The photobiostimulation market studied is anticipated to grow with a CAGR of 6.8%, during the forecast period. The significant factors attributing the market growth is the growing incidence of chronic diseases which is leading to an increase in the number of patients being treated using methods of photobiostimulation. Additional factors such as the rising prevalence of chronic pain disorders such as arthritis, osteoporosis, and rising geriatric population will drive the market for photobiostimulation during the forecast period.
Japan has the world’s fastest ageing population. According to the World Ageing 2019 report, estimates that number of population who are above 65 years of age in Japan was 35.524 million (28%) in 2019 which is projected to reach 37.278 million (30.9%) in 2030. As number of geriatric population is expected to increase in coming years who are more prone to chronic pain disorders such as arthritis, osteoporosis which ultimately rises the growth of market in near future.
The continued growth of the number of non-invasive treatments need for less expensive treatment options have an impact on the growth of the photobiostimulation market. Advancement in technology and ensuring maximum patient convenience after and during therapy, are the other factors expected to drive the growth of photobiostimulation market.
Key Market Trends
Pain Management is Expected to Hold the Largest Market Share in the Photobiostimulation Market
- Dominant share is retained by the pain management segment owing to the attributes such as the growing geriatric population and rising incidence of osteoporosis and arthritis cases and the individuals are suffering from the pain related to these disorders worldwide, which is further expected to drive the market growth for photobiostimulation.
- As per the International Osteoporosis Foundation, Osteoporosis affects more than 8.9 million fractures per year globally, leading to an osteoporosis fracture every 3 seconds. Furthermore, as per the International Osteoporosis Foundation, by 2050, as compared to 1990 rates, the global occurrence of hip fractures in females is expected to rise by 240% and 310% in males.
- Thus, owing to above mentioned factors the segment is expected to show significant growth over the forecast period.
North America is Expected to Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall photobiostimulation market, throughout the forecast period. This is owing to factors such as the rising prevalence of chronic disorders and related pain such as arthritis, rising geriatric population, and growing demand for noninvasive treatments that will drive the market for the photobiostimulation market in the region.
As per the Centers for Disease Control and Prevention (CDC), estimates, by 2040, it is expected that around 78 million (26%) United States population aged 18 years or older would have arthritis, which is expected to upsurge the demand of photobiostimulation as the noninvasive treatment are on-demand which is further boosting the market growth.
The Photobiostimulation market is consolidated competitive and consists of a few major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and new product launch with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are BioLight Technologies LLC, Thor Photomedicine Ltd, Bioflex Laser Therapy, Vielight Inc., and Erchonia Corporation.
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