 3LT lasers for the treatment of hearing disorders.
Companies eying an established position in the photobiostimulation devices market are squeezing profit margins by reducing device prices, which is likely to remain a key strategy to form a strong base of customers. Sensing colossal growth potential of the photobiostimulation devices market in emerging countries, such as China and India, partakers are diligently working towards expanding their customer base by developing customized variants.
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