Global Phototherapy Equipment Market: Snapshot
Some of the light wavelengths of light that are very effective in the treatment of numerous medical condition such as skin disease and types of jaundice through phototherapy. It is mainly conducted by exposing the skin surface with a series of light wavelength by using the light emitted diode (LED). The process is also used in the treatment of skin diseases such as eczema, psoriasis, acne, and vitiligo. Thanks to the effectiveness of this treatment are leading to increase its acceptance of treatments and phototherapy equipment which in turn is boosting the growth of the global phototherapy equipment market.
Additionally, the incidences of neonatal jaundice and introduction of new technologies due to growing research and development (R&D) activities is encouraging growth of the global phototherapy equipment market. However, availability of alternatives for treatment of topical and systematic therapy for skin disease is limiting growth of the global phototherapy equipment market.
According to the TMR, the global phototherapy equipment market was valued at US$415.0 mn in 2015 and is expected to decline with 4.4% CAGR over the forecast period from 2016 to 2024 to reach a value of US$603.2 mn by the end of forecast period.
Growing Uptake of CFL to Boost Market Growth
Based on product type, the global phototherapy equipment market is segmented into a light emitted diode (LED) phototherapy, CFL (Compact Fluorescent Lamps) phototherapy, and others. Among these, the CFL phototherapy segment dominated the global market with a share of 49.6% in the overall market in 2015. This growth is attributable to effective of CFL in the therapies such as psoriasis and eczema of the diseases such as cancer. Growing adoption of CFL is assisting in the expansion of the segment over the forecast period.
Based on the modality, the global phototherapy equipment market is segregated into partial body phototherapy and full body phototherapy. Among these segments, the full body phototherapy accounted for the leading share of about 57.5% in 2015 in the overall market. The prevalence of neonatal jaundice is growing and technological advancements in the treatment of the diseases. Additionally, growing research and development activities of the cost-effective and efficient drugs is fuelling the growth of the segment.
Based on the end user, hospitals segment accounted for a leading share of 47.4% in the overall market in 2015 and is expected to remain dominant over the forecast period. Growing preference for the hospital for treatment and numerous other surgical purposes is assisting in the growth of segment in the global market.
High Adoption to Help North America to Remain Dominant
On the basis of region, the global phototherapy equipment market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Of these, North America dominated the global phototherapy equipment market with near about 40% shares and is expected to remain dominant over the forecast period. This growth is attributable to the rising prevalence of numerous skin diseases and neonatal jaundice. Also, the factors such as the growing level of awareness and growing investment in the healthcare infrastructure are benefiting the growth of the region. However, Asia Pacific is expected to offer lucrative opportunities and is expand with faster CAGR owing to growing investment for improvement of the distribution channel of the in the region.
In 2015, GE Healthcare emerged as a leader in the global phototherapy equipment market owing to its wide and diverse product portfolio coupled with its global presence. Some of the other prominent players operating in the phototherapy equipment market are Atom Medical Corporation, Drägerwerk AG & Co. KGaA, Herbert Waldmann GmbH & Co. KG, Solarc Systems Inc., and National Biological Corp.
Global Phototherapy Equipment Market: Overview
The report on the phototherapy equipment market analyzes the current and future scenario of the global market. Increase in prevalence of neonatal jaundice and skin diseases such as psoriasis, eczema, vitiligo and other diseases, advent of new technology for development of low cost equipment, and increase in preference for noninvasive treatment by patients and physicians, are the major drivers of the global phototherapy equipment market.
The phototherapy equipment market report comprises an elaborate executive summary, which includes a market snapshot that provides information about various segments of the market. It also provides information and data analysis of the global phototherapy equipment market with respect to the segments based on product, modality, disease indication, end users and geography. A detailed qualitative analysis of drivers and restraints of the market and opportunities has been provided in the market overview section. In addition, the section comprises Porter’s five forces analysis to understand the competitive landscape in the market. This section of the report also provides market attractiveness analysis, by geography and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global phototherapy equipment market.
Global Phototherapy Equipment Market: Key Segments
Based on product type, the phototherapy equipment market is segmented as Compact Fluorescent Lamps (CFL) phototherapy, light emitted diode (LED) phototherapy and others. The product market segments have been analyzed based on available approved technology and equipment, cost-effectiveness, and preference for equipment by physicians and patients. The market size and forecast for each of these segments have been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2016 to 2024, considering 2015 as the base year.
Based on modality, phototherapy equipment market is segmented into full body phototherapy and partial body phototherapy. Based on disease indication, phototherapy equipment market is segmented into neonatal jaundice, skin diseases, and other. Skin diseases segment is further segmented into psoriasis, eczema and other skin diseases. The phototherapy equipment market has been segmented into three major categories on the basis of end users: hospitals, clinics, and home care settings. The market segments have been extensively analyzed based on prevalence of the diseases, available treatment, and geographical coverage. The market size and forecast in terms of US$ Mn for each segment have been provided for the period from 2014 to 2024. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2016 to 2024, considering 2015 as the base year.
Global Phototherapy Equipment Market: Regional Outlook
Geographically, the global phototherapy equipment market has been categorized into five major regions and the key countries in the respective region: North America (the U.S., Canada), Europe (the U.K., Germany, Russia, France, Spain, Italy, and Rest of Europe), Asia Pacific (Japan, India, China, Australia & New Zealand and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and Middle East & Africa (South Africa, GCC countries and Rest of Middle East & Africa). The market size and forecast for each of these regions and the mentioned countries have been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2016 to 2024, considering 2015 as the base year. The research study also covers the competitive scenario in these regions.
Companies Mentioned in the Report
The report also profiles major players in the global phototherapy equipment market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Major players profiled in this report include Atom Medical Corporation, Herbert Waldmann GmbH & Co. KG, Drägerwerk AG & Co. KGaA, GE Healthcare, National Biological Corp., Solarc Systems Inc., The Daavlin Company, and Phoenix Medical Systems Pvt. Ltd, nice Neotech Medical Systems Pvt. Ltd., and Natus Medical Incorporated and others.
The Global Phototherapy Equipment Market is segmented as given below:
Global Phototherapy Equipment Market, by Product
- CFL (Compact Fluorescent Lamps) phototherapy
- LED (light emitted diode) phototherapy
Global Phototherapy Equipment Market, by Modality
- Full body phototherapy
- Partial body phototherapy
Global Phototherapy Equipment Market, by Disease Indication
- Neonatal Jaundice
- Skin Diseases
- Other skin diseases
Global Phototherapy Equipment Market, by End-user
- Home Care Settings
Global Phototherapy Equipment Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa