Phototherapy Equipment Market: Overview
The market size for phototherapy equipment was USD 342.8 million in 2021, and throughout the projection period, it is expected to expand at a CAGR of 4.3 percent. The primary element fueling market expansion is the increased prevalence of skin diseases. The American Academy of Dermatology Association's most recent data indicates that 84.5 million Americans, or almost one in every four, suffer from a skin ailment. Additionally, it's projected that rising rates of skin conditions, preterm deliveries, and low birth weight babies will all help the worldwide market growth throughout the projection period. For the first time in the preceding seven years, more infants were born in the US in 2021, as per the Centers for Disease Control and Prevention. According to the study, there were 3,659,289 births in 2021, a 1% increase from the previous year. In light of this, market growth is anticipated throughout the forecast period.
Neonatal jaundice can be successfully treated with phototherapy. The newborns receive this treatment, where they are exposed to fluorescent light, which hastens their recovery. Jaundice in babies is typical, but doctors will employ phototherapy equipment to cure the condition if it lasts long. A pediatric medicine journal revealed that between 60% and more than 90% of babies experience jaundice. Similarly, the National Health Service estimates that eight out of ten babies born preterm are at risk of developing jaundice, whereas six out of ten babies are thought to develop it.
The introduction of technologically sophisticated phototherapy equipment and the widespread use of LED-based equipment are key factors projected to boost the market's expansion. Another important aspect anticipated to fuel the growth of the phototherapy equipment market is the increased awareness of sophisticated phototherapy and the evolving healthcare infrastructure. This gadget is more energy-efficient, with a ten times longer lifespan than conventional devices and considerably less expensive. Research conducted by Stanford Medical Schools, one of the D-collaborators, Rev's, has demonstrated the effectiveness of its use in the treatment of jaundice. Compact fluorescent bulbs are used in most phototherapy equipment due to their homogeneity and usability.
Phototherapy Equipment Market: COVID-19 Impact
The market for phototherapy equipment was slightly adversely affected by the COVID-19 epidemic. The demand for phototherapy to treat several ailments has dropped due to COVID-19's influence on phototherapy equipment manufacturers. With the spread of COVID-19, manufacturing and logistical operations have been suspended. However, the phototherapy equipment market is anticipated to grow in the post-COVID-19 pandemic due to several strategic initiatives adopted by market participants. Initiatives, including product launches, geographic expansions, and mergers and acquisitions, are undertaken by market participants. The combination of modern healthcare infrastructure and technological advancements is projected to increase demand for phototherapy equipment.
Phototherapy Equipment Market: Drivers
Market for Phototherapy Equipment to Develop Faster than Average due to Rising Prevalence of Psoriasis
The market for phototherapy equipment is anticipated to rise quickly in the near future due to increased psoriasis instances. As per the International Federation of Psoriasis Associations (IFPA), 150,000 new cases of psoriasis are reported in the United States each year, and the disease impacts 3% of the global population in some way. Major market growth drivers include the rapidly growing senior population, rising plaque and psoriatic arthritis rates, a vast pipeline of biologic and biosimilar therapies, favorable reimbursement policies, and increased prescription volumes for biologic products. The market for phototherapy equipment is developing due to increasing consumer awareness of the many treatments on the market, which supports the rising demand for psoriasis therapies.
Cost reduction of Phototherapy Equipment Market to Fuel Growth
Technological advancements, a rising preference for LED-based phototherapy treatment equipment, and the rapid growth in neonatal jaundice and other skin illnesses caused by unfavorable worldwide environmental conditions are predicted to drive the market soon. With the significant need for effective treatment, which arises from the fact that approximately 50% of term newborns and 80% of preterm babies acquire jaundice within 2-4 days of delivery, the market for products for the treatment of neonatal jaundice is anticipated to increase more rapidly than average. Furthermore, it is anticipated that the expanding usage of LED phototherapy equipment would promote growth by lowering the price of the equipment. Equipment used in phototherapy emits particular light wavelengths, including narrow-band UVB, to treat skin conditions. It is the most popular, cheaper, and most successful form of therapy.
Phototherapy Equipment Market: Restraints
Presence of Alternative Therapies to Hamper Market’s Growth
The rising usage of alternative treatment modalities and the FDA's tight regulatory procedures for new equipment approval limit the market growth for phototherapy equipment. The suggested home-type phototherapy unit has the potential to become the standard of care for all jaundiced infants who need phototherapy and have a serum IB level below 20 mg/dL. It is just as successful as traditional fluorescence phototherapy in treating jaundiced neonates. Additionally, sunlight may be an alternative phototherapy source to treat neonatal jaundice, particularly in locations without access to traditional phototherapy equipment.
