We performed a rate equation analysis on the dynamics of exciton Mott transition (EMT) with assuming a detailed balance between excitons and unbound electron-hole (e-h) pairs. Based on the Saha equation with taking into account the empirical expression for the band-gap renormalization effect caused by the unbound e-h pairs, we show that the ionization ratio of excitons exhibits a bistability as a function of total e-h pair density at low temperatures. We demonstrate that an incubation time emerges in the dynamics of EMT from oversaturated exciton gas phase on the verge of the bistable region. The incubation time shows a slowing down behavior when the pair density approaches toward the saddle-node bifurcation of the hysteresis curve of the exciton ionization ratio.Photocontrol of condensed matter systems has gained continuing interests over decades, [1][2][3] e.g. in semiconductors, 4,5) Mott insulators, 3,6-9) spin crossover complexes, [10][11][12] and superconductors. 13,14) Among diverse material systems, photoexcited electron-hole (e-h) systems in semiconductors offer a unique arena to study the rich variety of phases emergent in many particle systems, and their non-equilibrium dynamics. 4,15) One of the intriguing aspects of e-h systems is that the strength of inter-particle Coulomb interaction can be effectively controlled by changing the density of photoexcited carriers through the screening effect, by simply changing the excitation light intensity. The change of the Coulomb interaction causes a phase transition, or crossover, from the insulating exciton gas phase in the low density regime to the metallic e-h plasma in the high density regime, referred to as exciton Mott transition (EMT). There is a long-standing argument whether EMT is a crossover or a first-order phase transition accompanied by a bistability at sufficiently low temperatures. [16][17][18][19][20][21][22] In general, bistability appears in diverse systems such as electronic circuits, optoelectronic systems, magnetic systems, molecular and biological systems, etc. Figure