Phototherapy Device Market revenue is expected to grow at CAGR 4.1 % through 2022 to 2029, reaching nearly USD 762.61 Mn.

24. 8.2023 : Phototherapy Device Market Report Scope and Research Methodology

Phototherapy, a medical treatment method involving exposure to various light sources such as fluorescent light bulbs, Light Emitting Diodes (LEDs), and halogen lights, holds significant promise in treating a range of medical conditions. The escalating prevalence of skin ailments like Psoriasis and Eczema worldwide, coupled with advancements in phototherapy technology, is poised to steer the Phototherapy Device Market's trajectory. This innovative treatment approach has demonstrated efficacy in managing diverse skin diseases globally.

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What are Phototherapy Device Market Dynamics?

Drivers and Restraints:

The report identifies several key drivers propelling the Phototherapy Device Market's growth. The surge in skin diseases like Psoriasis and Eczema on a global scale, as well as the increase in cases of low-weight and preterm births, stand as primary factors driving this market's expansion. For instance, the American Academy of Dermatology reports that acne affects 50 million people annually in the US alone. Additionally, advancements in technology, including LED-based treatments, present a significant opportunity for market growth.

On the other hand, the lack of awareness about phototherapy treatments, limited research and development investments for innovative products, concerns about side effects and harmful radiation, and stringent regulatory hurdles may impede market growth.

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Phototherapy Device Market Segmentation?

by Types

Conventional Phototherapy Market
LED Based Phototherapy Market
Fiber Optic Phototherapy Market

The phototherapy device market is divided into three categories based on technology: conventional phototherapy, LED-based phototherapy, and fibre optic phototherapy. Because phototherapy reduces hyperbilirubin in newborns and skin illnesses, the conventional photography sector is expected to have the highest CAGR of 3.94% during the forecasting period. This segment currently dominates the market. In 2021, this segment brought in 184.00 Mn in sales.The second-largest segment, LED-based phototherapy, is anticipated to expand at a CAGR of 6.0% during the projection period.

by Application

Skin Disease Treatment
Psoriasis
Vitiligo
Eczema
Neonatal Jaundice Management

The Phototherapy Device Market is divided into two categories, Skin Disease Treatment and Neonatal Jaundice, based on Application. Treatment for skin conditions is further divided into psoriasis, vitiligo, and eczema. The greatest CAGR of 5.44% is predicted for the treatment of skin diseases during the forecasted period. People always favour phototherapy as a kind of treatment as the number of skin disorders increases. The most growth in Neonatal Jaundice is anticipated throughout the forecasted period. According to a recent estimate, the majority of newborn babies would have jaundice in 2022.

by End-User

Hospital and Specialty Clinic
Home User

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Who are Phototherapy Device Market Key Players?

1. GE Healthcare
2. Atom Medical
3. Draeger
4. Herbert Waldmann
5. Natus Medical
6. Daavlin
7. Beurer
8. National Biological
9. David
10.Solarc Systems Inc.
11.UVBioTek
12.MTTS Asia
13.Nice Neotech
14.Signify Holding
15.Phoenix Medical Corporation
16.Strata Skin Sciences
17.National Biological Corporation
18.Hill-Rom
19.Medisana AG
20.Schulze & Böhm GmbH

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Regional Insights:

North America has emerged as a dominant force in the Phototherapy Device Market, accounting for a substantial market share of 55% in 2022. The region is projected to experience a 4.63% CAGR during the forecast period, driven by the high prevalence of skin disorders and the growing demand for phototherapy solutions. The Phototherapy market in the United States is set to achieve a 5.63% CAGR, supported by the adoption of home-based phototherapy for conditions like psoriasis.

Europe, capturing 35% of the market share in 2022, is positioned as the second-largest market contributor. It is projected to grow at a CAGR of 4.23% during the forecast period.

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Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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