Pune, INDIA., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Medical Photobiostimulation System Market: Key Insights
According to our new research study on “Medical Photobiostimulation System Market to 2028 – Global Analysis and Forecast – by Product, Application, and Geography,” the Medical Photobiostimulation System Market Size 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% during 2021-2028.
Medical Photobiostimulation System Market: Competitive Landscape and Key Developments
DSM, Integra Lifesciences Corporation, Collagen Matrix, Inc., Encoll, Collagen Solutions Plc, Innocoll, Symatese, Gelita Ag, Collplant Biotechnologies Ltd, and Croda Interntional PLC are among the key companies operating in the Medical Photobiostimulation System market. Leading players are focusing on the new product launch, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2020, North America dominated the global medical photobiostimulation system market. The market growth in the region is attributed to rising prevalence of chronic disorders and related pain such as arthritis, rising geriatric population, and growing demand for noninvasive treatments. As per the Fact Sheet: Aging in the United States, the number of individuals in America aged 65 and older is estimated to double from 52 million in 2018 to around 95 million by 2060. Arthritis can destroy cartilage and bone within the joint. As per the CDC, around 23% of the US population has arthritis. Laser photobiostimulation provides a non-invasive way to initiate physiological and biological healing of tissues and pain relief. It also provides pain relief in surgical patients, acutely injured patients, and arthritic patients. However, The COVID-19 pandemic is straining public health systems in the region, interrupting, and delaying many kinds of critical health care.
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Market players and end user losses their business due to the temporarily shutting down of industries in various region. Studies to evaluate the role of photobiostimulation in combatting COVID-19 infection and disease prevention may ultimately not only benefit the elderly and chronically sick but could have more significant ramifications as a low risk, low-cost intervention in the prevention, treatment, and healing of a variety of conditions. This may have implications for the most vulnerable individuals impacted by COVID-19, especially the elderly, infected with the virus, those who are slow to recover from the effects of the infection, and those who have been denied their standard exercise/rehabilitation programs due to the necessary isolation restrictions.
Based on product, the medical photobiostimulation system market is segmented into infrared light, red light, and others. The infrared light segment held a larger share of the market share in 2020, the same segment is anticipated to register the highest CAGR in the forecast period. On the basis of 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. The pain management segment held a larger market share in 2020; however, the wound care segment is anticipated to register a significant CAGR during 2021-2028.
Increasing life expectancy is leading to a rise in the geriatric population across the world. According to the World Health Organization (WHO), in the global population, the share of people aged 60 years and above would nearly double from 12% in 2015 to 22% by 2050. According to the United Nation’s World Population Ageing 2017 report, in 2017, there were 962 million people aged 60 or above in the world, and the number is expected to reach ~2.1 billion by 2050. In addition, according to the US Census Bureau, in the US, the number of people aged 65 and above is anticipated to grow from 46 million in 2016 to more than 98 million by 2060. Their population share would grow from ~15% to ~24% during this period. According to the World Population Ageing 2017 report of United Nations, in 2017, Europe had the highest percentage (25%) of people over the age of 60. According to National Center for Biotechnology Information, the prevalence of chronic pain among the elderly population worldwide is estimated to be 25–85%. The rise in the elderly population has led to an increase in geriatric ailments. The rising incidence of illness in geriatric population propels the demand for convenience-driven personal therapeutic devices, such as photobiostimulation devices, for pain management. Thus, rapid growth in the geriatric population bolsters the growth of the medical photobiostimulation systems market.
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Medical Photobiostimulation System Market: Segmental Overview
In terms of application, the infrared light segment is anticipated to register the highest CAGR in the medical photobiostimulation system market during the forecast period. Factors favoring the growth of the segment are aging population and increasing prevalence of arthritis. Infrared light can penetrate deep into tissues of the body, and many studies have revealed that it can help improve circulation in various parts of the body.
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