2022-2028 is the forecast period in the market report
Phototherapy is the most common treatment to reduce the high bilirubin levels that cause jaundice in infants and is also a treatment for various skin conditions. Phototherapy equipment is used for the treatment of various skin related diseases such as psoriasis, vitiligo, and others. The Phototherapy Equipment market is expected to grow exponentially over the forecast period due to factors such as the increase in the number of births, the increase in the number of cases of neonatal jaundice, and others. Furthermore, the high growth potential of emerging countries is expected to provide significant growth opportunities for the market during the forecast period. Currently, there is a growing demand for technologically advanced phototherapy equipment that is not only affordable but also efficient and that offers features that improve user safety. This factor is further anticipated to provide ample new growth opportunities for the market in the upcoming years.
The increasing prevalence of skin diseases is the main factor driving the growth of the market. For example, according to the latest available data from the American Academy of Dermatology Association, 84.5 million Americans, or about one in four, suffer from some type of skin disease. Furthermore, according to the National Psoriasis Foundation, approximately 125 million people worldwide, or about 2-3% of the total population, suffer from psoriasis. Likewise, according to the National Eczema Association, approximately 31.6 million people in the United States suffer from eczema. The onset of jaundice in newborns is common; however, if it persists for a long time, doctors use phototherapy devices for treatment. According to a Pediatric Medicine Journal, the incidence of jaundice in newborns ranges from 60% to over 90%. Similarly, according to the National Health Service, an estimated six out of 10 babies will develop jaundice, while eight out of 10 premature babies are at risk of developing jaundice. Additionally, the demand for phototherapy devices is expected to increase as the neonatal population grows. For example, according to the Centers for Disease Control and Prevention, the number of births in 2021 in the United States increased for the first time in the last seven years. The report shows that births increased by 1% in 2021 to 3,659,289 births. Hence, this is expected to contribute to the growth of the market over the forecast period.
These devices have proven to be more energy efficient, lasts 10 times longer than conventional devices and is also relatively cheaper. Research conducted by the Stanford School of Medicine, one of D-Rev's partners, has proven its effectiveness in the treatment of jaundice. Most phototherapy equipment uses CFLs for consistency and ease of use. Improving healthcare infrastructure, the rapid development of low-cost phototherapy devices, and the high acceptance of home phototherapy to treat skin diseases are expected to provide significant growth opportunities for the market during the forecast period.
There are several constraints in the phototherapy market landscape that affect market growth. For example, the high risk of rashes and other skin problems can be a major limiting factor. These restrictions can hinder the performance of economic operators working in the sector. Besides, the lack of a skilled healthcare workforce in the low-income nations and the presence of advanced healthcare infrastructure in these nations are other factors that may restrain market growth over the forecast period.
The main challenges include the low level of awareness regarding the differentiated perception of the innovative treatment approach and the high level of uncertainty regarding the rapidly changing technology. These items could act as major hurdles during the forecast period, which could harm the value of the Phototherapy industry and limit its growth potential. Another major factor is related to venture capital issues and is expected to be pose a key challenge for the market growth over the forecast period.
The report provides an in-depth analysis of the global Phototherapy Equipment market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for phototherapy equipment in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
The global Phototherapy Equipment market comprises of different market segments like product, application, end users and geography.
By product, the Phototherapy Equipment market includes the key segments of
Conventional phototherapy equipment includes conventional phototherapy equipment with fluorescent lamp and conventional phototherapy equipment with compact fluorescent lamp. LED phototherapy equipment segment is expected to dominate the market over the forecast period. LED phototherapy is used to treat skin diseases and problems such as fine lines, psoriasis and acne. It is expected that the increasing number of people suffering from such skin diseases will lead to the use of LED-based phototherapy devices. Additionally, research has shown that infrared light therapy can improve and reduce fine lines and wrinkles. The growing number of people suffering from fine lines and wrinkles is expected to help the segment survive. This could increase the use of LED-based phototherapy equipment, driving segment growth over the forecast period.
The conventional phototherapy equipment segment is expected to grow at a significant rate over its expected lifetime. Conventional phototherapy equipment is used to treat jaundice as it helps reduce bilirubin levels in infants. The rising incidence of newborns suffering from jaundice is expected to help propel the segment during the forecast period.
The Phototherapy Equipment market has key applications in
The phototherapy equipment is used for the treatment of skin diseases such as psoriasis, vitiligo, eczema and others. The skin disease treatment segment is expected to dominate the market. This can be attributed to an increase in the number of various skin diseases such as acne, vitiligo and others. For example, according to the British Journal of Dermatology, there were approximately 117.4 million accident cases and 231.2 million acne cases in 2019, an increase of about 48% from 1990 statistics. Similarly, Vitiligo, a condition in which the skin loses its pigmented cells, is becoming inactive in different regions of the world. For example, according to ResearchGate, India should have an incidence of 8.8%, while the same for Mexico has been estimated at 2.6-4%. Since phototherapy has been shown to stop/slow the progression of vitiligo, its use should increase. Therefore, based on the factors mentioned above, the phototherapy equipment market is expected to grow over the projected period.
