Global Phototherapy Equipment Market

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 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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FAQs

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).

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. '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)'

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.

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.

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.

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Global Phototherapy Equipment Market

Report ID: SQMIG35A2926

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