I've listed here multiple studies you can read and investigate further if you choose on the benefits and risk of infrared and red light therapies:
Biological effects and medical applications of infrared radiation
A Controlled Trial to Determine the Efficacy of Red and Near-Infrared Light Treatment in Patient Satisfaction, Reduction of Fine Lines, Wrinkles, Skin Roughness, and Intradermal Collagen Density Increase
Laser Light Therapy in Inflammatory, Musculoskeletal, and Autoimmune Disease
To summarize what I found and read. Red light therapy and infrared laser in research demonstrates a promising association to lower cellular inflammation and stimulating tissue growth and repair. Some other associations to it's uses and efficacy include:
promoting collagen production and associated fibroblasts
increasing blood circulation
improve healing
reduce skin changes such as stretch marks, wrinkles, age spots, scarring
improves symptoms associated with psoriasis, rosacea, and eczema, acne
improve hair growth
prevent cold sores
relieve inflammation and pain associated with conditions such as tendonitis, arthritis, and carpal tunnel
Risks and considerations with red light therapy:
It's safety has been proven with short term use however long term is unknown. There is a risk of skin damage and potentially burns with use of anything on the light spectrum. It's recommended whatever red light or infrared light device you're using to follow strictly with application and use guidelines.