ID: MRFR/MED/1312-CR | March 2021 | Region: Global | 168 pages
Phototherapy refers to a category of medical treatment in which an individual is exposed to fluorescent light bulbs or other light sources such as light-emitting diodes (LEDs) and halogen lights. The purpose of the treatment is to treat certain kinds of medical conditions in individuals. At present, the Phototherapy Market is considered to be one of the most promising ones as it offers effective and safe treatment solutions for people with various skin disorders such as psoriasis. As skin diseases are considered extremely serious non-fatal medical conditions, the demand for the phototherapy market has increased considerably in recent times.
The Phototherapy Industry is expected to demonstrate solid performance during the forecasted period. It is expected that the market would register a 4.61% CAGR during the specific period. A diverse range of factors could contribute to the exceptional market performance, such as the prevalence of diverse photo-responsive skin conditions such as vitiligo and cutaneous at-cell lymphoma. The factors have been playing an influential role and expanding the Phototherapy Market Size the prevailing times.
Comprehensive research has been carried out, which has helped to identify diverse environmental elements that exist in and influence the market landscape. A thorough Phototherapy Market Analysis has been performed to shed light on major market drivers, opportunities, constraints, and restraints in the global market setting. The key Phototherapy Industry Trends have been identified that can mold the industry growth at the global level.
Covid 19 analysis
The Covid 19 pandemic has adversely affected the phototherapy market. Due to the pandemic and associated social distancing rules, many people have not reached out to healthcare professionals to get their skin diseases treated. This had adversely affected the overall demand in the phototherapy Industry. However, it has also created numerous opportunities for key players in the industry to integrate digital technologies into the operational processes. The pandemic has led to a significant strategic shift by market players and has impacted the market's overall performance.
Chief market drivers
Several market drivers exist in the Phototherapy Market that influences its growth. Some of the main drivers include the high prevalence of diverse skin diseases among people at the global level and the rise in low-weight and pre-term births. Apart from these drivers, the increase in the integration of LED-based phototherapy technology also contributes to the market's growth at the global level. Based on the Phototherapy Industry Forecast, these drivers could play a pivotal role and contribute to the solid market during the forecasted period.
A key opportunity in the phototherapy market setting is the surge in the adoption of LED-based phototherapy equipment. Various players operating in the industry have been exploiting this opportunity to capture a major portion of the Phototherapy Industry Share.
In the phototherapy market setting, several challenges arise that limit its growth potential. Some of the main challenges include the low degree of awareness relating to the differentiated awareness of the innovative treatment approach and the high degree of uncertainty relating to rapidly evolving technology. These elements could act as major obstacles during the forecasted period that could adversely affect the Phototherapy Industry Value and restrict its growth potential. Another major challenge that exists in the market is the issues relating to venture capital.
Several restraints exist in the phototherapy market landscape that affects the market. For instance, the high possibility of skin rash and other skin complexities could be a major restraining factor. These restraints could hamper the performance of the business players that function in the industry.
In the comprehensive Phototherapy Market Outlook report, a holistic insight has been presented into the market and various variables that exist in it. The businesses that function in the market are influenced by both positive as well as negative elements. The adoption of LED-based phototherapy technology has been identified as a major factor that increases the opportunity for businesses in the Phototherapy Industry.
Overview of chief market segments
The phototherapy market can be segmented into conventional phototherapy equipment, LED phototherapy equipment, accessories, and germicidal lamps based on the product. Each of these product segments significantly contributes towards the Phototherapy Market value at the global level. The LED phototherapy equipment is considered a safe, cost-effective, and useful phototherapy approach that can help treat psoriasis. According to the Phototherapy Industry Forecast, the segment could demonstrate solid performance due to the high durability of the solution.
The phototherapy market can be divided into UVA, UBA, and UVC based on radiation. The type of radiation used in the therapy technique has a major implication on the effectiveness and severity of the treatment. The radiation that is used must be determined by the skin disease that needs to be treated.
Based on the application, the global phototherapy Industry can be segmented into skin disease treatment, sterilization, and neonatal jaundice management. During the forecasted period, the skin disease treatment segment is likely to surge due to the rise in different skin conditions among people. Some of the common skin conditions that could contribute to the solid performance of the specific market segment include the skin diseases such as vitiligo and eczema. The rise in application of the therapy is likely to contribute to the Phototherapy Market Growth in the near future.
The main end-users of the market include hospitals and clinics, homecare, and dermatology centers. Diverse users use the phototherapy technique to treat skin conditions in people. In hospitals, the application of sterilization is high, which helps to treat skin conditions in patients. Based on the Phototherapy Industry Analysis, hospitals and clinics have been adopting new digital technologies that increase the effectiveness of the therapy in the form of high accuracy and the improved safety of the users.
The phototherapy market can be segmented into diverse geographical regions such as the Americas, Europe, Asia Pacific, Middle East, and Africa. America has been dominating the global market landscape, and it has played a significant role in influencing the overall Phototherapy Market Size at the global level. The main reason for the solid performance of the region is the high demand for phototherapy solutions for skin treatment. During the forecasted period, the Americas could dominate in the market. According to the National Eczema Association, eczema is a skin disease that affects approximately 31.6 million people in the United States of America. The high prevalence of the skin condition is likely to increase the demand in Phototherapy Industry during the forecasted period. One of the major Phototherapy Industry Trends that would influence most of the geographical market segments is adopting innovative technology in the phototherapy approach.
The competitive landscape in the market
A diverse range of market players operate in the phototherapy market setting and increase competition. Some of the main business participants that intensify the competition in the global market setting have been presented below:
These market players play a major role in the global market setting. They not only capture the Phototherapy Industry Share but increase the overall attractiveness of the market.
Recent developments in the market
The Phototherapy Market Outlook report presents an exhaustive insight into the global market landscape and its growth potential during the forecasted period. Several factors exist in the global market setting that increases the market's attractiveness, such as the rise in skin conditions in people from diverse regions. The integration of technology has created opportunities for the major market players to contribute to the Phototherapy Industry Growth. However, several market constraints also diminish its growth potentials, such as poor awareness about the innovative solution and high capital requirements.
Insight into industrial segmentation
|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 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.