The global phototherapy equipment market size was size was significantly large in 2022, and is expected to continue to register a rapidly inclining revenue CAGR between 2023 and 2032. Key factors responsible for driving market revenue growth are increasing adoption of LED-based phototherapy equipment and rising incidence of skin diseases across the globe.
Phototherapy is the use of light to treat a variety of skin conditions, such as psoriasis and vitiligo, among others. The skin is exposed to a very special type of light emitted by a phototherapy equipment during the treatment. A phototherapy equipment is available in four sizes, namely, handheld & tabletop devices for spot treatment of small areas and cabinets & walk-in units.
Moreover, increasing incidence of neonatal jaundice is one of the major factors expected to fuel demand for phototherapy equipment. Besides, rising number of preterm and low-weight births, as well as surging prevalence of skin diseases, are expected to contribute to global market growth. The market is also expected to grow due to the introduction of technologically advanced phototherapy equipment and widespread adoption of LED-based phototherapy equipment.
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Improved healthcare infrastructure, rapid development of low-cost phototherapy equipment, and widespread adoption of home phototherapy for treatment of skin diseases are expected to provide significant growth opportunities for the phototherapy equipment market during the forecast period. Rising use of alternative modes of treatment and strict FDA regulatory policies for the approval of new devices, are also expected to restrain growth of the phototherapy equipment market.
Major Factors Driving Growth of The Global Phototherapy Equipment Market:
Skin serves as a barrier against contaminants, such as chemicals entering the body. But skin disorders can often disrupt functions of this barrier. Skin disorders are caused by allergies, irritants, genetic abnormalities, and low immunity. One of the methods for treating skin disorders is phototherapy. To treat skin disease, phototherapy equipment emits specific wavelengths of light, such as narrow-band UVB. It is the most widely used and highly effective treatment method. Increasing cases of severe skin diseases and rising number of preterm & low-weight births are expected to propel the phototherapy equipment market growth in the forthcoming years. Moreover, increasing adoption of LED-based phototherapy equipment is anticipated to bolster growth. Surging prevalence of eczema, psoriasis, and skin cancer is likely to boost demand for phototherapy equipment.
Factors Restraining Growth of The Global Phototherapy Equipment Market:
Growth of the phototherapy equipment market is limited by increasing use of alternative treatment methods and strict regulatory policies of the FDA for approval of new equipment. Also, in developing countries, lack of awareness of phototherapy equipment may obstruct market growth.
Opportunities For Players Operating In The Global Phototherapy Equipment Market:
Companies with quality management will gain an opportunity in the phototherapy equipment market as such equipment is under strict monitoring of FDA. Various companies in Asia Pacific are anticipated to reduce costs by creating awareness among people through campaigns and creative advertisements.
Phototherapy Equipment Market Revenue Led By Type Segment:
By type, the LED-based phototherapy equipment segment is expected to grow significantly in this market over the forecast period due to availability of cost-effective products. Another factor driving its growth is high efficiency in treating newborns with jaundice, as well as its long-term features. One of the most widely used phototherapy sources in the world is compact fluorescent lamps. These lamps take up less space, produce higher irradiances, and use less energy, compared to traditional fluorescent lamps.
Phototherapy Equipment Market Leading End-use Segment:
By end-use, the hospitals and clinics segment dominated the market in 2020 and is expected to do retain its position in the upcoming years. Increasing number of skin care clinics in both developed and developing countries is expected to propel this segment. Furthermore, demand for phototherapy equipment in hospitals is set to surge, owing to increasing cases of neonatal jaundice. The home users segment, on the other hand, is expected to grow at a fast pace because of cost-effectiveness of phototherapy treatment at home.
North America Accounts for Largest Revenue Share in Global Phototherapy Equipment Market:
In 2020, North America accounted for the largest revenue share in the phototherapy equipment market. High prevalence of acne-related issues in the U.S. and Canada are compelling people to adopt logically advanced skincare treatment devices. This factor is anticipated to propel the phototherapy equipment market growth in North America.
Asia Pacific Continues to Lead In Terms Of Revenue CAGR:
The Asia Pacific phototherapy equipment market is expected to generate the highest CAGR in the upcoming years. Developing healthcare infrastructure and rising awareness of advanced phototherapy in emerging countries, such as China, India, and Indonesia are likely to propel growth of the phototherapy equipment market in this region. Furthermore, increasing incidence of neonatal jaundice and high demand for cost-effective devices are two other factors that are expected to surge adoption of phototherapy equipment in this region. Increasing emphasis of governments on raising awareness of skin diseases and treatment options is also expected to drive market growth in the region.
Major Companies Profiled In The Report:
- General Electric
- Signify Holding
- Natus Medical Incorporated.
- Phoenix Medical Systems (P) Ltd.
- Atom Medical Corp.
- nice Neotech Medical Systems Pvt. Ltd.
- National Biological Corp.
- Solarc Systems Inc.
- Hospital Supply Company Pvt. Ltd.
- The Daavlin Company
- Endodoctor GmbH.
- Hospital and Homecare Medical Devices Co. LTD
- Shenzhen Mindray
- Bio-Medical Electronics Co., Ltd.
- Kernel Medical Equipment Co., LTD
- VirtualExpo Group
- Olives India.,
- Healicom Medical Equipment Co Ltd.
- DermNet New Zealand Trust.
- AVI Healthcare
- Krupa Medi Scan
- Korrida Medical Systems
Strategies And Objectives Of Major Companies:
- Phoenix Medical Systems introduced ‘Brilliance Pro\’ in its Jaundice Management product category in January 2015. To better meet the needs of NICUs, Brilliance Pro has an integrated light meter and expanded functionality.
- Atom Medical established a subsidiary Atom Medical USA, LLC in the United States in October 2014. The company delivers products and services directly to customers with the help of this subsidiary.
- On World Psoriasis Day in October 2015, Philips released the second generation of its wearable phototherapy devices. When compared to previous versions, these devices cover 25% more treatment area. These are also thinner and have a longer battery life. This device treats mild cases of plaque psoriasis at home with UV-free LED light.
- Inspiration Healthcare Group plc, a global supplier of medical technology for critical care, operating theatres, and other applications, signed a one-year distribution contract with Atom Medical Corporation in June 2016. Inspiration Healthcare Group was given exclusive rights to sell Atom\’s NICU product line in the United Kingdom under the terms of the agreement.
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This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, global phototherapy equipment market is segmented on the basis of type, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2023-2032)
- Conventional Phototherapy Equipment
- Fiber-optic Phototherapy Equipment
- LED-Based Phototherapy Equipment
Application Type outlook (Revenue, USD Billion; 2023-2032)
- Skin Disease Treatment
- Other Skin Diseases
- Neonatal Jaundice Management
End-use Outlook (Revenue, USD Billion; 2023-2032)
- Hospitals & Clinics
- Home Users
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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