Phototherapy Market Outlook and Opportunities in Grooming Regions with Forecast 2027 :

Pune, India, March 2021, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Phototherapy Market.

Market Overview

Global Phototherapy Market is expected to reach USD 764.5 Million by 2027 at a CAGR of 4.61% during the forecast period. Market Research Future (MRFR), in its report, offers an in-depth look into the market during the review period.

Segmental Analysis

Global Phototherapy Market has been segmented based on Product, Radiation, Application, and End User.

Based on product, the global phototherapy market has been segmented into conventional phototherapy equipment, LED phototherapy equipment, fiberoptic phototherapy equipment, germicidal lamps, and accessories. The conventional phototherapy equipment segment dominated the market with a valuation of USD 184.0 million in 2019; it is expected to reach a valuation of USD 250.5 million by 2027. The conventional phototherapy equipment comes with a fluorescent lamp for full-body or partial-body phototherapy.

Based on radiation, the global phototherapy market has been classified into UVA, UVB, and UVC. The UVB segment is expected to exhibit the highest CAGR of 5.26% during the forecast period. Narrowband UVB is frequently used because it is more effective for treating psoriasis than UVA or Broadband UVB.

Based on application, the global phototherapy market has been classified into skin disease treatment, neonatal jaundice management, and sterilization. The neonatal jaundice management segment is projected to exhibit the higher CAGR of 5.44% during the forecast period. Neonatal jaundice is referred to the yellowing of the skin and white part of the eyes of a new-born baby due to a high level of bilirubin. Factors such as the development of advanced infant phototherapy devices and the increasing initiatives undertaken by healthcare organizations to create awareness about neonatal jaundice are expected to drive the growth of the segment.

By end user, the global phototherapy market has been divided into hospital & clinic, dermatology center, and homecare. The hospital & clinic segment accounted for the largest market share in 2019. Large investments in healthcare infrastructure across various regions is expected to encourage the hospital & clinic segment growth during the forecast period.

Regional Analysis

The geographic analysis of the Global Phototherapy Market covers the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

Americas led the market with a valuation of USD 227.1 Million in 2019, and the regional market is expected to reach USD 326.3 Million by 2027 at a CAGR of 4.63% during the forecast period. This can be attributed to the presence of major services providers, such as GE Healthcare and Strata Skin Sciences, Inc., in the region.

Europe was the second-largest market with a valuation of USD 203.8 million in 2019. The European market is projected to exceed USD 298.8 million by 2027 at a 4.90% CAGR during the review period. The market in the region is driven by the rising number of skin treatment in the region.

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Competitive Analysis

The Key Players in the Global Phototherapy Market are Signify Holding (Netherlands), GE Healthcare (US), Natus Medical Incorporated (US), Herbert Waldmann GmbH & Co. KG (Germany), Phoenix Medical Systems (P) Ltd (India), Atom Medical Corporation (Japan), National Biological Corporation (US), Solarc Systems Inc. (Canada), The Daavlin Company (US), and Strata Skin Sciences, Inc. (US).

Key Developments

  • In April 2020, Strata Skin received a forgivable loan of approximately USD 2 million under the Paycheck Protection Program from the Republic Bank. The loan will enable the company to develop enhanced products and services for its customers.

  • In March 2020, Signify Holding acquired Cooper Lighting Solutions (US), a provider of lighting solutions and services. The acquisition enabled the company to strengthen its position in the North American phototherapy market.