Phototherapy Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Phototherapy Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Phototherapy Devices Market By Product Type (Light-Emitting Diode (Led) Light Therapy, And Ultraviolet (UV) Therapy Systems), By Application (Jaundice, Psoriasis, Eczema, Vitiligo, And Others), By Light (Blue And Red), By End-User (Hospitals, Home, Dermatology Center, and others), and by geography is expected to grow at a steady CAGR forecast till 2030 owing to an increasing prevalence of psoriasis and technological advancements in the product offerings

The global phototherapy devices market was valued at USD 543.32 million in 2023, growing at a CAGR of 4.58% during the forecast period from 2024 to 2030 to reach USD 706.99 million by 2030. The phototherapy devices market is witnessing a positive growth owing to the various factors such as the increasing prevalence of psoriasis, the rising incidence of skin lymphoma such as Non-Hodgkin Lymphoma (NHL), a surge in technological advancements pertaining to the product offerings, and the rising prevalence of vitiligo. Therefore, the market for phototherapy devices is estimated to grow during the forecast period from 2024 to 2030.

Phototherapy Devices Market Dynamics:

One of the main driver for phototherapy devices market is the increasing prevalence of psoriasis. For instance, according to the latest data published by the National Psoriasis Foundation in the year 2020, approximately 125 million people in the world were suffering from psoriasis which is 2 to 3% of the total population. Thus, psoriasis is a condition in which skin cells accumulate and forms itchy & dry patches. Therefore, phototherapy devices provide treatment for psoriasis which helps to reduce the pain and itchiness, this increases the demand for phototherapy devices thereby, driving the phototherapy devices overall market forward during the forecast period (2024-2030).

Moreover, another key factor which is responsible for the growth of phototherapy devices is the rising technological advancements in the product offerings. For instance, in 2019, Clarify Medical headquartered in United States raised $18 million, it linked its handheld Clarify Home Light Therapy System with a smartphone, which provides narrow band UVB phototherapy treatment for a variety of skin conditions like psoriasis, and its smartphone app provides possibilities for patients to interact with it beyond just receiving the treatment. Furthermore, these technological advancements in the product offerings of phototherapy devices, enhance the phototherapy devices market, propelling the growth for phototherapy devices overall market.

Moreover, the factors mentioned above boost the demand for phototherapy devices, which leads to a surge in the growth for the overall phototherapy devices market during the forecast period from 2024 to 2030.

However, complications associated with phototherapy devices such as the high cost of devices and the side effects related to the phototherapy light includes redness, dryness or itchy skin, nausea and others, can hamper the global phototherapy devices market growth

The ongoing COVID-19 epidemic has also negatively impacted the phototherapy devices market. The nationwide lockdown in almost every country restricted people's movement & declined the number of hospital visits of people/newborn suffering from skin disorders, halted supply chains & logistics, and hampered manufacturing rates. However, with the masses being vaccinated, relaxation in lockdown restrictions resulted in increased hospital visits, and resumption of supply chains, logistics, & manufacturing units, the phototherapy devices market has picked momentum and is expected to further grow during the forecast period.

Phototherapy Devices Market Segment Analysis:

Phototherapy Devices Market by Product Type (Light-Emitting Diode (LED) light therapy and Ultraviolet (UV) Therapy Systems), Application (Jaundice, Psoriasis, Eczema, Vitiligo, and Others), Light (Blue and Red), End-User (Hospitals, Home, Dermatology Center, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In by-product type segment of phototherapy devices, Light-Emitting Diode (LED) light therapy, is expected to share a significant revenue in the year 2023. The key benefits associated with it includes, it is safe & suitable for all skin types, it treats acne effectively, helps to improve the overall skin texture, with the utilization of blue & red light it enables to cure the skin from the sun damage, and is used to induce hair growth as well. Moreover, a surge in the launch of phototherapy devices will also drive the market growth for it.

In June 2018, UVBioTek, a manufacturer of clinical & home phototherapy treatment systems for psoriasis, eczema and vitiligo, launched POLY Go portable LED light therapy. It is a portable hand-held device which employs a variety of wavelengths that have been clinically shown to be effective of treating acne, fine-line wrinkles, hyperpigmentation, under-eye bags, collagen depletion problems, as well as pain, swelling and redness.

Therefore, the factors mentioned above, increases the phototherapy devices demand in the market which drives the growth of the overall phototherapy devices market during the forecast 2024-2030.

North America is expected to dominate the overall Phototherapy Devices Market:

Among all the regions, North America is expected to dominate the global phototherapy devices market in the year 2023 and is expected to do the same during the forecast period from 2024-2030. Factors such as the increasing prevalence of psoriasis and the rising incidence of skin lymphoma such as Non-Hodgkin Lymphoma (NHL) are expected to increase the demand for phototherapy devices in the North America market.

As per the latest data published by the National Psoriasis Foundation in the year 2020, more than 8 million people in the United States suffered from psoriasis. Thus, for the treatment of skin conditions such as psoriasis phototherapy devices are utilized, this uplifted the demand for the phototherapy devices, contributing in the growth of phototherapy device’s overall market growth during the forecast period (2024-2030).

