Phototherapy Market Expected to Exceed $564.9 million By 2030

As per the report published by The Brainy Insights, the phototherapy is expected to grow from USD 406.5 million in 2022 to USD 564.9 million by 2030, at a CAGR of 4.20% during the forecast period 2022-2030. North America region emerged as the largest market for the phototherapy with a 34.17% share of the market revenue in 2022. North America currently dominates the phototherapy market as the LED-based phototherapy devices maintain a substantial market share. LED-based phototherapy machines' sales are anticipated to double over the projected years. LEDs are used as a light source in LED-based phototherapy machines to focus the appropriate wavelength light on the affected area especially. Similarly, due to the high amount of radiation, the treatment duration related to LED machines is less than that of conventional devices.

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Phototherapy Market Size by Product Type (Fiber Optic Phototherapy Devices, LED-based Phototherapy Devices, Conventional Phototherapy Devices, and Others), Application (Psoriasis, Skin Disease Treatment, Eczema, Vitiligo, Scleroderma, Seasonal Affective Disorder (SAD), Neonatal Jaundice Management, Sterilization, and Skin Cancer), End-Use (Home Care Settings, Dermatology Clinics, and Hospitals), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include The Davlin Company, Strata Skin Sciences, Solar Systems Inc., Signify Holding, Phoenix Medical Systems Pvt. Ltd., Philips Lighting Holding B.V (Signify Holdings), Nice Neotech Medical Systems Pvt. Ltd., Natus Medical Incorporated, National Biological Corporation, Hebert Waldmann GmbH & Co. KG, GE Healthcare. And Atom Medical Corporation, among others, is offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

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The product type segment is divided into fiber optic phototherapy devices, LED-based phototherapy devices, conventional phototherapy devices, and others. The LED-based phototherapy devices segment dominated the market, with a market share of around 27% in 2022. The application segment is divided into psoriasis, skin disease treatment, eczema, vitiligo, scleroderma, seasonal affective disorder (SAD), neonatal jaundice management, sterilization, and skin cancer. The skin disease treatment segment dominated the market, with a market share of around 15% in 2022. The end-use segment is divided into home care settings, dermatology clinics, and hospitals. The hospital segment dominated the market, with a market share of around 36% in 2022.

The coronavirus has spread globally, with many cases reported in different countries. COVID-19 has harmed the lifestyle of people and the global economy. During Covid-19, the demand for phototherapy device manufacturing has dropped, and the need for phototherapy to treat numerous diseases has decreased. Manufacturing and logistical activities have been suspended due to the spread of the coronavirus. Top phototherapy device distributors evaluate multiple possibilities to deal with the current COVID-19 pandemic. Technology advancements and cutting-edge healthcare infrastructure will likely stimulate demand for phototherapy devices.

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