The new report by Expert Market Research titled, ‘Phototherapy Equipment Global Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global phototherapy equipment market, assessing the market based on its segments like device type, modality, application, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2021-2026): 5.2%
• Forecast Market Size (2026): USD 675.9 million
Phototherapy is an effective treatment of newborn jaundice. In this therapy, neonates are exposed to fluorescent light, which aids their recovery by decreasing high bilirubin level. The phototherapy equipment market is likely to be driven by the increased use of phototherapy to for neonatal jaundice management. Increased demand for phototherapy equipment resulted from the rise in prevalence of skin illnesses around the world. In the foreseeable future, rising occurrences of psoriasis and eczema are predicted to increase demand for these devices.
Phototherapy Equipment Industry Definition and Major Segments
Phototherapy is a medical treatment that involves treating specific medical illnesses with fluorescent light bulbs or other sources of light such as halogen lights, sunlight, and light emitting diodes (LEDs).
There are various forms of phototherapy, and the type received will be determined by the ailment being treated. Light therapy and heliotherapy are additional terms for phototherapy.
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The phototherapy equipment market can be divided based on segments like device type, modality, application, and end-use. The industry can be broadly categorised based on its application into:
• Skin Disease Treatment
• Neonatal Jaundice Management
The phototherapy equipment market can be divided based on its device type:
• Conventional phototherapy equipment
• LED-based phototherapy equipment
• Fibreoptic phototherapy equipment
Based on modality, the industry can be divided into:
• Full-body phototherapy equipment
• Partial body phototherapy equipment
The industry can be divided on the basis of its end-use as:
The regional markets of the product like:
• North America
• Latin America
• The Middle East & Africa
• The Asia Pacific regions
Phototherapy Equipment Market Trends
There is a growing demand for technologically advanced phototherapy equipment that is both cost-effective and efficient, as well as having features that promote user safety. The rising prevalence of skin illnesses such as psoriasis, eczema, and acne is the primary driver of market expansion. Acne affects about 50 million people in the United States each year, according to the American Academy of Dermatology.
The rising number of newborns with neonatal jaundice is also projected to increase demand for this equipment in the future. Constant technical advancements are also expected to boost market expansion. For example, D-Rev, Design Revolution, a non-profit design firm, used LEDs to treat infant jaundice.
Key Market Players
The major players in the market are Philips Lighting Holding B.V., GE Healthcare, Natus Medical Incorporated, Herbert Waldmann GmbH & Co. KG, Nice Neotech Medical Systems Pvt. Ltd., Phoenix Medical Systems Pvt. Ltd., Atom Medical Corporation, National Biological Corp., Solarc Systems Inc. and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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