Phototherapy Market Size to Reach USD 564.9 Million by 2030, Says The Brainy Insights
Technology advancements and cutting-edge healthcare infrastructure will likely stimulate demand for phototherapy devices. Top companies offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share. North America currently dominates the phototherapy market as the LED-based phototherapy devices maintain a substantial market share.
Newark, Feb. 22, 2023 (GLOBE NEWSWIRE) — The brainy Insights estimates that the phototherapy market will grow from USD 406.5 million in 2022 and reach USD 564.9 million by 2030. In just eight years, Phototherapy has moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that is truly delivering value to users. The increasing majority of skin disorders is anticipated to push the phototherapy market growth during the projection years.
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Key Insight of Phototherapy Market
North America to account for largest market size during the forecast period
North America is expected to have the largest market share in the phototherapy market. Key factors favouring the growth of the phototherapy market in North America include the primary reason for the dominance in the region is the high need for phototherapy solutions for skin treatment. During the predicted period, North America has a high share market. As per the National Eczema Association, eczema is a skin condition that impacts around 32.5 million people in the United States of America. The increased majority of skin diseases is likely to boost the demand in Phototherapy Industry during the predicted time.
The LED-based phototherapy devices segment accounted for the largest market share of 27% in 2022
The product type segment is divided into fiber optic phototherapy devices, LED-based phototherapy devices, conventional phototherapy devices, and others. The LED-based phototherapy devices segment dominated the market, with a market share of around 27% in 2022. The LED phototherapy devices are considered affordable, secure, and valuable phototherapy techniques that can help treat psoriasis. As per the Phototherapy Industry projection, the segment could indicate actual execution due to the high durability of the solution.
The skin disease treatment segment accounted for the largest market share of 15% in 2022
The application segment is divided into psoriasis, skin disease treatment, eczema, vitiligo, scleroderma, seasonal affective disorder (SAD), neonatal jaundice management, sterilization, and skin cancer. The skin disease treatment segment dominated the market, with a market share of around 15% in 2022. The increasing majority of different skin conditions among people. Skin problems like vitiligo and eczema are recurring skin diseases that might help the particular market sector work well. However, the advanced use of the therapy is anticipated to sustain the growth of the segments in the market.
The hospitals segment accounted for the largest market share of 36% in 2022
The end-use segment is divided into home care settings, dermatology clinics, and hospitals. The hospital segment dominated the market, with a market share of around 36% in 2022. Various users use the phototherapy procedure to treat skin diseases in people. In hospitals, the application of sterilization is increased, which helps to treat skin diseases in patients.
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Advancement in market
Herbert Waldmann Gm BH & Co. KG, a significant player in the global phototherapy Industry, has presented ‘Opticlux,’ an inventive hand-held magnifying glass that can be utilised for different medical and industrial well as agricultural objectives.
Drivers: Multiple benefits of blue light therapy
In various skin conditions such as acne, psoriasis, and keratosis, immune cells at the baseline layers of the skin contribute to aggravating symptoms. These cells (T cells) improve local inflammation and promote the formation of keratin-producing cells (keratinocytes). Blue light is anti-inflammatory and reduces inflammatory cytokine production. High-intensity radiation causes T-cell death.
Restraint: Risk related with phototherapy treatment
Increasing side effects of phototherapy treatment, advanced use of alternative ways of treatment, and strict FDA regulatory policies for the permission of new devices are among the primary factors acting as constraints, while a rising trend of buying refurbished phototherapy equipment in arising markets and limited adoption of phototherapy equipment in developing countries will further challenge the development of the phototherapy market in the prediction time.
Opportunities: The rising majority of skin disorders
The increasing majority of skin disorders is anticipated to push the phototherapy market growth during the projection years. Skin restricts entering impurities like chemicals, and skin diseases disrupt this critical function. Allergies, genetic abnormalities, irritating elements, and a shortage of immunity are the most familiar reasons for skin conditions. Each day, around 9,600 people in the United States are diagnosed with skin conditions, which is anticipated to boost the need for phototherapy during the forthcoming years.
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Some of the major players operating in the phototherapy market are:
• The Daavlin Company
• Strata Skin Sciences
• Solarc Systems Inc.
• Signify Holding
• Phoenix Medical Systems Pvt. Ltd.
• Philips Lighting Holding B.V (Signify Holdings)
• Nice Neotech Medical Systems Pvt. Ltd.
• Natus Medical Incorporated
• National Biological Corporation
• Hebert Waldmann GmbH & Co. KG
• GE Healthcare
• Atom Medical Corporation
Key Segments cover in the market:
By Product Type:
• Fiber Optic Phototherapy Devices
• LED-based Phototherapy Devices
• Conventional Phototherapy Devices
• Skin Disease Treatment
• Seasonal Affective Disorder (SAD)
• Neonatal Jaundice Management
• Skin Cancer
• Home Care Settings
• Dermatology Clinics
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Million). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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