The neonatal jaundice management segment is expected to grow at a significant rate over the forecast period. This can be attributed to the increasing infant population and the rising incidence of neonatal jaundice worldwide. For example, according to an article by the BMJ Publishing Group and the Royal College of Paediatrics and Child Health, neonatal jaundice is very common in the UK where phototherapy is used to treat around 5-10% of babies born at term.
The Phototherapy Equipment market has major end users like
Hospitals and clinics segment is expected to dominate the market during the estimated time period. This can be attributed to the growing number of hospitals globally. For example, according to statistics from The King's Fund Organization, the total number of hospitals in England reached 141,000 in 2019/20. Hence, due to the above-mentioned factor, the segment is expected to grow at a high rate during the forecast period.
However, the home care segment is expected to grow at the fastest rate over the forecast period. This can be attributed to the availability of phototherapy devices for home care and the increasing awareness of phototherapy devices in the population. Additionally, according to the National Psoriasis Foundation, treating psoriasis with at-home UVB phototherapy can be convenient and economical. Similarly, according to The Royal Women's Hospital, Australia, phototherapy is a safe and convenient option for treating neonatal jaundice in a home care setting. Therefore, lucrative growth is predicted for the segment in the projected duration.
The global Phototherapy Equipment market is studied for the following regions
North America is expected to lead the market over the projected time period. The growing number of various skin conditions such as vitiligo, psoriasis, eczema and acne is expected to help the region to dominate the market. For example, according to the Canadian Dermatology Association, acne affects approximately 5.6 million people in Canada. H 20% of the general population suffers from acne. Similarly, according to the latest estimates from Atopic Dermatitis in America, about 7.3% of American adults have eczema, while about 40% of people have moderate to severe symptoms.
However, Asia-Pacific is expected to have the fastest growth rate during the forecast period. The increase in the number of births of premature babies and some people with skin diseases can be attributed to the high growth rate. For example, according to The Lancet, approximately 85% of preterm births occur in late preterm birth, 80% of which in the regions of Asia and South Asia. Furthermore, according to the Narayan Health Organization, of the 15 million premature births worldwide, 1/5 of those births occur in India alone. Also, people in Asia Pacific are prone to acne, which is expected to encourage the use of phototherapy equipment.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Phototherapy Equipment market. In addition, complete analysis of changes on the global Phototherapy Equipment market expenditure, economic and international policies on supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The COVID-19 pandemic has had a negative impact on the Phototherapy Equipment market. Due to the pandemic and associated social distancing rules, many people have not turned to medical professionals for treatment of their skin conditions. This has had a negative impact on the overall demand in the phototherapy industry. But it has also created many opportunities for key industry players to integrate digital technologies into operational processes. The pandemic has caused a major strategic shift among market players and impacted the overall market performance. This is expected to create new opportunities for the growth of the market over the forecast period.
The competitive landscape analysis of Phototherapy Equipment market is primarily focused on expanding the global growth of the phototherapy equipment industry through new product innovation, business expansion, increasing presence of range of manufacturer operating in phototherapy equipment sector has led to growing demand for the market. Besides, the market offers a range of equipment in different applications to fulfil the required demand of consumer which is further contributing to healthy growth in the market.
The key players studied in market are
December 2020: GlobalMed Technologies had launched a home use product ‘Omnilux Contour’. Additionally, the company launched a new online store for all its products, which was expected to help the company gain some market share during and after the COVID-19 pandemic.
April 2020: FDA granted a breakthrough designation to PhotoPharmics for a non-invasive phototherapy device to treat Parkinson’s disease.
By product, the Phototherapy Equipment market includes the key segments of conventional phototherapy equipment, LED phototherapy equipment and fiber optic phototherapy equipment. The LED phototherapy equipment segment is expected to dominate the market over the forecast period. The Phototherapy Equipment market has key applications in skin disease treatment and neonatal jaundice management. The skin disease treatment segment is expected to dominate the market over the forecast period. The Phototherapy Equipment market has major end users like hospitals and clinics, homecare and others. Hospitals and clinics segment is expected to dominate the market during the estimated time period. The global Phototherapy Equipment market is studied for the following regions: North America, Europe, Asia-Pacific and the Rest of the world (RoW). North America is expected to lead the market over the projected time period.
|Market Sizing for Year:||2019-2028|
|Market Segment studied:|
|Market Players and its Competitors:|
Natus Medical Incorporated.
Herbert WaldmannGmBH& Co. KG
Phoenix Medical Corporation
Philips Lighting Holding B.V.
The Daavlin Company
Strata Skin Sciences
Solarc Systems Inc.
Atom Medical Corporation
National Biological Corporation
Phoenix Medical Systems Pvt. Ltd.
Kernel Medical Equipment Co., LTD.
Healicom Medical Equipment Co Ltd
Narang Medical Limited
Hemodiaz Life Sciences Private LimitedKorrida Medical Systems
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2022-2028 is the forecast period in the market report
Which is the leading application segment for Phototherapy Equipment market?
The skin disease treatment segment has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2022-2028)?
North America is expected to gain major market share during the forecast period (2022-2028).