Phototherapy Device Market: Introduction

  • Phototherapy devices are used for phototherapy, a form of medical treatment that includes exposure to fluorescent light bulbs or other light sources, such as halogen lamps and light emitting diodes (LEDs), for the treatment of certain medical conditions.
  • Phototherapy devices are used in the treatment of various medical conditions such as Psoriasis, Jaundice, Vitiligo, Eczema, Lichen planus, etc.
  • Phototherapy units are extensively employed to treat neonatal jaundice, which occurs in around 60% to 70% newborns. Phototherapy treatment is carried out to avoid the neurotoxic effects of elevated serum unconjugated bilirubin in jaundice. Phototherapy is a safe, efficient way to minimize or avoid a spike in serum unconjugated bilirubin levels and decrease the need for a transfusion exchange in neonates.

Key Drivers, Restrains, and Opportunities of Global Phototherapy Device Market

  • Increase in prevalence of neonatal jaundice is fueling the demand for phototherapy devices and subsequently, driving its market. Jaundice affects at least 60% of full-term and 80% of pre-term neonates, meaning that about 4–112 million of the 140 million children born worldwide are likely to suffer from this disease in the first two weeks of their lives. Approximately one in ten newborn babies is expected to experience clinically severe jaundice, or hyperbilirubinemia, which requires careful observation and care. Therefore, the prevalence of neonatal jaundice is rising as the number of newborns is increasing and consequently, the market for phototherapy device is also expected to expand in the near future.
  • Moreover, rising prevalence of skin diseases, such as psoriasis, dermatitis, and vitiligo, is also boosting the phototherapy device market. The Global Burden of Disease Project found that skin diseases are the fourth-leading cause of non-fatal disease burden globally. A serious skin issue among is psoriasis, which affects more than 100 million individuals globally. According to World Health Organization, the reported prevalence of psoriasis in countries is between 0.09% and 11.4%, making psoriasis a significant global issue. Phototherapy treatment is used in psoriasis management, which in turn drives the psoriasis device market.
  • Apart from Psoriasis, the incidence of atopic dermatitis, a leading cause of skin-related disease burdens worldwide, is increasing in developing countries in Asia, Africa, Latin America, and the Middle East. This drives the market of phototherapy devices, as they are used in the treatment of atopic dermatitis.
  • Increase in launch of more technically advanced phototherapy devices for the treatment of various diseases and disorders is further propelling the market of phototherapy device. For instance, in April 2020, PhotoPharmics, a leader in advanced phototherapy, received FDA approval for non-invasive, in-home care phototherapy device treatment of Parkinson's disease.
  • Alternative treatments, such as drugs, which are available in the market, restrain the phototherapy device market. Furthermore, increasing acceptance of home phototherapy devices is estimated to offer significant opportunity for the market.

North America to Capture Major Share of Global Phototherapy Device Market

  • North America is expected to account for a major share of the global phototherapy device market due to the high prevalence of skin disease among the population. As per the Journal of the American Academy of Dermatology, in 2015, more than 85 million people in the U.S. have been treated by a physician for at least one skin disorder. Moreover, well- established healthcare infrastructure and hub for key industry players are major drivers of the phototherapy device market in North America region. The market for phototherapy device in Europe is expected to expand at a notable pace during the forecast period due to an increase in the prevalence of skin disorders, such as psoriasis, acne, and vitiligo, in the region.
  • The market in Asia Pacific is projected to expand at a prominent growth rate during the forecast period due to rising awareness about advanced phototherapy and the advancement of healthcare infrastructure in countries in Asia such as China and India. Moreover, increase in number of newborns in Asia, rise in the occurrence of neonatal jaundice, and the need for cost-effective devices are key factors that are projected to further boost the demand for phototherapy in Asia Pacific.

Key Players Operating in Global Phototherapy Device Market

The global phototherapy device market is highly consolidated due to the presence of key players. A large number of manufacturers hold a major share in their respective regions. Demand for products to treat diseases is increasing in emerging as well as developed markets. Growth strategies adopted by leading players are likely to drive the global phototherapy device market.

Major players operating in the global phototherapy device market are listed below:

  • GE Healthcare
  • Philips Lighting Holding B.V.
  • Natus Medical Incorporated
  • Phoenix Medical Systems Pvt. Ltd.
  • Atom Medical Corp.
  • Herbert Waldmann GmbH & Co
  • Ginevri srl

Global Phototherapy Device Market: Research Scope

Global Phototherapy Device Market, by Type

  • LED
  • Fluorescent Lamps (FL)
  • Light-emitting Diodes (LEDs)
  • Quartz Halogen Lamps
  • Gas Discharge Tubes
  • Others

Global Phototherapy Device Market, by Application

  • Dermatological application
  • Orthopedic application
  • Infant treatment
  • Others

Global Phototherapy Device Market, by End-user

  • Homecare
  • Hospital
  • Neonatal clinics

Global Phototherapy Device Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

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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