Market Dynamics:
The photobiomodulation market is expected to witness significant growth over the forecast period owing to rising prevalence of various dermatological disorders and growing adoption of novel aesthetic treatments. With significant economic burden associated with various skin conditions, photobiomodulation therapy has emerged as a cost-effective and non-invasive treatment option. Additionally, increasing R&D investments by major players for development of advanced devices is further expected to drive the market growth during the forecast period.
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Key Market Trends
Increasing Adoption of Aesthetic Procedures
The demand for non-invasive and minimally invasive aesthetic procedures has been on a rise owing increasing consumer demand for aesthetic enhancements. Photobiomodulation therapy devices are effective in improving skin complexion, reducing wrinkles, and lifting and firming the skin. This has resulted in rapid adoption of various photobiomodulation procedures among millennial population for aesthetic benefits.
Photobiomodulation Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$230.3 million |
|
Estimated Value by 2031 |
$455.1 million |
|
Growth Rate |
Poised to grow at a CAGR of 10.2% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Application, By Wavelength, By Type of Device, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increasing prevalence of chronic pain and wounds • Growing adoption of non-invasive treatment options |
|
Restraints & Challenges |
• High cost of photobiomodulation devices • Limited awareness among healthcare professionals |
Launch of Novel Products
To gain competitive advantage, leading players in the market are focusing on developing innovative and advanced photobiomodulation therapy devices. Growing availability of compact, hand-held devices with advanced features is encouraging the adoption of photobiomodulation among both professionals and individuals. Introduction of novel products is expected to usher new growth opportunities for market players over the forecast period.
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Market Opportunities
By Application
The photobiomodulation market is segmented
based on application into dermatology, cardiovascular, orthopedics,
neurological, and other applications. The dermatology segment held the largest
market share of over 35% in 2019 and is expected to grow at a CAGR of 11%
during the forecast period. Photobiomodulation therapy is widely used in
dermatology for treating various skin diseases and injuries. It helps reduce
inflammation and accelerates wound healing.
By Wavelength
The market is segmented based on
wavelength into near-infrared light, red light, and others. The near-infrared
light segment held around 45% share in 2019 owing to its deeper skin
penetration capabilities. It effectively treats chronic pain and inflammation
related issues. The segment is predicted to witness the highest CAGR during the
forecast years as near infrared therapies provide higher energy levels required
for various complex conditions.
Key Market Takeaways
Photobiomodulation is anticipated to witness a CAGR of 10.2% during the forecast period 2024-2031, owing to rising geriatric population and associated target conditions along with surging demand for non-invasive aesthetic and therapeutic procedures.
On the basis of application, the dermatology segment is expected to hold a dominant position, owing to wide acceptance of photobiomodulation in treating various skin diseases and injuries.
On the basis of wavelength, near-infrared light is expected to hold a dominant position over the forecast period, due to its deeper skin penetration capabilities and higher efficiency in treating complex chronic conditions.
By region, North America is expected to hold a dominant position over the forecast period, due to growing awareness regarding photobiomodulation therapy and presence of established players.
Key players operating in the photobiomodulation market include:
Alcon Inc., Lumenis Ltd., Deka Laser, Erchonia Corporation, Bioflex Laser Therapy, Theralase Technologies Inc., THOR Photomedicine Ltd and others. Strategic collaborations and new product launches are some key strategies adopted by major players to gain competitive advantage.
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