Phototherapy Market Share, Growth Drivers, Challenges, and Investment Opportunities – Forecast 2024
The Analytically Tools Such As SWOT Analysis, Feasibility Study, And Investment Return Analysis Have Been Used To Analyze The Growth Of The Key Players Operating In The Phototherapy Market Are Included. The Aim of Phototherapy Is To Decrease the Level of Unconjugated Bilirubin In Order To Prevent Acute Bilirubin Encephalopathy, Hearing Loss and Kernicterus, this technology growing rapidly it will help you to grow your business all over industry with By Devices By Indication – Forecast till 2023
Phototherapy is a treatment involving usages of a special kind of light to treat various skin disorders such as contact dermatitis, atopic dermatitis, seborrheic dermatitis, dyshidrotic eczema, and nummular eczema. It is also majorly used to treat jaundice occurring in the newborns through a process called photo-oxidation. Similarly, it is also used to increase vitamin D production in the human body, and to ramp up bacteria-fighting systems in the skin.
Acknowledging the kind of expansion the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global phototherapy market will witness a modest Growth By 2023, Registering Approximately 4.6 % CAGR throughout the Forecast Period (2017 – 2023).
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With the growing concerns of environmental changes such as global warming and anthropogenic effects led by growing industries, the prevalence of skin diseases and disorders are increasing rapidly. Moreover, changing lifestyle led by the growing urbanization is playing a vital role in supporting the growth of various skin disorders. While people in the Asia Pacific region have to face the effects of scorching sunlight that leads to skin burns sometimes, people in the Americas and Europe are suffering from vitamin D deficiency due to weaker sun rays.
Fortunately, the good news is that the economic conditions worldwide are improving availing access to the quality of life and the improved healthcare. All these factors commutatively drive the Phototherapy market. Moreover, factors such as the increasing number of skin diagnosis procedures and rising demand for new techniques to treat chronic skin diseases provide significant impetus to the market growth. Efficacies of phototherapy demonstrated in treating the symptoms of conditions mentioned above, in turn, are escalating the market on the ascending heights, making the market a well-developed space on the global platform.
Global Phototherapy Market- Competitive Analysis
The global phototherapy market is fragmented with a large number of players churning the competition. The shortages of dermatologists and effective devices to treat skin issues have opened doors for the therapy and opportunities for the new entrants and leaders alike. The rises of spurious and counterfeit equipment have reduced the total market revenues, displacing standard devices off the market.
Some of the eminent leaders of the market include Koninklijke Philips N.V. (Netherlands), GE Healthcare (UK), Natus Medical Incorporated (U.S.), Herbert Waldmann GmbH & Co. KG (Germany), Beurer GmbH (Germany), PhotoMedex, Inc (U.S.), VIA Global Health (U.S.), and MTTS ASIA (Vietnam).
February 28, 2018 -– Clarify Medical (US), developer of a software-controlled home phototherapy system announced the issuance of a patent for its phototherapy light engine technology in the United States. The U.S. Patent and Trademark Office issued a US patent 9,901,747, entitled ‘Phototherapy Light Engine.’
The patent covers a specific, targeted phototherapy device that uses UVB LEDs, reflectors, window filter and thermal management system to optimize therapeutic power and uniformity of narrowband UVB light treatment.
Clarify Medical’s home phototherapy system is the first ever system available in the US using UVB LED technology to treat chronic skin conditions. This innovative technology will improve precision and control over home phototherapy, further improving the outcomes for patients.
The well-spread awareness about the availability of this therapy and the advantages it renders is fostering the market growth over the recent years. Simultaneously, environmental changes such as depletion of ozone layers and pollution that are increasing cases of various inflammatory skin diseases are predominantly fuelling the market growth.
On the flip side, factors such as unmet medical needs alongside the risks involved in phototherapy treatment impeding the market growth. Risks associated with phototherapy are sunburn, skin aging, melanoma, headaches and nausea (with PUVA treatment), cataracts from insufficient eyewear during treatment, and the increased risk of childhood seizures.
Nevertheless, technological advancements taking place in the medical science backed with the substantial investments made in the R&D activities will support the market growth, bringing about betterments in the instruments used in the therapy that will reduce these risks mentioned above.
Global Phototherapy Market- Segments
MRFR has segmented its analysis into four key dynamics for enhanced understanding.
By Devices : Firefly, Fiber-Optic Blanket, and Fiber-Optic Band among others.
By Indications : Jaundice and Skin Diseases (psoriasis, vitiligo, and other skin diseases.) among others.
By End-Users : Hospitals & Clinics, Dermatology Center, and Home Care, among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Global Phototherapy Market- Regional Analysis
The North American region is dominating the global phototherapy market. Factors substantiating the market growth include extensive uptake of technologically advanced therapies and associated medical devices, increasing governmental support for R&D activities, and high expenditures for health care.
Besides, the increasing cases of occurrence of infant’s jaundice, psoriasis, and vitiligo foster the market in the region. Furthermore, changing lifestyle and the presence of major players in this region is fuelling the market growth in the region. With the increasing prevalence of skin diseases and disorders, the market is expected to evaluate phenomenally by 2023.
The European region is another lucrative market for phototherapy due to the growing dermatological issues in the region. Further, the growth attributes to the increasing emphasis on the development of advent therapy, rising government support with the increased funding. Besides, the rising numbers of specialty services offered by various healthcare providers provide impetus to the market growth in the region.
Countries such as Germany and France backed by the increasing investment in the healthcare domain majorly drive the growth of the regional market.
The Asia Pacific region is rapidly emerging as a promising market for phototherapy. Increasing occurrences of skin disorders are fostering the market growth. Furthermore, factors such as the increasing demand for advent therapies alongside rapidly developing healthcare technology is expected to lead the market growth in the APAC region.
Countries such as India and South Korea, backed by the rapidly developing the economy and increasing government support are estimated to emerge as the fastest growing market across the globe.
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