Phototherapy Device Market Key Opportunities , Analysis of Key Players and Forecast 2029

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

Phototherapy Device Market Report Scope and Research Methodology

Report Scope

Our comprehensive international report delves into the current and future landscape of the Phototherapy Device Market, offering insights into market size, dynamics, and forecast. It is a product of meticulous primary and secondary analysis, aiming to provide a comprehensive understanding of this critical medical market.

Research Methodology

We employed a rigorous research methodology that combines primary and secondary data sources to present reliable insights into the Phototherapy Device Market. This approach ensures the accuracy of our findings, making our report a trustworthy resource for stakeholders.

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What are Phototherapy Device Market Dynamics?

The main drivers propelling the growth of the Phototherapy Device Market are the increasing incidence of skin diseases like psoriasis and eczema on a global scale, along with the rise in cases of low weight and pre-term births. For instance, acne affects approximately 50 million people annually in the United States, as reported by the American Academy of Dermatology. Furthermore, the demand for phototherapy treatment is expected to grow rapidly during the forecast period due to the increasing number of cases in newborns.

Constant technological advancements in phototherapy, like the introduction of LED technology for treating neonatal jaundice by entities such as D-Rev (Design Revolution), are expected to drive market growth. In the United Kingdom and Ireland, for example, approximately 100,000 individuals experienced hyperbilirubinemia in 2021, creating a high demand for LED phototherapy treatments for jaundice.

Increased healthcare spending in emerging countries like China and India is further fueling market growth. The adoption of LED-based phototherapy treatment represents a significant opportunity for market players, who are actively exploring and exploiting this avenue to capture a substantial market share.

However, the lack of awareness about phototherapy treatment, insufficient research and development investment in innovative products, and concerns about side effects and harmful radiation pose challenges to market growth. Additionally, stringent regulations from bodies like the FDA and government oversight regarding the approval of new devices, manufacturing costs, and installation could hinder the Phototherapy Device Market.

Phototherapy Device Market Segmentation?

The Phototherapy Device Market is categorized based on technology type, application, and end-user.

Technology Type: The market is divided into Conventional Phototherapy, LED-Based Phototherapy, and Fiber Optic Phototherapy. Conventional Phototherapy dominates the market, primarily due to its effectiveness in reducing hyperbilirubin in newborns and treating skin diseases. This segment generated $184.00 million in revenue in 2021. LED-based phototherapy is the second-largest segment, projected to grow at a CAGR of 6.0% during the forecast period.

Application: The Phototherapy Device Market focuses on Skin Disease Treatment and Neonatal Jaundice. Within skin disease treatment, sub-segments include Psoriasis, Vitiligo, and Eczema. Skin disease treatment is anticipated to witness a high CAGR of 5.44% during the forecast period. On the other hand, Neonatal Jaundice is expected to experience significant growth, given the high prevalence of jaundice in newborns.

End-User: The market is segmented into Hospitals, Specialty Clinics, and Home Users. Hospitals and specialty clinics hold the largest market share, with an assessment of $378.0 million in 2021. Patients prefer hospital-based treatment due to the availability of advanced techniques and facilities.

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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

Table of content for the Phototherapy Device Market includes:

Part 01: Executive Summary

Part 02: Scope of the Phototherapy Device Market Report

Part 03: Global Phototherapy Device Market Landscape

Part 04: Global Phototherapy Device Market Sizing

Part 05: Global Phototherapy Device Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

In 2022, North America dominated the Phototherapy Device Market, accounting for the largest market share of 55% and expected to register a CAGR of 4.63% during the forecast period. The high prevalence of skin disorders and demand for phototherapy are driving this market. In the United States, 31.6 million people suffer from skin and acne disorders. China and Europe also contribute to market growth, with an increasing number of cases of neonatal jaundice and skin disorders.

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