Phototherapy Equipment Market: Segment Overview
LED Phototherapy Equipment to Dominate Market due to Its Advantage for Different Skin Problems
In the forecast period, LED phototherapy equipment held a major market share, dominating the product category. Fine wrinkles, psoriasis, and acne are skin conditions and disorders treated with LED-based phototherapy. The adoption of LED-based phototherapy equipment is anticipated to increase as the number of persons with such skin problems rises. As per a study, 85% of people may develop acne at some point in their lives. Furthermore, according to a study, 50 million people in the United States are expected to have acne, 15% of whom have scarring-causing acne. Infrared light therapy has also been demonstrated in studies to improve and lessen fine lines and wrinkles. The category is anticipated to grow as more people become affected by fine lines and wrinkles. Almost 60% of Americans are uncomfortable with their skin due to wrinkles and other skin-related disorders. This may result in more people using LED phototherapy equipment, fueling the segment's expansion throughout the forecast period.
With Rising Prevalence of Neonatal Jaundice, Neonatal Jaundice Management to Dominate Market
The care of neonatal jaundice management is anticipated to experience a substantial growth rate over the forecast years. This is explained by the rising rates of newborn jaundice worldwide and the growing population of infants. Neonatal jaundice is particularly prevalent in the United Kingdom, where phototherapy treats about 5–10% of infants born at term. Neonatal jaundice management includes growing demand for safe and efficient products that will impact manufacturers releasing new products into the market, boosting demand, and growing expenditure in research and development propels market expansion. Numerous further opportunities in the newborn jaundice management market are anticipated due to high technological improvements in detection and treatment.
Phototherapy Equipment Market: Regional Landscape
North America to Acquire Major Market Share due to Growing Healthcare Infrastructure in Region
With a sizable revenue share, North America led the phototherapy equipment market throughout the forecasted year. The region is anticipated to lead the phototherapy equipment market due to the increased prevalence of skin disorders like vitiligo, psoriasis, eczema, and acne. 20% of the population in Canada, or 5.6 million people, suffer from acne, according to the Canadian Dermatology Association. Similar to this, the most recent figures from Atopic Dermatitis in America show that roughly 7.3% of American adults have eczema, with about 40% experiencing moderate to severe symptoms.
It is projected that the market for phototherapy equipment in the region will grow throughout the anticipated period as more people become aware of contemporary treatment alternatives and healthcare infrastructure. Additionally, over 5000 new hospital facilities—or more than 45% of the global market—have opened in the region in the last few years, representing a major growth in the number of new hospital institutions. It is projected that advantageous reimbursement policies, such as the Medicaid reimbursement policy of the United States, and rising preference for hospital treatments for treating skin disorders will considerably contribute to the growth of the North American market.
During the projected period, the Asia-Pacific area is predicted to expand at a faster rate. The rapid growth rate can be blamed for an increase in preterm births and a rise in the number of people with skin conditions. According to the reports, 80% of late preterm births occur in Asia and South Asia, accounting for around 85% of all preterm births. Furthermore, 1/5th of the 15 million preterm births that occur worldwide occur in India alone. Additionally, acne is common in the Asia-Pacific region, which is projected to increase demand for phototherapy equipment. For instance, the Derma Health Institute reports that acne is a widespread issue for persons of Asian ancestry, driving the market for phototherapy equipment in this area.
Global Phototherapy Equipment Market: Competitive Landscape
In April 2020, BUBOLight, a revolutionary phototherapy device for treating newborn baby jaundice, is undergoing clinical testing. This study aims to assess the device's pleasure and safety. This experiment aims to assess the safety and degree of satisfaction of parents and healthcare providers with one novel phototherapy equipment. BUBOLight® came with two replaceable strips of light textiles with optical fibers. In January 2020, Daavlin, a renowned manufacturer of phototherapy equipment in the United States, is collaborating with HealthLens to expand access to phototherapy through teledermatology. Through an online telemedicine platform provided by HealthLens, DaavlinDirect connects board-certified clinicians with patients. Patients can schedule an online consultation with their preferred physician using a computer, smartphone, or tablet.
Few of the players in the Phototherapy Equipment Market include GE Healthcare (U.S.), Philips Lighting Holding B.V. (Netherlands), Natus Medical Incorporated (U.S.), Phoenix Medical Systems Pvt. Ltd. (India), Herbert Waldmann GmbH & Co. KG (Germany), Atom Medical Corporation (Japan), nice Neotech Medical Systems Pvt. Ltd. (India), National Biological Corp. (U.S.), and Solarc Systems Inc. (Canada).
Regional Classification of the Global Flax Seed Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Phototherapy Equipment Market
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