The global phototherapy equipment market is on a trajectory of steady growth, with a market size of USD 342.8 million in 2021 and a projected Compound Annual Growth Rate (CAGR) of 4.3% throughout the forecast period. This remarkable growth is fueled by several key factors, including the rising prevalence of skin diseases, increased awareness of advanced phototherapy techniques, and technological innovations in the industry.
Rising Prevalence of Skin Diseases Drives Market Expansion
The increasing prevalence of skin diseases is a primary driver of market expansion. Recent data from the American Academy of Dermatology Association indicates that nearly one in four Americans suffers from a skin ailment. Additionally, the rising rates of skin conditions, preterm deliveries, and low birth weight babies are expected to contribute to global market growth. With more infants being born, especially in the United States, where 2021 saw a 1% increase in births, the demand for neonatal jaundice treatment through phototherapy is anticipated to grow significantly.
Technological Advancements and LED-based Equipment Boost Growth
The introduction of technologically advanced phototherapy equipment and the widespread use of LED-based devices are crucial factors projected to boost the markets expansion. These advancements offer energy-efficient solutions with longer lifespans compared to conventional devices. Research conducted by Stanford Medical School demonstrates the effectiveness of LED-based phototherapy equipment in the treatment of jaundice. The use of compact fluorescent bulbs in most phototherapy equipment enhances their homogeneity and usability.
COVID-19 Impact and Post-Pandemic Growth
The COVID-19 pandemic did slightly affect the phototherapy equipment market, primarily due to disruptions in manufacturing and logistical operations. However, post-pandemic recovery is expected, driven by strategic initiatives such as product launches, geographic expansions, and mergers and acquisitions. The combination of modern healthcare infrastructure and technological advancements is anticipated to increase demand for phototherapy equipment.
Drivers, Restraints, and Market Segmentation
- Rising Prevalence of Psoriasis: The market is expected to grow faster than average due to the increased instances of psoriasis, affecting 3% of the global population.
- Cost Reduction: Technological advancements and LED-based phototherapy equipment are predicted to drive the market, especially in neonatal jaundice management.
- Alternative Therapies: The presence of alternative treatments and regulatory procedures may hamper market growth.
- Segment Overview: LED phototherapy equipment dominates the market, addressing various skin problems, while neonatal jaundice management is expected to experience substantial growth.
- North America: Leading the market, North America is driven by the prevalence of skin disorders and a growing healthcare infrastructure. Reimbursement policies and a preference for hospital treatments contribute to its growth.
- Asia-Pacific: Anticipated to expand rapidly due to increasing preterm births, skin conditions, and the commonality of acne.
Key players in the Phototherapy Equipment Market include GE Healthcare, Philips Lighting Holding B.V., Natus Medical Incorporated, Phoenix Medical Systems Pvt. Ltd., Herbert Waldmann GmbH & Co. KG, Atom Medical Corporation, nice Neotech Medical Systems Pvt. Ltd., National Biological Corp., and Solarc Systems Inc.
The phototherapy equipment market continues to evolve, driven by technological advancements and increasing demand for effective treatments. As the global population grapples with skin-related conditions, this market is poised for sustained growth throughout the forecast period.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/phototherapy-equipment-market
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