Phototherapy Equipment Market Size And Forecast
Phototherapy Equipment Market size was valued at USD 531.191 Million in 2020 and is projected to reach USD 724.053 Million by 2028, growing at a CAGR of 3.95% from 2021 to 2028.
The rising prevalence of skin illnesses such as psoriasis, eczema, and acne is a major driver of market expansion. According to the American Academy of Dermatology, acne affects about 50 million people in the United States each year. The Global Phototherapy Equipment Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Phototherapy Equipment Market Definition
Phototherapy is the use of light to treat a variety of skin conditions such as psoriasis, vitiligo, and others. The skin is exposed to a highly special sort of light that is emitted via medical equipment during phototherapy treatment. This gadget is commonly referred to as a phototherapy unit. These medical or phototherapy units range in size from tables to handheld devices for treating small sections to cabinets to walk-in units for treating a patient’s entire body.
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Global Phototherapy Equipment Market Overview
The market outlook portion of the research focuses on the market’s basic characteristics, such as the industry’s drivers, constraints, opportunities, and challenges. Market intrinsic variables are drivers and restrictions, whereas market extrinsic aspects are opportunities and challenges. The rapid development of neonatal jaundice and other skin illnesses as a result of unfavorable worldwide environmental conditions, technical advancements, and a growing desire for LED-based phototherapy treatment equipment are all expected to boost market expansion.
Furthermore, increased patient knowledge of innovative treatment choices, as well as better healthcare service and infrastructure, are likely to boost market growth. On the other hand, strict government regulations governing device approval, such as the FDA’s 21CFR Part 807 or India’s Central Drug Standards Control Organization (CDSCO), as well as significant competition from alternative treatment choices for skin disorders, may hinder the market growth.
In the forecast period of 2021 to 2028, improvements in healthcare infrastructure, rapid development of low-cost phototherapy equipment, and widespread adoption of home phototherapy for the treatment of skin diseases are expected to provide significant growth opportunities for the Phototherapy Equipment Market.
Global Phototherapy Equipment Market Segmentation Analysis
The Global Phototherapy Equipment Market is segmented on the basis of Type, Application, End-User, And Geography.
Phototherapy Equipment Market, By Type
• Conventional Phototherapy Equipment
• LED-Based Phototherapy Equipment
• Fiber-optic Phototherapy Equipment
Based on Type, The market is classified into Conventional Phototherapy Equipment, LED-Based Phototherapy Equipment, and Fiber-optic Phototherapy Equipment. Because of the extensive application breadth of these devices for psoriasis and eczema-related skin illnesses, conventional equipment was the second-largest sector in 2018. Fluorescent and tiny fluorescent bulbs are examples of these gadgets. Traditional phototherapy is a common treatment for babies and preterm neonates with jaundice, as well as adults with vitiligo, psoriasis, and dermatitis.
Due to the availability of cost-effective items, LED equipment is expected to rise significantly over the projection period. Another element driving its expansion is its great efficiency combined with long-term features for treating babies with jaundice. Compact fluorescent lights are one of the most widely utilized phototherapy sources in the world. When compared to traditional fluorescent lamps, they take up less area, produce higher irradiances, and use less energy. As a result, these are expected to earn considerable market share throughout the projection period.
Based on End-User, The market is classified into Hospitals & Clinics, and Home Users. Hospitals and clinics dominated the market in 2018 and are expected to continue to do so in the forecaster years. The segment’s growth is being aided by an increase in the number of skin care clinics in both developed and developing countries. Furthermore, as the number of cases of neonatal jaundice rises, so will the demand for phototherapy equipment in hospitals. During the projected period, the homecare segment is expected to grow at the fastest rate. The cost-effectiveness of phototherapy treatment at home is expected to stimulate demand in homecare settings.
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