According to the latest market report published by Credence Research, Inc. “Phototherapy Equipment Market - Growth, Future Prospects, and Competitive Analysis, 2017 - 2025,” the global phototherapy equipment market was valued at US$ 453.59 Mn in 2016, and is expected to reach US$ 748.89 Mn by 2025, expanding at a CAGR of 5.5% from 2017 to 2025.
Browse the full report Phototherapy Equipment Market - Growth, Future Prospects and Competitive Analysis, 2017 – 2025 at http://www.credenceresearch.com/report/phototherapy-equipment-market
Market Insights
Phototherapy is commonly used to treat skin conditions such as psoriasis, atopic eczema, vitiligo and neonatal jaundice. Phototherapy uses ultraviolet rays such as mid wave light energy i.e. UVB or long wave light i.e. UVA. UVB is available in market as narrowbrand or broadband. Ultraviolet phototherapy is used to slow abnormal skin growth mainly associated with psoriasis. Narrow band UVB and PUVA are used for process of repigmenting in vitiligo. Incidence of jaundice is commonly observed in neonatals, according to Scholars Journal of Applied Medical Sciences (SJAMS), around 25%-50% neonates suffer from jaundice. Thus the rising incidence of jaundice in newborns, increase in prevalence of skin disorders are the major factors contributing to the growth of phototherapy market.
The global phototherapy equipment market is segmented by device type into led-based phototherapy equipment, conventional phototherapy equipment and fiberoptic phototherapy equipment. Conventional phototherapy equipment is further segmented into phototherapy equipment with compact fluorescent lamps and phototherapy equipment with fluorescent lamps.
Conventional phototherapy currently dominates the global phototherapy equipment market, since it is commonly used for skin disease treatment. The global phototherapy equipment market is segmented by application type into skin disease treatment, neonatal jaundice and others. Skin disease occupies a large share of the phototherapy application market. This segment is further segmented into psoriasis, eczema/atopic dermatitis, vitiligo and skin diseases.
As of the current market scenario, North America dominated the global phototherapy equipment market followed by Europe. U.S. forms the largest part of North American phototherapy market. Increasing acne skin problem among US teens, neonatal jaundice are some of the factors for growth of phototherapy market. High adoption rate of novel technology and awareness about advanced skin care treatment further fuels the growth of phototherapy market in Europe. Asia Pacific is the fastest growing phototherapy equipment market in forecast period. It would be the most lucrative market for low cost of phototherapy and rising prevalence of skin diseases.
Market Competition Assessment:
Key players in the global phototherapy equipment market are Atom Medical Corporation, Arjo huntlleigh, Inc., Herbert Waldmann GmbH & Co. Kg, Honle UV America, Inc., GE Healthcare, Inc., National Biological Corporation, Natus Medical Incorporated, Nice Neotech Medical Systems Pvt. Ltd., Philips Lighting Holding B.V., Phoenix Medical Systems Pvt. Ltd., Solarc Systems, Inc., The Daavlin Company, Inc. and others.
Key Market Movements:
- National Center for Biotechnology Information (NCBI) report study states that approximately 60%-80% healthy newborns suffer from neonatal jaundice. Every year around 13 million babies are afflicted by jaundice, out of which 9 million belong to developing countries. Therefore, developing countries are expected to be lucrative markets for phototherapy treatment
- Surge in prevalence of skin diseases such as psoriasis, eczema is the main driver for growth of phototherapy treatment market. According to WHO reports, psoriasis prevalence ranges from 0.09%-11.43%, thus making it serious global problem affecting at least 100 million individual across the world.
- With advent of novel technologies and its high adoption rate further accelerate the growth of phototherapy market. LED based phototherapy is well adopted and expected to propel the demand for phototherapy treatment.
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