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Pharmacy benefit management market
Phototherapy Equipment Market REPORT OVERVIEW
global phototherapy equipment market size was USD 442 million in 2022 and will touch USD 531.8 million by 2028, exhibiting a CAGR of 2.6% during the forecast period.
Phototherapy equipment refers to medical devices designed to treat various conditions using light exposure. This therapeutic approach utilizes specific wavelengths of light to stimulate biochemical processes in the body, promoting healing and alleviating symptoms. Commonly employed in dermatology, phototherapy is effective for treating skin disorders such as psoriasis, eczema, and vitiligo. The equipment typically includes light sources emitting ultraviolet (UV) or visible light, administered through specialized lamps or light-emitting diodes (LEDs).
The phototherapy equipment market is experiencing robust growth driven by increasing incidences of skin disorders, neonatal jaundice, and other medical conditions that require light-based treatments. The market is propelled by advancements in technology, raising awareness about non-invasive treatment options, and a growing aging population. In dermatology, phototherapy is gaining popularity for conditions such as psoriasis, eczema, and vitiligo. The demand for home-based phototherapy devices is also on the rise, providing patients with convenient and cost-effective treatment options. Neonatal phototherapy is a critical component in the management of jaundice in new-borns. With a rising number of premature births and neonatal admissions, there is an increasing need for effective and safe phototherapy solutions, driving the demand for advanced equipment in neonatal care units.
COVID-19 Impact: Market Growth Hampered By Pandemic Due to Supply Chain Disruptions
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The phototherapy equipment market has experienced a negative impact due to the COVID-19 pandemic. The global healthcare crisis disrupted supply chains, hampered production capabilities, and led to a decline in patient visits to healthcare facilities, affecting the demand for phototherapy equipment. Many hospitals and clinics had to redirect resources to address the surge in COVID-19 cases, leading to a decreased focus on elective procedures and treatments, including phototherapy for conditions such as jaundice in new-borns and certain skin disorders. Moreover, the economic downturn resulting from lockdowns and restrictions has affected healthcare budgets, prompting delayed or cancelled purchases of non-essential medical equipment, including phototherapy devices. Travel restrictions and social distancing measures have further impacted the installation and maintenance of equipment, hindering the market's growth.
LATEST TRENDS
"Increasing Adoption of LED-Based Phototherapy to Drive Market Growth"
The phototherapy equipment market is witnessing significant trends that reflect advancements in technology, growing prevalence of skin disorders, and increasing awareness about the benefits of phototherapy. One prominent trend is the shift towards LED-based phototherapy systems. LED technology offers advantages such as precise wavelength control, energy efficiency, and reduced heat generation compared to traditional light sources. This not only enhances the effectiveness of treatment but also improves patient comfort. Another noteworthy trend is the integration of smart features in phototherapy devices. Manufacturers are incorporating connectivity options, user-friendly interfaces, and data monitoring capabilities to enhance the overall user experience. These smart features not only streamline treatment processes but also contribute to better patient management. The market is also witnessing a surge in the adoption of home-based phototherapy devices. With the increasing preference for non-invasive and convenient treatment options, patients are seeking at-home solutions for conditions like psoriasis and eczema. This trend is driving innovation in portable and user-friendly phototherapy equipment designed for home use.
PHOTOTHERAPY EQUIPMENT MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into CFL (Compact Fluorescent Lamps) Phototherapy, LED (Light Emitted Diode) Phototherapy, Others.
CFL (Compact Fluorescent Lamps) Phototherapy: CFL Phototherapy utilizes compact fluorescent lamps that emit light in the blue spectrum. These lamps produce a specific wavelength of light that helps break down bilirubin, a substance responsible for jaundice, in the skin. The treatment involves exposing the patient to the light source, which promotes the elimination of excess bilirubin.
LED (Light Emitted Diode) Phototherapy: LED Phototherapy employs light-emitting diodes to emit specific wavelengths of light, often in the blue or red spectrum. LED devices are efficient in delivering targeted light therapy, and their compact size and energy efficiency make them popular for various medical applications, including skin disorders and wound healing.
Others: Apart from CFL and LED, other phototherapy equipment may use different light sources, such as halogen lamps or lasers, depending on the specific medical condition being treated. Each type of phototherapy equipment has its advantages and may be selected based on factors like effectiveness, energy efficiency, and the patient's specific needs.
- By Application
Based on application the global market can be categorized into Hospitals, Clinics, Home Care Settings.
Hospitals: In hospitals, phototherapy is commonly employed in neonatal intensive care units (NICUs) to address neonatal jaundice, a condition where the baby's liver is still maturing, leading to an accumulation of bilirubin. The equipment emits specific wavelengths of light that help break down excess bilirubin in the baby's blood, reducing the severity of jaundice.
