Market Trends of Photobiostimulation Industry
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.
