Photobiostimulation Devices Market
Photobiostimulation Devices Market (Wavelength Type: Infrared Light, Red Light, and Others; Application: Pain Management, Wound Care, Cosmetic Applications, and Others; End User: Specialty Clinics, Research Institutions, Home Care, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
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.
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.
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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.
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.
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.
Analyst Viewpoint of the Photobiostimulation Devices Market
Photobiostimulation devices that use red to near-infrared light energy have garnered notable traction in recent years as a novel scientific approach with therapeutic applications, such as wound healing, joint pain relief, stroke recovery, nerve regeneration, and prevention and treatment of mucositis. As laser-based technologies and devices continue to become a common and safe modality to treat a range of conditions and health issues, the future could favor the accelerating growth of the photobiostimulation devices market.
Report analysts opine that, the photobiostimulation devices market is likely to scale new highs by the end of the foreseeable timeframe, with its value likely to surpass US$ 300 Mn by 2027. However, partakers still need to make efforts in terms of product innovation and cost-effectiveness to gain and maintain a strong hold in the photobiostimulation devices market.
This report analyzes the current and future condition of the global photobiostimulation devices market. Photobiostimulation devices are also known as low-level laser devices (LLLT). Photobiostimulation devices are used to reduce inflammation, edema, and pain; stimulate the healing of wounds, nerves, and deeper tissues, and avoid tissue impairment. Recent photobiostimulation devices use light emitting diodes (LEDs) to produce light of the essential wavelength to achieve particular results. Increase in technological advancements have revolutionized the use of photobiostimulation devices for pain management, wound care, and cosmetic applications. Photobiostimulation is being practiced across hospitals and clinics, globally.
- The global photobiostimulation devices market report consists of an elaborate executive summary that includes a snapshot providing vital information about the various segments of the photobiostimulation device It also has information and data analysis of the global photobiostimulation devices market with respect to the segments based on wavelength type, application, end user, and region.
- A detailed qualitative analysis of the drivers and restraints related to the photobiostimulation devices market and opportunities has been included in the overview section. Additionally, the section comprises the competitive matrix and company profiles with business overview, so as to understand the competitive landscape of the photobiostimulation devices market.
- This section of the photobiostimulation devices market report also provides the attractiveness analysis of the photobiostimulation devices market by region, and photobiostimulation devices market share analysis by key players, thereby enabling a thorough analysis of the overall competitive scenario in the global photobiostimulation devices market.
Global Photobiostimulation Devices Market: Key Segments
- In terms of wavelength type, the global photobiostimulation devices market has been classified into infrared light, red light, and others. The infrared light segment is projected to be a prominent segment in the global photobiostimulation devices market during the forecast period.
- In terms of application, the global photobiostimulation devices market has been divided into pain management, wound care, cosmetic applications, and others. The cosmetic applications segment is projected to expand at a high CAGR in the photobiostimulation devices market between 2019 to 2027
- In terms of end user, the global photobiostimulation devices market has been categorized into specialty clinics, research institutions, home care, and others. In terms of market share, the specialty clinics segment is expected to dominate the global photobiostimulation devices market.
- The market size and forecast for each of these segments in the photobiostimulation devices market have been provided in terms of US$ Mn, along with their respective CAGRs for the forecast period of 2019 to 2027, considering 2018 as the base year.
Global Photobiostimulation Devices Market: Regional Outlook
- Geographically, the global photobiostimulation devices market has been segmented into five major regions: North America (the U.S. and Canada), Europe (the U.K., Germany, France, Spain, Italy, and Rest of Europe), Asia Pacific (India, China, Japan, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (South Africa, GCC Countries, and Rest of Middle East & Africa).
- The photobiostimulation devices market size and forecast for each of these regions and the mentioned countries/sub-regions have been provided, along with their respective CAGRs for the forecast period of 2019 to 2027. The research study also covers the competitive scenario in these regions.
Companies Mentioned in Photobiostimulation Devices Market Report
- The report contains the profiles of key players operating in the global photobiostimulation devices market, based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent related developments. These include Thor Photomedicine Ltd., Bioflex Laser Therapy, Ingeneus Pty. Ltd., Biolight Technologies, TheraDome, Inc., BioCare Systems, Inc., Erchonia Corporation, and Theralase Technologies, Inc.
Transparency Market Research (TMR) recently compiled a study that gauges the growth structure of the global photobiostimulation devices market. The report presents comprehensive information on how various opportunities will appear for the photobiostimulation devices market during the period of 2019-2027.
This study evaluates how the adoption of photobiostimulation devices is altering, and will continue to change across various regions around the world. The report examines the potential impact of the rapidly drifting end-user patterns on the current and emerging market players, and what could remain imperative for realizing the utmost gains out of the photobiostimulation market.
The market study helps readers estimate the dynamics of the photobiostimulation devices market, while offering them incisive insights to formulate robust sales strategies and make rewarding business decisions in the coming years. The report offers key indicator valuations to highlight the main growth prospects of the photobiostimulation devices market, and forecast the statistics related to the development of the market, both, in terms of value (US$ million) and volume.
In this detailed study, market enthusiasts can find exclusive sales data and information pertaining to the potential uptick in the adoption of photobiostimulation devices in different regions, worldwide. Comprehensive information about the global adoption and sales of photobiostimulation devices, which has been mentioned in the report, is bifurcated into different sections to make it highly comprehensible for the reader.
The market study sheds light on exclusive and insightful information related to the photobiostimulation devices market, based on a detailed research on the macro as well as microeconomic factors that are playing a key role in shaping the market. The information mentioned in the photobiostimulation devices market report answers salient questions for currently operating market players as well as the ones eying entry into photobiostimulation devices market, to assist them build winning growth strategies and take correct business decisions related to the market.
What are the Key Questions Answered in TMR’s Report on the Photobiostimulation Devices Market?
- Which application of photobiostimulation devices will record the highest value for market?
- How are the big shots in the market successfully monetizing the attributes of photobiostimulation devices?
- What will the Y-o-Y growth be of the photobiostimulation devices market between 2010 and 2027?
- What rate of ROI can photobiostimulation device manufacturers expect from their cosmetic applications in the next 5 years?
- What are the key strategies of the frontrunners in the photobiostimulation devices market?
- Which wavelength type of photobiostimulation devices witnessed the highest adoption in 2018?
Research Methodology – Photobiostimulation Devices Market
A succinct methodology and a holistic approach makes the base of the incisive insights that are mentioned in the photobiostimulation devices market report for the said forecast period. The TMR report offers exhaustive information on the growth prospects of the market for photobiostimulation devices, along with enthralling insights and dynamics into the projection valuation of the market for the forecast time period.
Meticulous primary and secondary research has been done to garner valuable and actionable insights into the forecast assessment of the photobiostimulation devices market. The report on the photobiostimulation devices market has also passed through cross-validation to make sure that the photobiostimulation devices market report is unique and one-of-its-kind, with the highest possible credibility.
TMR’s report encompasses exhaustive data pertaining to the segment-wise trends in the photobiostimulation devices market. Information includes Y-o-Y growth analysis, value chain analysis, pricing analysis, and supply chain assessment for devices of different wavelengths, along with regional dynamics.
Middle East & Africa