Phototherapy Device Market: Introduction
Phototherapy employs light of a specific wavelength for the treatment of medical conditions and diseases such as psoriasis, eczema, carcinoma, etc. Phototherapy is also used to treat numerous ailments, such as neonatal jaundice (hyprbilirubinemia) by lowering the levels of bilirubin, also termed as photooxidation, leading to normal levels of bilirubin production in liver. It is also effective in the treatment of skin-related issues such as psoriasis, vitiligo, and itchy skin. Promising results have been obtained when phototherapy was used in the treatment of cancers and tumors (Malignant and benign). In phototherapy, light of a specific wavelength is targeted to particular areas of body leading to apoptosis of the damaged cells and faster recovery rate. The light being used belongs to various sources such as LED, fluorescence, and halogen.
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Key Drivers and Restraints of Global Phototherapy Device Market
- Rise in the number of neonatal jaundice (Hyperbilirubinemia) cases and skin-related diseases such as psoriasis, eczema, and scleroderma with increasing chances of recurrence is a major factor that boosts the phototherapy device market
- Advancements in technology such as increase in the use of LED devices, safety, low power consumption, long shelf-life, and portability of LED devices further propel the market. Furthermore, the effectiveness of phototherapy over other traditional treatments helps fuel the global phototherapy market
- Stringent rules and regulation from the FDA and government for sanctioning new devices, high cost of manufacturing, maintenance, and installation is a major factor that can hinder the phototherapy device market. Exposure of light also sometimes proves to be fatal, leading to skin rashes, stools, and dehydration. Moreover, recollecting the products from the market can pose a major challenge for the global phototherapy device market.
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LED Segment to Dominate Global Phototherapy Device Market
Based on type, the global phototherapy market can be divided into convectional phototherapy, led phototherapy and fiberoptic phototherapy equipment
- Currently, the LED segment is estimated to expand at a CAGR of 5.1% due to its cost-effectiveness, short duration of treatment, and extensive use in diverse areas
Skin Treatment Segment to Expand Significantly
Based on type, the global phototherapy market can be divided into skin disease treatment, neonatal jaundice treatment, and sterilization
- Demand for phototherapy to treat skin issues due to increase in skin-related issues and high recurrence, especially psoriasis, which lines the top followed by eczema and cancer. The phototherapy segment is estimated to expand at a CAGR of 4.5% during the forecast period.
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North America to Dominate Global Phototherapy Device Market
In terms of region, the global phototherapy market can be divided into: North America, Asia Pacific, Latin America, and Middle East & Africa
- In terms of revenue, North America accounted for a notable share of the global market due to invention and innovation of new technologies and prevalence of different skin-related diseases, especially psoriasis which is the most common occurring disease in the region. The segment is projected to expand at a CAGR of 4.3%, followed by Europe. Increase in prevalence of skin-related diseases, such as psoriasis, acts as a key factor that boosts the market in the region.
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Key Manufacturers Operating in Market
Top players operating in the global phototherapy device market include
- GE Healthcare (U.S.),
- Philips Lighting Holding B.V. (Netherlands),
- Natus Medical Incorporated (U.S.),
- Phoenix Medical Systems Pvt. Ltd. (India),
- Herbert Waldmann GmbH & Co. KG (Germany),
- Atom Medical Corporation (Japan),
- Nice Neotech Medical Systems Pvt. Ltd. (India),
- National Biological Corp. (U.S.)
- Solarc Systems Inc. (Canada).
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