Phototherapy Equipment Market
Number of pages: 100 | Report Format: PDF | Published date: March 07, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 388 million |
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Revenue Forecast in 2031 |
US$ 563.38 million |
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CAGR |
3.8% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Application, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global phototherapy equipment market was valued at US$ 388 million in 2022 and is expected to register a revenue CAGR of 3.8% to reach US$ 563.38 million by 2031.
Phototherapy Equipment Market Fundamentals
Phototherapy equipment refers to medical devices that use light to treat skin conditions, such as psoriasis, eczema, vitiligo, jaundice, and acne. Phototherapy involves exposing the skin to specific wavelengths of light, which can help to reduce inflammation, improve circulation, and promote healing. Several types of phototherapy equipment are available, including UVB lamps, PUVA chambers, narrowband UVB booths, handheld UVB wands, blue light therapy, and red-light therapy. Phototherapy can be administered in different ways, including using specialized light boxes, handheld devices, and specialized booths or chambers. It is important to note that phototherapy should only be used under the supervision of a healthcare professional, as overexposure to UV light can harm the skin.
The global phototherapy equipment market is a growing industry expected to grow further in the coming years. The growth of the phototherapy equipment market can be attributed to several factors, including the increasing prevalence of skin disorders, such as psoriasis, eczema, and vitiligo, as well as the growing demand for non-invasive and safe treatment options. Technological advancements and the development of new and improved phototherapy devices are also driving the market development.
Geographically, North America dominates the phototherapy equipment market, followed by Europe and Asia Pacific. The Asia Pacific region is expected to experience significant growth in the coming years due to the increasing prevalence of skin disorders, growing healthcare infrastructure, and rising awareness of the benefits of phototherapy treatment.
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Phototherapy Equipment Market Dynamics
The rising global prevalence of skin disorders, such as psoriasis, eczema, and vitiligo, has led to a growing demand for effective treatment options, including phototherapy, driving the revenue growth of the phototherapy equipment market. As more people become aware of the benefits of phototherapy, the demand for phototherapy equipment is rising across the globe. Phototherapy is considered a safe and effective treatment option for many skin conditions. It is often preferred over more invasive treatment options. There is a rise in the development of new and improved phototherapy equipment, such as narrowband UVB phototherapy equipment designed to treat psoriasis and LED-based devices. These devices provide a variety of advantages over traditional light therapy equipment, including reduced risk of skin damage, longer lifespan, and lower energy consumption, thus boosting the revenue growth of the phototherapy equipment market.
Patients are increasingly looking for non-invasive and convenient treatment options that they can use in their homes, increasing the demand for home-based phototherapy devices. As a result, several companies are developing and launching home-based phototherapy devices, propelling the revenue growth of the phototherapy equipment market. Many healthcare systems around the world offer reimbursement for phototherapy treatments. This has increased the number of patients seeking phototherapy treatment, fueling the revenue growth of the phototherapy equipment market. Additionally, there is a growing interest in the usage of combination therapies, where phototherapy is combined with other treatments, such as topical medications or systemic therapies, which is expected to enhance treatment outcomes and reduce the overall treatment time required.
However, the high cost associated with phototherapy equipment restricts the global market development. Moreover, some side effects related to phototherapy, including skin irritation and burns, hinder the revenue growth of the phototherapy equipment market. The operation and maintenance of phototherapy equipment require specialized training. The shortage of trained professionals in developing countries is also expected to restrict the phototherapy equipment market revenue growth to some extent.
Phototherapy Equipment Market Ecosystem
The global phototherapy equipment market is analyzed from four perspectives: product, application, end-user, and region.
Phototherapy Equipment Market by Product
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Based on the product, the global phototherapy equipment market is segmented into conventional phototherapy equipment, LED phototherapy equipment, and fiber optic phototherapy equipment.
The LED phototherapy equipment segment dominated the market with the largest revenue share in 2022. LED-based phototherapy devices are more efficient than traditional light therapy devices, as they produce a higher output of therapeutic light energy per unit of electricity consumed. Additionally, LED phototherapy equipment emits light at specific wavelengths, reducing the risk of skin damage and other side effects, increasing demand. LED-based phototherapy devices also have a longer lifespan than traditional light therapy devices, resulting in less frequent replacement and greater cost-effectiveness. Furthermore, the portability of LED phototherapy devices, owing to their smaller and lighter size than traditional devices, contributes to this segment’s growth. LED phototherapy devices are versatile and can treat various skin conditions, such as acne, psoriasis, and eczema, making them a popular option among patients and healthcare professionals. As a result, the demand for LED phototherapy equipment is increasing and dominating the market.
