USD 381.4 million
Phototherapy Equipment Market Size, Share, Growth Analysis, By Type (Conventional Phototherapy Equipment, Led-Based Phototherapy Equipment), By Application (Skin Disease Treatment, Neonatal Jaundice Management), By End User (Hospitals & Clinics, Home Users), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2926 |
Region:
Global |
Published Date: November, 2024
Pages:
196
|Tables:
94
|Figures:
71
Phototherapy Equipment Market Insights
Global Phototherapy Equipment Market size was valued at USD 381.4 million in 2022 and is poised to grow from USD 399.33 million in 2023 to USD 576.63 million by 2031, growing at a CAGR of 4.70% during the forecast period (2024-2031).
Phototherapy equipment are devices that use UV or visible light to treat different health conditions. This treatment is dependent on the principle that certain wavelengths may have therapeutic impacts on the patient’s body. The global phototherapy equipment market is driven by the growing cases of skin issues, including eczema, psoriasis, and acne and growing cases of neonatal jaundice, mainly in the regions with elevated birth rates. However, the market is negatively impacted by strict regulatory challenges and limited insurance coverage and reimbursement. Yet, the market will significantly grow over the estimated period owing to opportunities like growing technological advancements like advanced LEDs and enhanced UC systems.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals & Clinics
Fastest Growth
Skin Disease Treatment
Growth Rate
4.70%
Global Phototherapy Equipment Market ($ Bn)
Country Share for North America Region (%)
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Phototherapy Equipment Market Segmental Analysis
Global Phototherapy Equipment Market is segmented by Type, Application, End User, and region. Based on Type, the market is segmented into Conventional Phototherapy Equipment, Led-Based Phototherapy Equipment, and Fiberoptic Phototherapy Equipment. Based on Application, the market is segmented into Skin Disease Treatment, and Neonatal Jaundice Management. Based on End User, the market is segmented into Hospitals & Clinics, Home Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Product
Based on product, the phototherapy equipment market is categorized into conventional phototherapy equipment, conventional phototherapy equipment with fluorescent lamp, conventional phototherapy equipment with compact fluorescent lamp, led phototherapy equipment, fiber optic phototherapy equipment. The led phototherapy equipment segment is projected to witness considerable growth over the forecast period owing to its effectiveness and efficiency. LEDs can be effectively designed to release certain light wavelengths, which is important for proper treatment of conditions like psoriasis and acne. Moreover, this equipment is low maintenance and durable as compared to conventional bulbs, decreasing the cost of replacements and frequency.
On the other hand, the conventional phototherapy equipment segment is projected to grow considerably over the forecast period owing to its broader use and elevated demand for established treatments. These phototherapy devices are commonly used in hospitals and dermatology settings owing to their effectiveness and prominence among medical professionals. The segment growth is also propelled by its increased demand and high preference by healthcare providers for established treatments that provide consistent outcomes. Also, their proven efficiency in several use areas is contributing to the market growth.
Analysis by End-Use
Based on end-use, the market is segmented into hospitals & clinics, homecare. The homecare settings segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to the growing patient volume that need phototherapy for different conditions like neonatal jaundice and skin-related disorders. Moreover, they have access to improved technologies like high-performing LED and UV systems that are crucial for effective treatment. Hospitals offer exhaustive care to patients, thus increasing patient preference for hospitals.
On the other hand, the hospitals & clinics segment will hold a remarkable market share in the coming years owing to the growing consumer preference for cost-effective and convenient treatments. Homecare offers optimal flexibility, enabling patients to get treatment at their homes, appealing the management of treating illnesses at home. In addition, improvements in technology have also made this home equipment more user-friendly and effective, further driving their prominence.
Global Phototherapy Equipment Market Size By End-Use
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Phototherapy Equipment Market Regional Insights
Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to the availability of superior facilities with better access to the advanced healthcare technologies like advanced phototherapy equipment. Growing cases of dermatological diseases and jaundice infants is significantly propelling the market growth in the region. Moreover, North America is a key center of research in healthcare technologies and innovations, thus impacting the deployment and speedy adoption of improved this equipment. The key players profiled in the region include Philips Healthcare, GE Healthcare, Becton, Dickinson and Company (BD), Radiance Medical Systems, Inc., Medtronic, Thermo Fisher Scientific, and more.
Asia-Pacific is the fastest-growing region in the global phototherapy equipment market due to increasing birth rates, reporting rising cases of neonatal jaundice among infants. This ultimately drives the demand for phototherapy equipment. Moreover, the speedy development and growth of healthcare services in the major nations of Asia-Pacific continue to fuel the demand for this equipment. Furthermore, the increasing incidences of dermatological diseases are also propelling the need for effective phototherapy equipment.
Global Phototherapy Equipment Market Size By Geography
- Largest
- Fastest
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Phototherapy Equipment Market Dynamics
Drivers
Growing Prevalence of Skin Disorders
- Diseases like eczema, psoriasis, vitiligo, and more are growing common, increasing the demand for phototherapy solutions. The rising cases of these skin-associated conditions along with high efficiency of phototherapy in handling different symptoms are fueling the market growth. Rising awareness regarding treating skin ailments is fueling the deployment rates of these equipment.
Growth in Home-Based Therapies
- The choice of home-based treatments is increasing on a global scale, with the use of phototherapy equipment not left behind because of its cost-effectiveness and convenience. Home-use phototherapy solutions and portable devices are majorly impacting the market growth. Also, integrating digital tools and telemedicine enables remote monitoring of phototherapy treatments, increases user-friendliness and accessibility.
Restraints
Operational and Technical Challenges
- The improved phototherapy equipment, essentially the ones integrated with smart and digital features may be difficult to operate. This complexity of operation may need extra training and the medical professionals, thus impeding the adoption of these devices. Moreover, for homecare devices, ensuring patient treatment adherence could be difficult. Hence, inconsistent use of these devices may impact result outcomes.
Availability of Substitutes and Patient Preferences
- Most patients may opt for alternative treatments, including natural medicine or systematic medications. This choice may significantly affect the adoption of phototherapy devices. Moreover, low awareness and education regarding phototherapy treatments among medical providers hinders the market's growth. This may slow down the adoption and the use of such effective equipment.
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Phototherapy Equipment Market Competitive Landscape
The global phototherapy equipment market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Top Player’s Company Profiles
- GE Healthcare (US)
- Philips Lighting Holding B.V. (Netherlands)
- Phoenix Medical Systems Pvt. Ltd. (India)
- Herbert Waldmann GmbH & Co. Kg (Germany)
- Atom Medical Corporation (Japan)
- Nice Neotech Medical Systems Pvt. Ltd. (India)
- The Daavlin Company (US)
- Ambu A/S (Denmark)
- Teleflex Incorporated (US)
- KARL STORZ SE & Co. KG (Germany)
- Boston Scientific (US)
- Alcon Inc. (Switzerland)
- KLS Martin Group (Germany)
- Syneron Candela (US)
- Sunlight Medical (Israel)
- Bausch Health Companies Inc. (Canada)
- Cynosure, Inc. (US)
- Energist Group (UK)
- InMode Ltd. (Israel)
- Sientra, Inc. (US)
Recent Developments
- In February 2024, Royal Philips launched Zenition 90 - Motorized mobile C-arm, which is specially designed to offer quality care to a greater number of patients. The device is embedded with abilities to cater to complicated vascular requirements and clinical procedures like pain management, cardiac interventions, and urology.
- In May 2024, GE HealthCare launched a novel radiation therapy CT solution, named ‘Revolution RT, [i]’ equipped with modernized software and hardware solutions to increase accuracy in imaging, while streamlining simulation workflow for seamless and personalized oncology care.
- In April 2024, Fisher & Paykel Healthcare announced that it launched ‘F&P Solo™ Nasal mask’ in the United States for treating OSA (Obstructive Sleep Apnea).
Phototherapy Equipment Key Market Trends
- Improved Light Sources: LED technology has gained popularity owing to its durability, energy efficiency, and ability to generate certain light wavelengths. Recent improvements have emphasized enhancing LED arrays for diverse therapeutic uses like mood disorders, neonatal jaundice, and dermatological diseases. Phototherapy equipment is also actively integrating narrow-band and broad-spectrum UV sources of light for treating eczema and psoriasis and different dermatological treatments.
- Emergence of Portable and Wearable Devices: Lately, there has been a rise in portable and wearable phototherapy devices for home applications. This equipment mostly manages disorders like psoriasis, acne, and SAD. They usually offer high flexibility and convenience, enabling patients to easily comply with treatment routines. Most new devices present settings that enable users to set duration and light intensity according to needs, increasing treatment effectiveness and decreasing adverse impacts.
Phototherapy Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the phototherapy equipment market is witnessing significant growth due to the growing technological improvements and increasing initiatives for awareness and education about the advantages of phototherapy. However, the market is restrained by safety concerns and side-effects, and technological obsolescence. North America is predicted to dominate the market owing to improved healthcare infrastructure, growing cases of skin disorders, and a robust healthcare system. Nonetheless, a few opportunities for the growth of the phototherapy equipment market include growing incidences of seasonal and chronic conditions, improvements in neonatal care, and emphasis on efficacy and safety.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 381.4 million |
| Market size value in 2031 | USD 576.63 million |
| Growth Rate | 4.70% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Phototherapy Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Phototherapy Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Phototherapy Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Phototherapy Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Phototherapy Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Phototherapy Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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