Phototherapy Equipment Market Insight on the Important Factors and Trends Influencing the Industry
Phototherapy Equipment Market - Snapshot
Phototherapy is the process of use of light for the treatment of various skin disorders like vitiligo, psoriasis, and others. During the time of treatment through phototherapy, the skin is exposed to a very special type of light that is emitted from a medical device. This device is usually known as a phototherapy unit. These medical or phototherapy units range from tabletop to handheld devices for the purpose of spot treatment of tiny areas to cabinets to walk-in units wherein a patient needs treatment of the full body. The global phototherapy equipment market is likely to gather momentum from the rising prevalence of various skin diseases like acne, eczema, and psoriasis. According to the American Academy of Dermatology, nearly 50 million people every year are affected by acne in the US.
The medical lamps that is used in these phototherapy units produce ultraviolet rays in such a wavelength that it bring on changes within the cells of the skin. These cells in the skin then start to behave normally thereby diminishing or even doing away with the symptoms of the disease of the skin.
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Increased Use of the Equipment in Treating Neonatal Jaundice to Stoke Demand
Phototherapy procedure is used in the following conditions as well
- Skin Disorders
- Cancers and Precancers
- Sleep and Mood Disorders
- For Newborns
The growth of the global phototherapy equipment market is likely to be influenced by the augmented use of the method in the treatment of neonatal jaundice. In this treatment of neonatal jaundice, newborns are exposed to fluorescent light that assists them in recovering at a much faster rate. Jaundice amongst the newborns is quite common, however, if it remains for too long then doctors go for phototherapy process for quick recovery.
Besides, continuous technological progress in the field is expected to drive the development of the global phototherapy equipment market in the years to come.
Global Phototherapy Equipment Market: Snapshot
Some of the light wavelengths of light that are very effective in the treatment of numerous medical condition such as skin disease and types of jaundice through phototherapy. It is mainly conducted by exposing the skin surface with a series of light wavelength by using the light emitted diode (LED). The process is also used in the treatment of skin diseases such as eczema, psoriasis, acne, and vitiligo. Thanks to the effectiveness of this treatment are leading to increase its acceptance of treatments and phototherapy equipment which in turn is boosting the growth of the global phototherapy equipment market.
Additionally, the incidences of neonatal jaundice and introduction of new technologies due to growing research and development (R&D) activities is encouraging growth of the global phototherapy equipment market. However, availability of alternatives for treatment of topical and systematic therapy for skin disease is limiting growth of the global phototherapy equipment market.
According to the TMR, the global phototherapy equipment market was valued at US$415.0 mn in 2015 and is expected to decline with 4.4% CAGR over the forecast period from 2016 to 2024 to reach a value of US$603.2 mn by the end of forecast period.
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Growing Uptake of CFL to Boost Market Growth
Based on product type, the global phototherapy equipment market is segmented into a light emitted diode (LED) phototherapy, CFL (Compact Fluorescent Lamps) phototherapy, and others. Among these, the CFL phototherapy segment dominated the global market with a share of 49.6% in the overall market in 2015. This growth is attributable to effective of CFL in the therapies such as psoriasis and eczema of the diseases such as cancer. Growing adoption of CFL is assisting in the expansion of the segment over the forecast period.
Based on the modality, the global phototherapy equipment market is segregated into partial body phototherapy and full body phototherapy. Among these segments, the full body phototherapy accounted for the leading share of about 57.5% in 2015 in the overall market. The prevalence of neonatal jaundice is growing and technological advancements in the treatment of the diseases. Additionally, growing research and development activities of the cost-effective and efficient drugs is fuelling the growth of the segment.
Based on the end user, hospitals segment accounted for a leading share of 47.4% in the overall market in 2015 and is expected to remain dominant over the forecast period. Growing preference for the hospital for treatment and numerous other surgical purposes is assisting in the growth of segment in the global market.
High Adoption to Help North America to Remain Dominant
On the basis of region, the global phototherapy equipment market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Of these, North America dominated the global phototherapy equipment market with near about 40% shares and is expected to remain dominant over the forecast period. This growth is attributable to the rising prevalence of numerous skin diseases and neonatal jaundice. Also, the factors such as the growing level of awareness and growing investment in the healthcare infrastructure are benefiting the growth of the region. However, Asia Pacific is expected to offer lucrative opportunities and is expand with faster CAGR owing to growing investment for improvement of the distribution channel of the in the region.
In 2015, GE Healthcare emerged as a leader in the global phototherapy equipment market owing to its wide and diverse product portfolio coupled with its global presence. Some of the other prominent players operating in the phototherapy equipment market are Atom Medical Corporation, Drägerwerk AG & Co. KGaA, Herbert Waldmann GmbH & Co. KG, Solarc Systems Inc., and National Biological Corp.
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