ID: MRFR/MED/1312-CR | March 2021 | Region: Global | 168 pages
Global Phototherapy Market is expected to register a 4.61% CAGR during the forecast period.
Global Burden of Disease Study (GBD) has shown that skin diseases continue to be the 4th leading cause of non-fatal disease burden globally. Skin diseases increase with age and are more frequent in men than in women. Phototherapy is most widely used to treat photo-responsive skin diseases such as psoriasis, vitiligo, and cutaneous t-cell lymphoma.
Global Phototherapy Market is growing rapidly due to the increasing prevalence of severe skin diseases and the rising number of preterm and low-weight births. In addition, the rising adoption of LED-based phototherapy equipment is also expected to drive the growth of the market. However, the differential awareness and availability between countries and issues in venture capital, startups, and collaborations are expected to hamper the growth of the market during the forecast period.
Moreover, psoriasis is a chronic, inflammatory skin condition. The economic burden of psoriasis is around USD 35 billion in the US per year, and treatment costs are rising than general inflation. Light-emitting diode (LED) phototherapy represents a cost-effective, safe, efficacious, and portable psoriasis treatment. Moreover, it has advantages, including low power consumption, low heat production, and a much longer life span of the light-emitting unit as compared to other light sources. Therefore, there has been rising adoption of LED-based phototherapy equipment from the last few years.
Global Phototherapy Market Growth, 2018–2027
Americas accounted for a 42.60% share of the global phototherapy market in 2019, followed by Europe. Asia-Pacific accounted for the third-largest market share in 2019. Asia-Pacific is expected to be the fastest-growing market for phototherapy during the review period.
Global Phototherapy Market has been segmented into Product, Radiation, Application, End User, and Region. By Product, the global market is categorized into conventional phototherapy equipment, LED phototherapy equipment, fiberoptic phototherapy equipment, germicidal lamps, and accessories. By radiation, the global market is categorized into UVA, UVB, and UVC. On the basis of application, the global phototherapy market has been classified into skin disease treatment, neonatal jaundice management, and sterilization. Based on end-user, the global phototherapy market has been segmented into hospital & clinic, dermatology center, and homecare.
Global Phototherapy Market Segmentation
The skin disease treatment is segment accounted for the largest market share in 2019.
The skin disease treatment segment is sub-segmented into psoriasis, vitiligo, eczema, and others. The sterilization segment is sub-segmented into hospital services and equipment. The skin disease treatment segment is expected to grow due to the increasing prevalence of severe skin diseases such as vitiligo, psoriasis, eczema, and others. Furthermore, advanced phototherapy products offered by companies such as Solarc Systems Inc. and The Daavlin Company offer benefits like enhanced accuracy, timer simplicity, are of the space-smart design, and provide safety lockout features. These factors are expected to drive the growth of the segment. The segment is projected to register a 4.26% CAGR during the forecast period. The skin disease treatment segment accounted for the market share in 2019, with a market value of USD 352.1 million.
Phototherapy Market has been segmented, by region, into Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Global Phototherapy Market Share, By Region, 2019 (%)
Americas accounted for the largest market share in 2019 and is expected to be the largest phototherapy market during the forecast period. The regional market growth is primarily driven by the high demand for skin treatments in the US and Canada. Moreover, due to the increasing adoption of home phototherapy. Although the treatment burden for phototherapy in the outpatient department is considerable, prescription of home phototherapy has not been widely initiated. Home phototherapy seems more patient-friendly in terms of avoiding the thrice weekly hospital visits as patients have to travel to the hospital two to three times a week, mostly during business hours, which is costly and difficult to fit into daily life. In psoriasis treatment, home phototherapy is as effective and safe as phototherapy in an outpatient department. Patients were more satisfied with home phototherapy. This is because home phototherapy is often the most cost-effective treatment option for patients with moderate-to-severe psoriasis, consistently providing excellent results without the dangerous and common side effects associated with biologics. Hence, the phototherapy market in the Americas is expected to register a 4.63% CAGR during the forecast period.
The Players Profiled in the report on 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 Questions Addressed by the Report
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Radiation, Application, End User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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,|
|Key Market Opportunities||Rising adoption of LED-based phototherapy equipment|
|Key Market Drivers||Increasing prevalence of severe skin diseases and the rising number of preterm and low-weight births|
Frequently Asked Questions (FAQ) :
The global phototherapy market can expand at 4.61% CAGR from 2020 to 2027.
Huge prevalence of psoriasis is the major driver of the global phototherapy market.
Possibility of skin rashes or nerve damage can impede the global phototherapy market.
The Americas has the largest share in the global phototherapy market due to prevalence of infants afflicted with jaundice, psoriasis, and other skin diseases.
Koninklijke Philips N.V., GE Healthcare, PhotoMedex, Inc, MTTS ASIA, Herbert Waldmann GmbH & Co. KG, VIA Global Health, Natus Medical Incorporated, and Beurer GmbH are prominent players of the global phototherapy market.