Global Phototherapy Equipment Market 2023-2030

Global Phototherapy Equipment Market 2023-2030

Global Phototherapy Equipment Market Size, Share & Trends Analysis Report by Product (Conventional Phototherapy Equipment, LED Phototherapy Equipment, and Fiber Optic Phototherapy Equipment), by Application (Skin Disease Treatment and Neonatal Jaundice Management), and by End-user (Hospitals, Clinics and Homecare), Forecast Period (2023-2030)

Global phototherapy equipment market is anticipated to grow at a CAGR of 5.2% during the forecast period (2023-2030) owing to increase in the prevalence of skin diseases, rise in incidence of neonatal jaundice, continuous technological advancements in the area of phototherapy, and adoption of LED-based phototherapy equipment. Phototherapy equipment is used for the treatment of various skin-related diseases such as mycosis fungoides, psoriasis, morphea, vitiligo, and others.

Segmental Outlook

The global phototherapy equipment market is segmented by product, application, and end-user. Based on the product, the market is sub-segmented into conventional phototherapy equipment, led phototherapy equipment, and fiber optic phototherapy equipment. Based on the application, the market is sub-segmented into skin disease treatment and neonatal jaundice management. Further, based on end-users, the market is sub-segmented into hospitals, clinics, and home care. Among the products, the LED phototherapy equipment sub-segment is anticipated to hold a considerable share of the market. LED-based phototherapy is used to treat skin diseases such as fine lines, psoriasis, and acne. The rise in the number of people suffering from such skin conditions is expected to boost the demand for LED-based phototherapy devices. Acne is the most common skin condition that people experience. An estimated 80% of people ages 11 to 30 will have at least a mild form of acne making it the eighth most prevalent disease worldwide.

The Skin Disease Treatment Sub-Segment is Anticipated to Hold a Considerable Share of the Global Phototherapy Equipment Market

Among the applications, the skin disease treatment sub-segment is expected to hold a considerable share of the global phototherapy equipment market. Phototherapy is a highly effective therapy for a variety of skin diseases. Phototherapy uses specific wavelengths of light to reduce inflammation, slow skin cell proliferation, and improve healing. Phototherapy is a non-invasive treatment option that does not require surgical procedures or the administration of drugs. This makes it a good choice for people who prefer non-pharmacological treatments or who cannot take certain medications. Phototherapy also reduces the redness, swelling, and itching associated with psoriasis by suppressing the hyperactive immune response.

Increasing skin diseases in countries such as the US, China, and India have accounted for the rise in the use of phototherapy equipment. According to the National Psoriasis Foundation, Psoriatic disease impacts more than 8 million people in the US and 125 million people globally. Genetics are crucial because if one parent has psoriasis, a child has about a 28% chance of developing psoriasis. If both parents have psoriasis, a child has approximately a 65% chance of developing psoriasis. The immune system mistakenly assaults healthy cells in autoimmune skin illnesses such as vitiligo and alopecia areata, resulting in depigmentation or hair loss. Phototherapy can help modify the immune response, lowering the body's attack on tissues.

Regional Outlook

The global phototherapy equipment market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the rising occurrence of neonatal jaundice and skin diseases and increasing awareness among the people towards the use of new technologies.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Phototherapy Equipment Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period due to the rising construction of hospitals and specialized clinics to offer effective healthcare solutions. Apart from this, the increasing healthcare expenditure among the masses is contributing to the growth of the market. In 2019, China’s healthcare import and export volumes both saw an increase, reaching the highest levels since 2011. Europe, Asia, and North America were China’s top three continental partners for healthcare foreign trade. Major factors and drivers that are shaping the sector in China, especially the increasingly supporting role of the Chinese government in issuing key development plans and regulations, as well as the rapidly aging Chinese population. China's pharmaceutical industry has been steadily expanding and is predicted to reach $161.8 billion by the end of 2023, accounting for around 30% of the worldwide market. However, because top Chinese pharmaceutical businesses and multinational MNC pharmaceutical companies (including those from the US) have dominated most market sales, chances for US SME pharmaceutical companies to explore are restricted.

Market Players Outlook

The major companies serving the phototherapy equipment market include Daavlin Company, Aeroflow, Inc., Philips Lighting Holding B.V., Signify Holding, Atom Medical Corporation, Herbert Waldmann GmbH & Co. KG, Hill-Rom Holdings, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2022, Philips signed a long-term strategic partnership with Oulu University Hospital Finland to deliver advanced image-guided specialist care. They will all be equipped with Philips’ image-guided therapy system Azurion with FlexArm an advanced image-guided therapy platform that offers the latest innovations to help physicians improve efficiency, workflow, and treatment outcomes.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global phototherapy equipment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.