Phototherapy Market Size, Share, Growth, and Industry Analysis by Type (UV Light Phototherapy, Intense Pulsed Light Phototherapy, Blue Light Phototherapy, Red Light Phototherapy & Others), By Application (Hospitals & Clinics, Dermatology Center & Homecare), Regional Insights, and Forecast To 2032

Updated On: 08 July 2024

Phototherapy Market REPORT OVERVIEW

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The global phototherapy market size was USD 414.6 million in 2023 and market is projected to touch USD 600.42 million by 2032, exhibiting a CAGR of 4.2% during the forecast period. In the market study, our analysts have considered phototherapy players such as Natus Medical, GE Healthcare, Herbert Waldmann, Draeger, Philips Lighting, National Biological, MTTS Asia, PhotoMedex, VIA Global Health, Beurer, Daavlin, Nice Neotech, Guangzhou Beautylife Electronic Technology

One of the most efficient and simple treatments for infants with neonatal jaundice is phototherapy. It is frequently used to lower newborns' bilirubin levels because it is this substance that causes jaundice. An infant receives light treatment while being confined in a plastic crib and exposed to a light type that is absorbed by skin. The bilirubin in the infant's body is changed throughout this process into a much more straightforward water-soluble form, which is easily eliminated through stools and urine.

By exposing the infant's body to specific lights that help transform bilirubin into a form that can be easily flushed out through urine, this therapy reduces several adverse effects, such as mild allergic reactions, fever from an illness, and changes in blood composition. Skin diseases brought on by an immune system response may benefit from it. Psoriasis, a skin disorder that results in red, silvery, scaly areas on the skin, is one of the skin conditions that can be treated using this method. Eczema is a rash, itchy skin disorder or allergic dermatitis.

COVID-19 Impact: Instability in Sales Causes Market Distortion

The global COVID-19 pandemic has been unprecedented and staggering, with the Phototherapy experiencing higher-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 once the pandemic is over.

The COVID-19 outbreak caused problems for manufacturers of healthcare materials, including unstable markets, a drop in customer confidence, and difficulties with import and export commerce. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, labels, and other items has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for equipment. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall healthcare industry. This has partially impacted the phototherapy market.

LATEST TRENDS

"Light Therapy Use for Avoiding Seasonal Depression to Boost the Market Growth"

One of the important industry trends is the increased use of light therapy to prevent seasonal affective disorder (SAD). Serotonin synthesis is reduced as a result of the hormonal changes it produces. Depression symptoms result from serotonin, the hormone that makes you feel good, being depleted. the initial step in treating those with SAD is the use of daylight therapy lamps. It is advised for SAD patients to employ this therapy, such as light therapy boxes, in place of natural light to assist reset or maintain the circadian rhythm. Due to the lack of sunlight, the need for light therapy boxes is increasing. These new developments are mostly to blame for the market's overall growth.

Phototherapy Market SEGMENTATION

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• By Types 

Based on type, the market is classified into UV Light Phototherapy, Intense Pulsed Light Phototherapy, Blue Light Phototherapy, Red Light Phototherapy & Others.

• By Application

Based on application, the market is categorized into Hospitals & Clinics, Dermatology Center & Homecare.

DRIVING FACTORS

"LED Technology that Gives the Market Extra Boost "

The need for creating sophisticated light therapy treatment modules is increasing as the number of people with skin disorders rises. Patients now have hope thanks to the introduction of efficient light therapy options based on LED technology that are more affordable than traditional equipment. It gives people the chance to fully treat their illness. This treatment has changed over time as a result of the introduction of new technology accessories. As such, factors have been crucial in generating market demand. Devices for infant therapy are being utilized more frequently to treat neonatal jaundice, which is common in newborns with high bilirubin levels. As a result, the growth, and the growing demand of light therapy devices in LED treatment will boost the market. It will contribute to the expansion of the healthcare industry and it will improve the overall phototherapy market growth.

"Skin Disorder to Encourage Market Expansion"

One of the main factors fueling the market's expansion is the increasing frequency of skin problems. Other skin disorders are also on the rise and are primarily brought on by things like allergies, irritants, genetic anomalies, and a lack of immunity. This therapy is the most popular and well accepted way to treat a variety of skin conditions. For the treatment of skin conditions, the apparatus emits particular light wavelengths. The market will see increasing demand as skin conditions grow more prevalent. As a result, during the projected period, the market for healthcare is anticipated to rise rapidly. The advancement of the product is helping the market to grow.

RESTRAINING FACTORS

"Side Effects to Impede Market Expansion"

The market environment has a number of limitations that have an impact on growth. One significant barrier, for example, would be the increased risk of skin irritation and other skin complications. The performance of the commercial actors operating in the sector can be hampered by these restrictions. But as time goes on, this issue will be resolved in some way. If this problem is fixed, the market will start to grow right away.

Phototherapy Market REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

Since this area is the major user of the product, the market for phototherapy in North America has profited from the region's expanding industrial development and several driving factors that have boosted the potential sectors. The key factor driving the growth of the phototherapy market share is the rising product demand in the hospitals & clinics, dermatology center & homecare industry. Rapid urbanization trends will further strengthen the market as a whole.

KEY INDUSTRY PLAYERS

"Leading Firms to Increase Product Demand"

The study includes information on the market players and where they stand within the sector. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being acquired and made available. The study on devices offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Natus Medical (U.S.)
• GE Healthcare (U.S.)
• Herbert Waldmann (Germany)
• PhotoMedex (U.S.)
• Beurer (Germany)

REPORT COVERAGE

The segmentation of the market by type and application is covered in great length in the study. A wide spectrum of players, including current and potential market leaders, are examined in the study. Several significant variables are expected to lead to a sizable market expansion. The research also examines factors that may increase the whole market share in order to provide market insights. The report gives predictions for market growth during the anticipated time frame. Explaining why one region dominates the global market is the goal of the regional research. The industry cannot expand due to a number of factors that have all been properly considered. A strategic study of the market is also included in the research. It contains comprehensive market data.