The phototherapy equipment market is projected to grow at a CAGR of 4.15% to reach US$681.231 billion by 2026, from US$512.483 billion in 2019.
Phototherapy is a type of medical treatment that involves exposing a patient to fluorescent light bulbs or other light sources including light-emitting diodes (LEDs) and halogen lamps. Phototherapy is the use of light to treat skin diseases including psoriasis and vitiligo, among others. During phototherapy treatment, the skin is exposed to a very specific type of light that is emitted by medical equipment. A phototherapy unit is a usual name for this device. These medical or phototherapy units come in a variety of sizes, ranging from tables to portable devices for treating tiny areas to cabinets to walk-in units for treating the full body of a patient. One of the most promising markets is one that provides effective and safe treatment options for those suffering from skin problems such as psoriasis. Because skin illnesses are regarded as highly critical but non-fatal medical problems, the phototherapy industry has seen significant growth in demand in recent years. In the forecast decade and beyond, the worldwide phototherapy equipment market would be driven by the prevalence of skin diseases and the occurrences of new-born with high bilirubin levels. Constant technical improvements are also expected to contribute to market expansion. For example, D-Rev, a non-profit design business, has developed LEDs for the treatment of newborn jaundice. Phototherapy is also effective in the treatment of newborn jaundice. The newborns are exposed to fluorescent light during this therapy, which aids their recovery. Jaundice in infants is typical, but if it lasts for a long time, doctors will employ phototherapy equipment to cure it. Jaundice affects 25 to 50 percent of all newborns and preterm neonates, according to the Scholars Journal of Applied Medical Sciences (SJAMS). The market is also expected to increase due to the introduction of technologically advanced phototherapy equipment and the widespread usage of LED-based phototherapy equipment. Additionally, rising awareness of sophisticated uses of phototherapy and growing healthcare infrastructure are projected to boost the growth of the phototherapy equipment market.
Neonatal jaundice is highly prevalent, affecting up to 80% of preterm newborns and 60% of term babies. Prematurity and newborn sepsis are two of the most common risk factors for neonatal jaundice, which can lead to brain damage if left untreated. In addition, skin disorders are the fourth leading cause of human sickness. It's possible that skin disorders are more common than previously assumed. Due to rising awareness of advanced phototherapy and improving healthcare infrastructure in Asian nations such as China, India, and Indonesia, the Asia Pacific region is expected to grow at the fastest rate during the projection period. In addition, an increase in the frequency of newborn jaundice and a desire for cost-effective equipment is likely to drive up phototherapy use in this region. Governments in the North American area are increasingly focusing on raising awareness about skin disorders and treatment alternatives, which is expected to drive market growth in the region.
A major restraint in the growth of the phototherapy equipment market is the side effects associated with phototherapy equipment. Reduced intestinal transit time, with loose, greenish stools; increased insensible water loss with sluggish weight growth; skin rashes, and, occasionally, brownish staining of the skin, urines, and plasma have all been reported in newborn babies. Other possible side effects described in vitro and/or in experimental animals include retinal damage; liver cell damage; pineal gland alterations with changes in serotonin metabolism; suppression of circadian rhythms; changes in hormonal secretion and plasma levels; acceleration or delay in sexual maturation; photooxidation of structures or substances in the body other than bicarbonate (i.e., vitamins, amino acids, albumin, red blood cells, etc.). More research is needed to rule out some of the above-mentioned adverse effects. Meanwhile, phototherapy should be done with caution and under well-controlled conditions when warranted.
The COVID-19 impact on the phototherapy equipment market has been negative as owing to the epidemic and the related social distancing restrictions, many individuals have not sought treatment for skin disorders from healthcare experts which have restrained the demand for phototherapy equipment during the forecast period. It has, however, offered significant possibilities for important industrial participants to integrate digital technology into operational operations. The pandemic has resulted in a substantial strategy change among market participants, affecting the market's overall performance. The unfavorable conditions risen due to the COVID-19 virus have had a negative impact on the phototherapy market. However, in the post-COVID scenario, the phototherapy equipment market is expected to bloom with the surging demand among consumers for the growing incidences of skin diseases in the forecast period.
The market leaders for the phototherapy equipment market are Natus Medical Incorporated, GE Healthcare, NOVOS, Atom Medical Corporation, Signify Holding B.V., TSE spol. s r.o., Phoenix Medical Systems Pvt. Ltd., Herbert Waldmann GmbH & Co. KG, Nice Neotech Medical Systems Pvt. Ltd., and Solarc Systems Inc.
|Market size value in 2019||US$512.483 billion|
|Market size value in 2026||US$681.231 billion|
|Growth Rate||CAGR of 4.15% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Phototherapy Type, Application, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Natus Medical Incorporated, GE Healthcare, NOVOS, Atom Medical Corporation, Signify Holding B.V., TSE spol. s r.o., Phoenix Medical Systems Pvt. Ltd., Herbert Waldmann GmbH & Co. KG, Nice Neotech Medical Systems Pvt. Ltd., Solarc Systems Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global phototherapy equipment market?
A2. Phototherapy Equipment Market was valued at US$512.483 billion in 2019.
Q2. What are the growth prospects for the phototherapy equipment market?
A2. The global phototherapy equipment market is projected to grow at a CAGR of 4.15% over the forecast period.
Q3. What factors are anticipated to drive the phototherapy equipment market growth?
A3. The global phototherapy equipment market would be driven by the prevalence of skin diseases and the occurrences of new-born with high bilirubin levels.
Q4. What will be the phototherapy equipment market size by 2026?
A4. The phototherapy equipment market is projected to reach a market size of US$681.231 billion in 2026.
Q5. Which region holds the largest market share in the phototherapy equipment market?
A5. The Asia Pacific region is expected to grow at the fastest rate in the phototherapy equipment market during the forecast period.
Natus Medical Incorporated
Atom Medical Corporation
Signify Holding B.V.
TSE spol. s r.o.
Phoenix Medical Systems Pvt. Ltd.
Herbert Waldmann GmbH & Co. KG
Nice Neotech Medical Systems Pvt. Ltd.
Solarc Systems Inc.
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