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Phototherapy Device Market: Introduction

Phototherapy employs light of a specific wavelength for the treatment of medical conditions and diseases such as psoriasis, eczema, carcinoma, etc. Phototherapy is also used to treat numerous ailments, such as neonatal jaundice (hyprbilirubinemia) by lowering the levels of bilirubin, also termed as photooxidation, leading to normal levels of bilirubin production in liver. It is also effective in the treatment of skin-related issues such as psoriasis, vitiligo, and itchy skin. Promising results have been obtained when phototherapy was used in the treatment of cancers and tumors (Malignant and benign). In phototherapy, light of a specific wavelength is targeted to particular areas of body leading to apoptosis of the damaged cells and faster recovery rate. The light being used belongs to various sources such as LED, fluorescence, and halogen.

Key Drivers and Restraints of Global Phototherapy Device Market

  • Rise in the number of neonatal jaundice (Hyperbilirubinemia) cases and skin-related diseases such as psoriasis, eczema, and scleroderma with increasing chances of recurrence is a major factor that boosts the phototherapy device market
  • Advancements in technology such as increase in the use of LED devices, safety, low power consumption, long shelf-life, and portability of LED devices further propel the market. Furthermore, the effectiveness of phototherapy over other traditional treatments helps fuel the global phototherapy market
  • Stringent rules and regulation from the FDA and government for sanctioning new devices, high cost of manufacturing, maintenance, and installation is a major factor that can hinder the phototherapy device market. Exposure of light also sometimes proves to be fatal, leading to skin rashes, stools, and dehydration. Moreover, recollecting the products from the market can pose a major challenge for the global phototherapy device market.

LED Segment to Dominate Global Phototherapy Device Market

Based on type, the global phototherapy market can be divided into convectional phototherapy, led phototherapy and fiberoptic phototherapy equipment

  • Currently, the LED segment is estimated to expand at a CAGR of 5.1% due to its cost-effectiveness, short duration of treatment, and extensive use in diverse areas

Skin Treatment Segment to Expand Significantly

Based on type, the global phototherapy market can be divided into skin disease treatment, neonatal jaundice treatment, and sterilization

  • Demand for phototherapy to treat skin issues due to increase in skin-related issues and high recurrence, especially psoriasis, which lines the top followed by eczema and cancer. The phototherapy segment is estimated to expand at a CAGR of 4.5% during the forecast period.

North America to Dominate Global Phototherapy Device Market

In terms of region, the global phototherapy market can be divided into: North America, Asia Pacific, Latin America, and Middle East & Africa

  • In terms of revenue, North America accounted for a notable share of the global market due to invention and innovation of new technologies and prevalence of different skin-related diseases, especially psoriasis which is the most common occurring disease in the region. The segment is projected to expand at a CAGR of 4.3%, followed by Europe. Increase in prevalence of skin-related diseases, such as psoriasis, acts as a key factor that boosts the market in the region.

Key Manufacturers Operating in Market

Top players operating in the global phototherapy device market include

  • GE Healthcare (U.S.),
  • Philips Lighting Holding B.V. (Netherlands),
  • Natus Medical Incorporated (U.S.),
  • Phoenix Medical Systems Pvt. Ltd. (India),
  • Herbert Waldmann GmbH & Co. KG (Germany),
  • Atom Medical Corporation (Japan),
  • Nice Neotech Medical Systems Pvt. Ltd. (India),
  • National Biological Corp. (U.S.)
  • Solarc Systems Inc. (Canada).

Phototherapy Device Market: Research Scope

Global Phototherapy Device Market, by Type

  • Convectional Phototherapy Equipment
    • Conventional Phototherapy Equipment with Fluorescent Lamp.
      • Full-body Phototherapy Equipment.
      • Partial-body Phototherapy Equipment.
    • Conventional Phototherapy Equipment with Compact Fluorescent Lamp.
  • LED Phototherapy Equipment.
  • Fiberoptic Phototherapy Equipment.

Global Phototherapy Device Market, by End-user

  • Hospitals & Clinics 
  • Dermatology Center
  • Home Users.
  • Research laboratories & academic institutions.

Global Phototherapy Device Market, by Radiation

  • Ultraviolet A Rays
  • Ultraviolet B Rays
  • Ultraviolet C Rays

Global Phototherapy Device Market, by Application

  • Skin Disease Treatment
    • Psoriasis
    • Vitiligo
    • Eczema
    • Other Skin Diseases (scleroderma, seasonal affective disorder (SAD), skin cancer, and acne).
  • Neonatal Jaundice Management
  • Sterilization
    • Hospital services
    • Equipment

Global Phototherapy Device Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia
    • New Zealand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • Egypt

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Phototherapy Device Market

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