July 21, 2020

Phototherapy Market Analysis, Business Overview and Forecast to 2023

Market Overview:

Phototherapy is a cure concerning application of a distinct kind of light to treat different skin issues such as atopic dermatitis, contact dermatitis, dyshidrotic eczema, nummular eczema, and seborrheic dermatitis. It is also widely used to cure jaundice prevailing in the newborns through a procedure called photo-oxidation. Likewise, it is also applied to accelerate vitamin D creation in the human body, and to improve bacteria-fighting techniques in the skin.

The recent reports published by Market Research Future (MRFR) states that the Phototherapy Market expected to witness a modest development by 2023, recording almost 4.6 % CAGR over the forecast period (2017 – 2023).

There are various factors that is driving the growth of the phototherapy market according to MRFR (Market Research Future) Report. These include rising concerns for environmental changes especially global warming, anthropogenic effects which are led by the leading industries, rapid increase in skin disorders and diseases, changing lifestyle, improved healthcare, improved economic conditions, improved skin treatment procedures, efficacies and awareness of phototherapy and environmental changes.

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Unfortunately, on the contrary, factors such as risks associated to phototherapy and unmet medical needs are likely to impede the growth of the phototherapy market. The risks related to phototherapy include increased danger of childhood seizures, cataracts from inadequate eyewear at the time of the treatment, nausea, headache, melanoma, skin aging and sunburn.

Key Players:

  • Koninklijke Philips N.V.
  • GE Healthcare
  • Beurer GmbH
  • Natus Medical Incorporated
  • PhotoMedex, Inc
  • Herbert Waldmann GmbH & Co. KG
  • VIA Global Health

Market Segmentation:

  • The worldwide phototherapy market has been segmented based on indication, end user, and devices.
  • Based on indication, the global phototherapy market has been segmented into jaundice, skin diseases, and others. Skin disease has been sub-segmented into vitiligo, psoriasis, and other skin diseases.
  • Based on end user, the market has been segmented into home care, dermatology center, hospitals & clinics, and others.
  • Based on devices, the market has been segmented into fiber-optic band, fiber-optic blanket, firefly, and others.

Regional Analysis:

The Americas hold the major share in the worldwide phototherapy market. The growing prevalence of infants suffering from psoriasis, jaundice, vitiligo, and other skin ailments in the region, makes it a lucrative market for the phototherapy industry. Additionally, enhanced technology, growing government aid for research & development, changing lifestyle, and high healthcare expenditure, have propelled the phototherapy market growth in the Americas. Moreover, the focus of key players in this region is likely to accelerate the market over the forecast period. As per a report by WHO, in 2014, the incidence of psoriasis witnessed a striking surge across the world. It affected both men and women of all ages, irrespective of their ethnic origin. The occurrence of psoriasis in different countries range from 0.09% to 11.4%. In the developed nations, occurrence is between 1.5 and 5%. Moreover, it has been likely to surge over the coming years.

NOTE : Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.