Phototherapy Equipment Market growing at a CAGR of 4.3% from 2023 to 2032, owing to increasing prevalence of neonatal jaundice | insightSLICE
The global Phototherapy Equipment market size was estimated to be US$ 375 million in 2021 and is expected grow at a CAGR of 4.3% between 2023 to 2032.
Phototherapy is the use of light to treat skin conditions like vitiligo, psoriasis, and others. The UV light that phototherapy equipment releases have a precise wavelength that alters skin cells and enables recovery from certain disease symptoms. Due to phototherapy’s expanding use among dermatologists, the market for phototherapy equipment is anticipated to experience steady expansion during the forecast period.
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The key players of the Global Phototherapy Equipment Market are:
Some of the key players operating in the phototherapy equipment market with the most significant product/service development include Atom Medical Corporation, GE Healthcare, Herbert Waldmann GmbH & Co. KG, National Biological Corp., Nice Neotech Medical Systems Pvt. Ltd., Natus Medical Incorporated, Philips Lighting Holding B.V., Phoenix Medical Systems Pvt. Ltd., Solarc Systems Inc. among others.
Global Phototherapy Equipment Market Key Segments:
- Conventional Phototherapy Equipment
- Led-based Phototherapy Equipment
- Fiberoptic Phototherapy Equipment
- Skin Disease Treatment
- Other Skin Diseases
- Neonatal Jaundice Management
- Hospitals & Clinics
- Home Users
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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The leading market segments of Global Phototherapy Equipment Market
Conventional phototherapy equipment with fluorescent lamps includes full-body and partial-body phototherapy devices as well as traditional phototherapy equipment with CFLs. The market is anticipated to be dominated by traditional phototherapy equipment during the forecast period.
This expansion is a result of the widespread use of these devices for skin conditions like eczema and psoriasis. The management of infant jaundice and the treatment of skin diseases are the two application-based segments of the worldwide phototherapy equipment market.
Based disorders that are treated by the use of phototherapy, it is divided majorly into neonatal diseases, psoriasis, vitiligo, eczema, and other disorders. It is anticipated that the market’s largest share will belong to the segment that treats skin diseases.
Due to the convenience of using phototherapy equipment at home, the market for home users is anticipated to grow profitably over the forecast period.
Regional performance of Phototherapy Equipment Market
North America is anticipated to hold the highest proportion of the global market for phototherapy equipment during the forecast period among the aforementioned regional categories.
Following North America are Europe and the Asia-Pacific region. However, the market for phototherapy equipment showed that Asia Pacific was developing at the quickest rate and will continue to do so for the years 2022-2032.
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Factors affecting growth of this market:
The market for phototherapy is expanding greatly as a result of the high prevalence of skin illnesses. The prevalence of skin conditions like eczema, psoriasis, and acne-related problems is increasing significantly.
In 2015, one of the journals published by BioSpectrum claimed that 10% to 12% of all Indians were thought to be affected by skin problems. Eczema and psoriasis have been the main causes of these.
The primary causes of the rising incidence of these skin conditions are ultraviolet rays and global warming, which are brought on by significant pollution. The market for phototherapy is expanding as a result of the rapid rise in other skin conditions, such as acne.
For neonates with jaundice, phototherapy treatment is indeed highly beneficial. Neonatal patients receiving this type of phototherapy are exposed to fluorescent light, which speeds up their recovery.
Newborns frequently have jaundice, but if it persists for a while, doctors will treat the condition with phototherapy equipment. Such uses are promoting higher uptake of phototherapy and thus enabling the growth of this market.
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