New York, USA, June 12, 2023 (GLOBE NEWSWIRE) -- Phototherapy Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Phototherapy Market Information By Product, Application, End-User, And Region - Forecast till 2030", the market size was valued at USD 0.4 billion in 2022 and is projected to grow from USD 0.41 Billion in 2023 to USD 0.56 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2023 - 2030).
Market Scope
Applying ultraviolet (UV) lights for therapeutic purposes is called phototherapy or light therapy. They lessen the frequency of exchange transfusions needed for newborns and safeguard the brain from the neurotoxic consequences of elevated serum unconjugated bilirubin levels. They wrap themselves around the infant to keep track of how long the child will be treated for and how long the light source will last. Medical devices used to treat neonatal jaundice include neonatal phototherapy units. Eczema, vitiligo, and serious psoriasis are among the chronic skin conditions that are treated with phototherapy on a global scale. Additional conditions for which LED light therapy is used include breakout dermatitis, eczema, rosacea, psoriasis, and sun damage.
While many medical procedures weaken the body's defenses, UV radiation can weaken the skin's local immune system. Phototherapy treatment can also delay the onset of thick, scaling skin in conditions like psoriasis. Phototherapy therapy is used to treat vitiligo because it has a greater ability to activate melanocytes, the skin's pigment-producing cells. This renders phototherapy the most effective therapy for everyone, especially for those who detest creams, prefer natural treatments without steroids, and desire greater control using a combination of therapies. Neonatal jaundice can be successfully treated with phototherapy. The neonates receive this treatment, subjected to fluorescent light, which hastens their recovery. Jaundice in newborns is common, but if it lasts long, doctors will use phototherapy equipment to treat the condition.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 0.56 billion |
| CAGR | 4.50% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Radiation, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising adoption of home phototherapy for the treatment of skin disease |
| Growing Awareness among the population about phototherapy |
Phototherapy Market Competitive Landscape:
The leading contenders in the market of phototherapy are:
- Herbert Waldmann GmbH & Co. KG (Germany)
- Phoenix Medical Systems (P) Ltd (India)
- Signify Holding (Netherlands)
- E. Healthcare (U.S.)
- Natus Medical Incorporated (U.S.)
- Atom Medical Corporation (Japan)
- National Biological Corporation (U.S.)
Phototherapy Market Trends:
Market Drivers:
Additionally, the market for phototherapy equipment gadgets is anticipated to increase due to the growing newborn population. This device is more environmentally friendly, has a lifespan of ten times greater than conventional devices, and is considerably less expensive. Phototherapy is a very effective treatment method in dermatology and has an important influence on managing the symptoms of various skin conditions. To treat various dermatoses, non-ionizing radiation via the ultraviolet (UV) part in the electromagnetic range is meticulously applied to the skin. The rising acceptance of LED-based therapies is one of the major factors boosting the revenue growth of the worldwide phototherapy market share.
Ailments of the body or mind may be treated with phototherapy, which uses light radiation. Following the frequency and therapeutic dose of the illumination, cells, and tissues may react differently. One of the main benefits of LED-based phototherapy is the increase in collagen production levels within the skin, which can reduce the development of wrinkles and other signs of aging.
Restraints
Risks associated with phototherapy include UV rays, which can harm skin cells. They can speed up the visible and tactile signs of aging on the skin. This premature aging of the epidermis is also known as "photoaging." According to several earlier studies, long-term exposition to artificial ultraviolet (UV) rays has been linked to an increased risk of skin cancer.
COVID 19 Analysis
The market for phototherapy equipment was slightly adversely affected by the COVID-19 pandemic. However, the phototherapy devices market is anticipated to grow in the following COVID-19 pandemic period due to various strategic initiatives adopted by market participants. Market participants undertake initiatives like product launches, geographic growth, and mergers and acquisitions.
Browse In-depth Market Research Report (168 Pages) on Phototherapy: https://www.marketresearchfuture.com/reports/phototherapy-market-1844
Phototherapy Market Segmentation
By product, the market includes LED phototherapy equipment, fiberoptic phototherapy equipment, conventional phototherapy equipment, germicidal lamps, and accessories. By end user, the market includes hospitals & clinics, dermatology centers, and homecare. By application, the market includes skin disease treatment, neonatal jaundice management, and sterilization.
Phototherapy Market Regional Insights
With a revenue share, North America governed the phototherapy equipment market. The region is expected to take over the phototherapy equipment marketplace due to the rising prevalence of skin conditions like vitiligo, eczema, psoriasis, and acne. However, the Asia-Pacific region is anticipated to experience the fastest growth rate during the forecast period. The rapid growth rate is likely responsible for the rise in preterm births and the number of people with skin conditions. However, the Asia-Pacific area is anticipated to experience the fastest growth rate during the forecast period. The fast rate of development is likely responsible for the rise in preterm births and the number of people with skin conditions.
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Additionally, acne is common in Asia-Pacific, which is expected to increase the demand for phototherapy equipment. Preterm birth rates and the number of people with skin diseases are rising, which can be blamed for the rapid growth rate. Additionally, the prevalence of acne in Asia and the Pacific is predicted to boost demand for phototherapy machinery. Due to technological advancements and various monetary incentives that encourage people to choose this treatment, the European market is anticipated to grow somewhat over the forecast period.
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