Global Phototherapy Equipment Market by Types, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Phototherapy Equipment Market is valued to reach USD 580.1 Million by 2021, growing at CAGR of 5.8% over 2020–2026. Rising occurrence of jaundice among newborns, growing prevalence of skin diseases such as psoriasis, growing health care industry, surging demand for cost effective and efficient advanced phototherapy equipment are factors driving the market.

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The growth of the phototherapy equipment market is driven by factors such as increase in prevalence of skin diseases, rise in incidence of neonatal jaundice across geographies, continuous technological advancements in the area of phototherapy, and surge adoption of LED-based phototherapy equipment. However, the growth of the market is limited by the availability and high adoption of alternative treatment modes and stringent regulatory framework for the approval of the new phototherapy equipment.

Market Trends, Drivers, Restraints, and Opportunities:

Prevalence of severe skin diseases is one of the major factors driving the global market.
Increasing adoption of LED-based phototherapy equipment further fuels the growth of the market.
Availability of alternative methods of treatment is likely to hamper market growth.
Advancements in the development of low-cost phototherapy equipment are likely to create growth opportunities.
Moreover, surge in the adoption of home phototherapy for the treating skin diseases is another factor creating growth opportunities in the market.