Phototherapy Market is Expected to Reach USD 784.0 Million By 2028 at a CAGR of 4.6% | Reports and Data

According to the current analysis of Reports and Data, the global Phototherapy market was valued at USD 554.6 Million in 2020 and is expected to reach USD 784.0 Million by year 2028, at a CAGR of 4.6%. The study covers the genre of healthcare with special focus on the Phototherapy market. Phototherapy is a type of treatment that involves exposure to fluorescent light bulbs or other sources of light such as halogen lights, sunlight and light emitting diodes or LED lights in order to treat certain medical conditions. It uses Ultraviolet Light (UV Light). Mainly, there are two kinds of rays in the UV light namely, Ultraviolet A rays (UVA) and ultraviolet B rays (UVB). The treatment can be given either to a specific area of the body or to the whole body. A rise in the tendencies of the people to encounter skin diseases. Rising cases of skin diseases, neonatal jaundice, mood and sleep problems etc. along with technological advancements and increasing awareness among the people are the key driving factors. Rising preference towards minimally invasive treatments along with the continuous technological developments are some of the other key factors driving the market. However, strict regulations of the government for the launch of new, improved devices, the high costs and the side effects are the major restraining factors for the market.

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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.

Further key findings from the report suggest:

Minimal invasiveness has been attracting the attention of many in the recent times. Since photomedicine is one of the major types of minimal intrusive treatments, there has been a spur of growth in the demand for this procedure. Increasing cases of cancer and several skin diseases, has triggered research and development initiatives to develop several innovative solutions for treatment of cancer and the several other diseases, which lays a foundation for future growth.

At present, LED is the fastest growing device type with a CAGR of 5.1% due to its versatility of application. The discovery of use of LED for the treatment of neonatal jaundice among infants, has spiraled its demand over the years. LED based phototherapy equipment are used for target diseases as it uses the LED as a light source to precisely focus on the affected area with the appropriate wavelengths. The time taken by LED based devices to treat the affected area is lesser than that of the other devices. These properties attract the population to opt for the LED based phototherapy.

The treatment is categorized into several types based on the severity of the ailment. For instance, the treatment for skin diseases there are three main types of phototherapy used namely, Broadband UVB, Narrowband UVB and PUVA. Such intricacies have boosted the market due to its enhanced accuracy.

Side effects pose to be one of the main restraining factors for the market. However, most of the side effects are temporary thus encouraging a lot of people to opt for phototherapy. His is also one of the main factors driving the market.

North America holds the largest share in the market and is the largest revenue generator in the market. This is because of the technological advancements, availability of proper infrastructure, financial aids and the rising cases of skin diseases and neonatal jaundice in the region. The sector continues to grow at a CAGR of 4.3%. Europe follows North America holding a market share of around 31.2%.

Asia Pacific is said to be the fastest growing region due to the continuous developments in the economy and availability of resources. The availability of resources makes the region a potential ground for expansion of the key players of the market. It is expected to grow at a CAGR of 6%.

Application of phototherapy for cancers and pre-cancers is seen to be the fastest growing segment and is expected to continue growing at a CAGR of 6.1%. Phototherapy for the treatment of skin diseases dominates the market. It is majorly used for treating skin diseases such as Psoriasis which occupies almost half of the proportion. Eczema comes next in line. The application of phototherapy for skin diseases continues to grow at a CAGR of 4.5%.

Other than several skin diseases, phototherapy is also very useful for treating newborns suffering from jaundice by exposing the neonates to fluorescent light, which helps them recover faster. The procedure has been proven to be safe for newborns. This feature has boosted the market significantly.

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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.

The growing popularity of over-the-counter medications driving market growth

Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.

Restriction on product launches and R&D activities to hamper the market growth

The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.

Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.

Top Companies Profiled in the Report:

Wellton Healthcare, GE healthcare, Phoenix Medical Systems, Nice Neotech Medical Services Pvt. Ltd., National Biological Corp. and Atom Medical Corporation

Phototherapy Market Segmentation:

Therapy Type (Revenue, USD Million; 2016-2028)

Ultraviolet B (UVB)
Psoralen UV A (PUVA)

Disease Type (Revenue, USD Million; 2016-2028)

Skin Disease:
Psoriasis
Eczema
Vitiligo
Acne
Other
Mood and Sleep Disorders
Cancers and Pre-cancers
Neonatal Jaundice
Other Diseases

End Use (Revenue, USD Million; 2016-2028)

Home
Hospitals
Clinics

Regional Outlook:

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)

Frequently asked questions addressed in the report:

What is the revenue growth rate of the global Phototherapy market over the forecast period?

What are the major factors driving the growth of the Global Phototherapy Market?

What are the key challenges impacting the global Phototherapy market growth?

What are the outcomes of the SWOT Analysis and Porter's Five Forces Analysis conducted in the report?

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