The fiber optic phototherapy equipment segment is expected to grow rapidly during the forecast period. Fiber optic phototherapy devices offer superior precision and accuracy compared to conventional phototherapy equipment. These devices use fiber optic technology to deliver light directly to the affected area, resulting in more targeted treatment and a reduction in the risk of skin damage. Fiber optic phototherapy devices are portable and compact, making them easy to use in different settings, including at home, a growing trend in the healthcare industry. Moreover, fiber optic phototherapy devices can emit light at specific wavelengths, making them suitable for treating various skin conditions, including acne, psoriasis, and eczema.
Phototherapy Equipment Market by Application
Based on the application, the global phototherapy equipment market is segmented into skin disease treatment and neonatal jaundice management.
The skin disease treatment segment accounted for a significant revenue share of the phototherapy equipment market in 2022. Skin disease treatment is further sub-segmented into psoriasis, vitiligo, eczema, and others. Skin disorders, such as psoriasis, eczema, vitiligo, and acne, affect many people globally, and the demand for safe and effective treatments is increasing. According to the National Psoriasis Foundation, around 125 million people are affected by psoriasis globally, around 2% to 3% of the total population. Phototherapy is considered a non-invasive and safe treatment option for many skin conditions, making it a popular choice among patients and healthcare professionals. Additionally, phototherapy devices are relatively easy to use and require minimal training, increasing their popularity.
The neonatal jaundice management segment accounted for the second-largest revenue share of the phototherapy equipment market. The increasing incidence of neonatal jaundice and rising awareness about the importance of early detection and treatment are boosting segment revenue growth. According to the American Academy of Pediatrics, about 60% of all newborns in the U.S. are diagnosed with jaundice yearly. Managing neonatal jaundice requires specialized phototherapy equipment that can emit the specific wavelengths of light needed to break down the excess bilirubin in the baby’s skin. Therefore, the demand for phototherapy equipment for neonatal jaundice management is high. As a result, manufacturers focus on developing technologically advanced phototherapy equipment that can provide better outcomes, further driving segment revenue growth.
Phototherapy Equipment Market by End-user
Based on the end-user, the global phototherapy equipment market is segmented into hospitals, dermatology clinics, and home care.
The hospitals segment accounted for the largest revenue share of the phototherapy equipment market in 2022, as they are responsible for diagnosing and treating a wide range of medical conditions, including neonatal jaundice. Hospitals require many phototherapy units to cater to their patient population, including neonates, infants, and adults. The hospitals also include specialty clinics, nursing homes, and other healthcare facilities that require phototherapy equipment to treat patients. Moreover, hospitals have the financial resources to invest in technologically advanced phototherapy equipment, which can provide better outcomes and increase treatment efficiency, fueling segment revenue growth.
Phototherapy Equipment Market by Region
Geographically, the global phototherapy equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America accounted for a significant revenue share of the market in 2022. Skin diseases, such as psoriasis, eczema, and vitiligo, are increasing in North America. Phototherapy equipment is an effective treatment for these conditions, leading to increased demand for phototherapy equipment in the region. According to the National Psoriasis Foundation, around 8 million people have psoriasis in the U.S. The phototherapy equipment market is witnessing continuous technological advancements, including the development of LED-based and home-based phototherapy devices. These advancements have increased the efficiency and effectiveness of phototherapy equipment, further increasing the product demand in the North America market. Moreover, the demand for neonatal care is increasing in North America, and phototherapy equipment is essential to neonatal care. This has led to increased demand for phototherapy equipment in the region. The government authorities in countries from North America are providing favorable initiatives to promote the usage of phototherapy equipment, boosting regional growth. Key players in the North America phototherapy equipment market are investing heavily in research and development activities to develop innovative and efficient equipment. This has led to the introduction of new and advanced phototherapy equipment in the market, further increasing the demand in the region.
Phototherapy Equipment Market Competitive Landscape
The prominent players operating in the global phototherapy equipment market are:
Phototherapy Equipment Market Strategic Developments
Phototherapy equipment refer to medical devices that use light to treat skin conditions, such as psoriasis, eczema, vitiligo, jaundice, and acne.
The prominent players in the global phototherapy equipment market include GE Healthcare, Philips Lighting Holding B.V (Signify Holdings), Natus Medical Incorporated, Hebert Waldmann GmbH & Co. KG, and Nice Neotech Medical Systems Pvt. Ltd.
The skin disease treatment segment dominates the global phototherapy equipment market.
The global phototherapy equipment market was valued at US$ 388 million in 2022.
The revenue CAGR of the global phototherapy equipment market is estimated to be 3.8% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain