The medical photobiostimulation system market 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% from 2021 to 2028. The growth of the medical photobiostimulation system market is primarily attributed to growing number of patients suffering from chronic disorders and chronic pain and rising demand for photobiostimulation devices for pain management and wound care due to increasing geriatric population. Moreover, continuous technological advancements in medical photobiostimulation systems are expected to foster the market growth during the forecast period. However, the stringent regulatory framework hinders the market growth. The pandemic has affected three main aspects of the global economy: production, supply chain, and firms and financial markets. Japan, China, South Korea, India, and Australia are the most affected countries due to the increasing number of COVID-19 cases and the associated deaths. Manufacturers and suppliers of medical devices shift their focus from regular photobiostimulation devices to developing and supplying COVID-19 essentials and medical devices used for respiratory issues. This scenario negatively impacts the cosmetic and minimally invasive therapies performed with photobiostimulation devices.
The global medical photobiostimulation system market is segmented on the bases of product, and application. Based on product, the market is segmented into infrared light, red light, and others. The infrared light segment is estimated to hold the largest share of the market in 2021, also the same segment is anticipated to grow at the highest CAGR during 2021–2028. By application, the 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 is estimated to hold the largest market share in 2021; however wound care segment is estimated to register the highest CAGR during the forecast period.
The World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and National Health and Wellness are among the primary and secondary sources referred to while preparing the report on the medical photobiostimulation system market.