LED Phototherapy Light System Market Size, Share, Growth, and Industry Analysis, By Type (Low-intensity and High -intensity), By Application (Hospital, Clinic, Beauty Parlor, Domestic, and Other), and Regional insights and Forecast to 2031

Updated On: 15 April 2024

LED phototherapy light system market Report Overview

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The global LED phototherapy light system market size was USD 165.2 million in 2022 and is expected to reach USD 242.76 million by 2028, at CAGR of 6.63% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with LED Phototherapy Light System Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Medical professionals utilise phototherapy, often known as light therapy, to treat numerous skin conditions and other illnesses. By incorporating light-emitting diode (LED) bulbs, which offer high irradiance at a cheaper cost and reduced heat production, prolonged life span, LED phototherapy systems are constructed. In addition to other areas, hospitals and beauty parlours use LED phototherapy light systems.

The increasing number of newborns is projected to drive substantial growth in the demand for phototherapy equipment devices. For instance, according to the Centers for Disease Control and Prevention, an increase in the number of births in the U.S. was reported. The report shows that there was a slight rise of less than 1% in births, with a total of 3,661,220 births recorded in 2021. This upward trend in birth rates is anticipated to positively impact the market's growth trajectory throughout the forecast period.

COVID-19 Impact : Pandemic to Affect the Market Growth due to Online Selling of Products

The COVID-19 pandemic had a slightly negative impact on the phototherapy equipment market. However, with various strategic initiatives taken up by market players, the phototherapy equipment market was estimated to progress in the post-COVID-19 pandemic period. Market players involved in initiatives such as product launches, geographic expansions, and mergers & acquisitions. For instance, in December 2020, GlobalMed Technologies launched a home use product ‘Omnilux Contour’. Additionally, the company launched a new online store for all its products, which was expected to help the company gain significant  LED phototherapy light system market share during and after the COVID-19 pandemic.

Latest Trends

"E-Commerce Development to Surge Market Growth"

The growth of e-commerce suggests that there is potential for the caravan leasing industry to prosper. A lot more people are in need of this product than they were in the years previously to the epidemic because to the industry's new technology, which is far wiser and more clever than previous practices. These elements are projected to accelerate market expansion.

LED phototherapy light system market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Low-intensity and High -intensity amongst which Low-intensity is the leading segment.

• By Application Analysis

Based on application, the market can be divided into Hospital, Clinic, Beauty Parlor, Domestic, and Other amongst which Hospital is the largest shareholder of the market worldwide

Driving Factors

"Reduced Financial Pressure in Purchases to Augment the Market Growth"

A number of the advantages of the LED Phototherapy Light System serve as significant market growth factors. Major participants are relieved of their financial burdens thanks to the LED Phototherapy Light System because long-term leasing benefits the players. Because it is a one-time investment that is renewed for a longer period of time, long-term leasing is more sustainable. The participants' financial planning is made more reasonable and efficient, which will make the task run more smoothly in the long run. Now that the agreements are so reasonable and cost-effective for the participants, there is a rise in the market for LED phototherapy light systems. Market shares for LED Phototherapy Light Systems are expanding as a result of growing demand being inversely correlated with increased production and supply.

"Strong Flexibility of the Product to Proliferate the Market Growth"

Due to escalating demand, the market for LED phototherapy light systems is anticipated to grow even more during the anticipated timeframe. The flexibility of LED Phototherapy Light System is another significant aspect influencing its growth. Strong flexibility means that the caravan leasing is affordably meeting the short-term needs of the primary participants. The players' financial burden is also being reduced by its durable operating properties. These factors are all proven to lead LED phototherapy light system market growth.

Restraining Factor

"High-competition Amongst Players to Restrain the Market Growth"

The market for LED phototherapy light systems is extremely competitive, which is endangering global industry expansion. The long payback period and long-term investment capital required by the leasing agreement also make it seem a little too pricey, upsetting the lessors' capacity to maintain their financial stability. Despite providing more intelligent and smart services, cargos and LED Phototherapy Light System, whether for business or personal use, are proving to be out of budget. Together, these problems can prevent the industry from growing during the anticipated term.

LED phototherapy light system market Regional Insights

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"North America to dominate the Market owing to Affordable Interest Rates Offered "

Because lessees in this region offer lessors low interest rates, North America now has the largest market share for LED Phototherapy Light Systems globally. It is anticipated that this rapidly developing region would hold a sizeable part of the worldwide market. The major contributor to these increasing market value numbers is the United States.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Natus Medical Incorporated (U.S.)
• Anandic Medical Systems AG (Switzerland)
• Suzhou Being Medical Devices Co., Ltd. (China)
• IBIS Medical (India)
• Hydrosun Medizintechnik GmbH (Germany)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.