(PharmaNewsWire.Com, January 21, 2022 ) The Phototherapy Equipment Market size is forecast to reach $1.2 billion by 2026, growing at a CAGR of 4.7% during the forecast period 2021-2026. Phototherapy is a procedure in which light is used for treating several skin diseases such as Vitiligo, and psoriasis among others. During this procedure, the skin is covered with a special type of light that is emitted from a medical device that is known as a phototherapy unit. It is used to spot treatment of tiny areas in which the patient needs treatment of the full body. There are several products of phototherapy such as LED phototherapy, fiberoptic phototherapy, and conventional phototherapy which are most frequently used by dermatologists and neonatologists. The increasing prevalence of neonatal jaundice and rising number of low weight births along with the increasing incidences of skin diseases are the major factors driving the growth of the market. Increasing usage of technologically advanced phototherapy equipment and increasing awareness regarding advanced phototherapy is set to further enhance the overall market developments of the Phototherapy Equipment Market for the period 2021-2026.
Phototherapy Equipment Market Analysis – By Product
LED Phototherapy held the largest share in the Phototherapy Equipment Market in 2020 and is estimated to grow at a CAGR 5.3% during the forecast period 2021-2026. This is owing to the increasing availability of the products that are extremely cost effective. Conventional phototherapy equipment includes compact fluorescent lamps and fluorescent lamps. It is a widely used procedure for treating infants and preterm neonates that are suffering from jaundice and several other diseases. High efficiency of the LED phototherapy equipment products and increasing prevalence of jaundice among children are increasing the growth of the segment. LED Phototherapy are estimated to register the higher CAGR over the period 2021-2026.
Phototherapy Equipment Market Analysis – By Applications
Skin Disease Treatment held the largest share in the Phototherapy Equipment Market in 2020 and is estimated to grow at a CAGR 5.5% during the forecast period 2021-2026. This is owing to increasing incidences of the skin diseases such as eczema, psoriasis, and acne among others. Increasing number of neonates that are suffering from jaundice and increasing advancements in phototherapy equipment are also increasing the growth of the segment. Neonatal Jaundice Management are estimated to register the higher CAGR over the period 2021-2026.
Phototherapy Equipment Market Analysis – By Geography
North America dominated the Phototherapy Equipment Market with a major share of 35.9% in 2020. This is attributed to the increasing focus on LED phototherapy, increasing awareness regarding phototherapy, and increasing awareness regarding the health. Increasing demand for skin disease treatment and neonatal jaundice management among the consumers is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing awareness regarding the advanced phototherapy equipment and increasing incidences of neonatal jaundice.
Phototherapy Equipment Market Drivers
Increasing Technological Advancement
Increasing technological advancement is increasing the growth of the Phototherapy Equipment Market. This is owing to the increasing awareness regarding the advanced techniques of skin disease treatment and the increasing availability of neonatal jaundice management. Phototherapy treatment involves UV light to reduce the skin cell growth and inflammation. It also uses broadband UVB that treats the skin diseases with the full spectrum of ultraviolet B radiations. Thus, increasing the growth of the Phototherapy Equipment Market during the forecast period 2021-2026.
Increasing Incidences of Skin Diseases
Increasing incidences of skin diseases increasing the growth of the Phototherapy Equipment Market. Skin diseases are the conditions that affects the skin. It is caused by bacterial infections, fungal infections, allergic reactions, parasites, skin cancers, and fungal infections. Phototherapy uses ultraviolet light from the artificial sources that trigger the biological processes to reduce the inflammation and prevents the skin cells from growing too quickly. Thus, increasing the growth of the Phototherapy Equipment Market during the forecast period 2021-2026.
Some of the factors that are set to impede the growth of the Phototherapy Equipment Market are stringent regulations and improper reimbursements. High complications associated with the treatments, increasing use of alternative modes of treatments, and limited adoption of phototherapy equipment are also set to hinder the growth of the market during the forecast period 2021-2026.
Phototherapy Equipment Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Phototherapy Equipment Market. In 2020, the Phototherapy Equipment Market share is consolidated by the top ten players present in the market. The Phototherapy Equipment Market, top 10 companies are General Electric, Natus Medical Incorporated, Phoenix Medical Systems, The Daavlin Company, National Biological Corporation, Healicom Medical Equipment Co Ltd, and Olives India among others.
North America dominated the Phototherapy Equipment Market in 2020 owing to the increasing focus on LED phototherapy and increasing advancements in technologies of phototherapy equipment. The Phototherapy Equipment Market scope for different regions will be provided in the final report.
Increasing awareness about personal health and increasing incidences of skin diseases are likely to aid the market growth of the Phototherapy Equipment Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Phototherapy Equipment Market report.
Stringent regulations and improper reimbursement is poised to create the hurdles for the Phototherapy Equipment Market.
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