Moreover, the rising incidence of skin lymphoma such as Non-Hodgkin Lymphoma (NHL) is another factor which is responsible for the increasing demand for phototherapy devices. For instance, according to the American Cancer Society latest estimate, in the year 2023, in United States, there will be 80,470 new cases of NHL in 2022. Thus, skin lymphoma can be effectively treated with phototherapy as it uses Ultraviolet (UV) light to kill cancer cells beneath the skin. Therefore, this boosts the demand for phototherapy devices, driving its overall market growth.

Furthermore, due to interplay of the factors mentioned above, phototherapy devices demand elevates, which in turn provide a conductive growth for the overall phototherapy devices market during the forecast 2024-2030.

Phototherapy Devices Market Key Players:

Some of the key market players operating in the phototherapy devices market includes the General Electric Company, Herbert Waldmann GmbH & Co. KG, nice Neotech Medical Systems Pvt. Ltd, National Biological Corporation, Solarc Systems Inc, Medela AG, Natus Medical Incorporated, The Daavlin Company, ALFAMEDIC S.R.O, Heal Force, Dixion, avihealthcare, Equalise Health, NOVOS, Zhengzhou Dison Instrument And Meter Co Ltd, Atom Medical Corp, Bistos Co Ltd, NeoMedlight, Weyer GmbH, Signify Holding, Phoenix Medical Systems (P) Ltd, Ibis Medical, and among others.

Recent Developmental Activities in the Phototherapy Devices:

In October 2020, Avalon Biomedical (Shenzhen) Limited, a developer of new biomedical technologies, received the Food and Drug Administration (FDA) approval of Neonatal Phototherapy System, It is designed to treat unconjugated hyperbilirubinemia in the population of newborns, for those with a gestational age of less than 38 weeks and weighs between 2500 – 4500 grams. It may be applied both at home and in a therapeutic setting.

In September 2019, Little Sparrows Technologies, a neonatal medical device startup committed to promoting the well-being of newborns, announced that it has received FDA clearance for the bili-hut™. The bili-hut is an innovative ultraportable neonatal phototherapy system that leverages a bassinet-like design to treat hyperbilirubinemia, commonly known as neonatal jaundice. The device features a unique curved light emitting diode (LED) illumination canopy that delivers high-intensity blue light phototherapy. This highly portable device allows newborns to effectively undergo jaundice treatment anywhere – at home or in a hospital setting.

Key Takeaways from the Phototherapy Devices Market Report Study

Market size analysis for current phototherapy devices market (2023), and market forecast for 6 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the phototherapy devices market

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint venture happened for last 3 years

Key companies dominating the global phototherapy devices

Various opportunities are available for the other competitor in the phototherapy devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current phototherapy devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for phototherapy devices market growth in the coming future?

Target Audience who can be benefited from this Phototherapy Devices Market Report Study

Phototherapy devices providers

Research organizations and consulting companies

Phototherapy devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and traders dealing in phototherapy devices

Various end-users who want to know more about the phototherapy devices market and latest technological developments in the phototherapy devices

Frequently Asked Questions for Phototherapy Devices:

1. What are Phototherapy Devices?

Phototherapy exposes the infants to light in the range of 400-500 nm to isomerize unconjugated bilirubin in the skin. Any light source that produces this wavelength can be used, fluorescent or halogen lamps, or, more recently developed, light-emitting diodes.

2. What is the market for Global Phototherapy Devices?

The global phototherapy devices market was valued at USD 543.32 million in 2023, growing at a CAGR of 4.58% during the forecast period from 2024 to 2030 to reach USD 706.99 million by 2030.

3. What are the drivers for the Global Phototherapy Devices Market?

The phototherapy devices market is witnessing a positive market growth owing to the factors such as the increasing prevalence of psoriasis, the rising incidence of skin lymphoma such as Non-Hodgkin Lymphoma (NHL), surge in technological advancements in the product offerings, and the rising prevalence of vitiligo.

4. Who are the key players operating in the Phototherapy Devices Market?

Some of the key market players operating in the Phototherapy devices market include General Electric Company, Herbert Waldmann GmbH & Co. KG, nice Neotech Medical Systems Pvt. Ltd, National Biological Corporation, Solarc Systems Inc, Medela AG, Natus Medical Incorporated, The Daavlin Company, ALFAMEDIC S.R.O, Heal Force, Dixion, avihealthcare, Equalise Health, NOVOS, Zhengzhou Dison Instrument And Meter Co Ltd, Atom Medical Corp, Bistos Co Ltd, NeoMedlight, Weyer GmbH, Signify Holding, Phoenix Medical Systems (P) Ltd, Ibis Medical, and among others.

5. Which region has the highest share in Phototherapy Devices Market?

North America is expected to dominate the global phototherapy devices market. Factors such as the increasing prevalence of psoriasis and rising incidence of skin lymphoma such as Non-Hodgkin Lymphoma (NHL), contributes to the growth of phototherapy devices market in the North America region.