The global phototherapy equipment market size was valued at USD 342.8 million in 2021 and is expected to expand at a CAGR of 4.3% during the forecast period of 2023-2030. The market growth is primarily fueled by the increasing prevalence of skin diseases worldwide. According to the American Academy of Dermatology Association, nearly one in four Americans suffer from a skin ailment, contributing to the rising demand for phototherapy equipment.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/phototherapy-equipment-market
One of the key factors driving the market growth is the escalating incidence of skin conditions, preterm deliveries, and low birth weight babies. In 2021, the Centers for Disease Control and Prevention reported a 1% increase in newborns in the US, supporting the market expansion. Neonatal jaundice, a common condition in infants, can be effectively treated with phototherapy, wherein newborns are exposed to fluorescent light to facilitate their recovery.
The introduction of technologically sophisticated phototherapy equipment, particularly LED-based devices, is also a major factor projected to boost the market’s growth. LED-based equipment offers advantages like energy efficiency, longer lifespan, and cost-effectiveness compared to conventional devices. Research conducted by Stanford Medical Schools has demonstrated the effectiveness of LED phototherapy in treating jaundice, further driving its adoption.
COVID-19 Impact on the Phototherapy Equipment Market
The COVID-19 pandemic had a slight adverse impact on the phototherapy equipment market as demand for phototherapy to treat various ailments declined due to the pandemic’s influence on equipment manufacturers. Manufacturing and logistical operations were suspended, affecting market growth. However, post-pandemic, the market is expected to rebound due to strategic initiatives adopted by market participants, such as product launches, geographic expansions, and mergers and acquisitions. The combination of modern healthcare infrastructure and technological advancements is projected to increase the demand for phototherapy equipment.
Market Drivers
The market for phototherapy equipment is expected to grow faster than average due to the rising prevalence of psoriasis. Factors like the growing elderly population, increased rates of plaque and psoriatic arthritis, a strong pipeline of biologic and biosimilar therapies, favorable reimbursement policies, and higher prescription volumes for biologic products are driving the market growth. Additionally, the market is benefiting from increasing consumer awareness about available treatments and rising demand for psoriasis therapies.
Cost reduction of phototherapy equipment is also expected to fuel growth, driven by technological advancements, a preference for LED-based phototherapy treatment equipment, and the rising cases of neonatal jaundice and other skin illnesses due to unfavorable environmental conditions. LED phototherapy equipment, in particular, is gaining popularity due to its effectiveness and lower cost compared to traditional alternatives.
Market Restraints
The presence of alternative therapies and strict FDA regulatory procedures for new equipment approvals pose challenges to the market’s growth. Alternative treatment modalities and the potential use of sunlight for phototherapy limit the market’s expansion. However, efforts to develop home-type phototherapy units and advancements in detection and treatment technology are expected to open new opportunities in the market.
Segment Overview
LED phototherapy equipment dominates the market due to its effectiveness in treating various skin problems, including fine wrinkles, psoriasis, and acne. As the number of people affected by these conditions rises, the adoption of LED-based phototherapy equipment is expected to increase. Neonatal jaundice management is also anticipated to experience substantial growth due to the rising incidence of newborn jaundice globally and increased expenditure in research and development.
Regional Landscape
North America holds a significant market share, driven by increased prevalence of skin disorders like vitiligo, psoriasis, eczema, and acne. Favorable reimbursement policies and a preference for hospital treatments for skin disorders contribute to market growth in the region. Asia-Pacific is expected to witness faster growth, driven by the rising number of preterm births and skin conditions in the region.
Competitive Landscape
Key players in the phototherapy equipment market include GE Healthcare, Philips Lighting Holding B.V., Natus Medical Incorporated, Phoenix Medical Systems Pvt. Ltd., Herbert Waldmann GmbH & Co. KG, Atom Medical Corporation, nice Neotech Medical Systems Pvt. Ltd., National Biological Corp., and Solarc Systems Inc. These companies are actively engaged in launching innovative products and expanding their presence through strategic initiatives to capture a larger market share.
Related Reports:
Dental Anesthesia Market: https://www.fairfieldmarketresearch.com/report/dental-anesthesia-market
View your news on Google News or contact our team 