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 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.

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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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