Clinics: Clinics also rely on phototherapy equipment to treat skin disorders such as psoriasis, eczema, and vitiligo. The targeted light therapy can alleviate symptoms and promote skin healing in these cases.
Home Care Settings: In home care settings, portable phototherapy devices enable patients to receive treatment in the comfort of their homes. This is particularly beneficial for individuals with chronic skin conditions who require ongoing phototherapy sessions.
DRIVING FACTORS
"Rising Incidence of Skin Disorders to Boost the Market Growth"
One of the primary factors contributing to the phototherapy equipment market growth is the increasing prevalence of skin disorders. Conditions such as psoriasis, eczema, and vitiligo have become more common, necessitating effective and non-invasive treatment options. Phototherapy provides a safe and efficacious approach for managing these skin disorders, fuelling the demand for phototherapy equipment. Ongoing advancements in technology have led to the development of more sophisticated and efficient phototherapy equipment. Innovations such as LED-based devices, narrow-band UVB therapy, and targeted phototherapy systems have improved treatment outcomes while minimizing potential side effects. The availability of technologically advanced equipment is attracting healthcare providers and encouraging adoption in clinical settings. Growing awareness about the benefits of phototherapy for various medical conditions among both healthcare professionals and patients is contributing to market growth. As information about the safety and effectiveness of phototherapy spreads, there is a greater likelihood of physicians recommending this treatment option, and patients actively seeking it as a viable solution.
"Rise in Geriatric Population to Expand the Market"
The global population is aging, leading to an increased prevalence of age-related dermatological conditions. Elderly individuals often experience conditions such as psoriasis and other inflammatory skin disorders, driving the demand for phototherapy as an accessible and well-tolerated treatment option for this demographic. Governments and healthcare organizations are recognizing the importance of phototherapy in managing various medical conditions. Initiatives promoting the use of phototherapy, coupled with financial support and favourable reimbursement policies, are creating a conducive environment for the growth of the phototherapy equipment market. With a rise in healthcare spending globally, there is greater investment in advanced medical technologies. The increasing budget allocation for healthcare infrastructure and equipment procurement, including phototherapy devices, is positively impacting market growth.
RESTRAINING FACTORS
"High Costs to Impede Market Growth"
Phototherapy equipment can be expensive to purchase and maintain, posing a significant financial barrier for smaller healthcare facilities or those in resource-limited settings. The high initial investment and ongoing operational costs can limit the widespread adoption of this technology. Access to advanced healthcare facilities, including phototherapy equipment, is often limited in developing regions. This lack of accessibility can result from inadequate infrastructure, funding constraints, or a shortage of trained healthcare professionals, hindering the effective use of phototherapy for treating conditions like jaundice.
PHOTOTHERAPY EQUIPMENT MARKET REGIONAL INSIGHTS
"North America to Dominate in the Market due to Presence of a Large Consumer Base"
The market is segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
North America has emerged as the most dominant region in the global phototherapy equipment market share. The U.S. and Canada have witnessed substantial growth in demand for phototherapy devices due to the increasing prevalence of skin disorders, neonatal jaundice, and other dermatological conditions. The presence of well-established healthcare infrastructure, technological advancements, and a rising awareness about the benefits of phototherapy contribute to the region's market dominance.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The phototherapy equipment market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in Phototherapy equipment, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.
List of Market Players Profiled
- 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)
INDUSTRIAL DEVELOPMENT
April 2022: A long-term strategic agreement between Koninklijke Philips N.V. and Oulu University Hospital in Finland was announced in April 2022 with the goal of developing sophisticated image-guided specialised care to boost productivity and enhance patient outcomes in the healthcare sector.
2021: The sleek and lightweight blue LED phototherapy device Nymphaea, which can be used with any warmer, bassinet, or incubator to treat newborn jaundice, was introduced by Phoenix Medical Systems Pvt. Ltd. in 2021.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 442 Million in 2022 |
Market Size Value By |
US$ 531.8 Million by 2028 |
Growth Rate |
CAGR of 2.6% from 2022 to 2028 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the Phototherapy equipment market expected to touch by 2028?
The global Phototherapy equipment market is expected to reach USD 531.8 million by 2028.
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What CAGR is the Phototherapy equipment market expected to exhibit by 2028?
The Phototherapy equipment market is expected to exhibit a CAGR of 2.6% by 2028.
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Which are the driving factors of the Phototherapy equipment market?
Increasing prevalence of skin disorders, advances in technology and rise in geriatric population are some of the driving factors of the Phototherapy equipment market.
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What are the key Phototherapy equipment market segments?
The Phototherapy equipment market segmentation that you should be aware of, which include, based on type the Phototherapy equipment market is classified as CFL (Compact Fluorescent Lamps) Phototherapy, LED (Light Emitted Diode) Phototherapy, Others. Based on application the Phototherapy equipment market is classified as Hospitals, Clinics, Home Care Settings.