Phototherapy Treatment Market Size, Share, Growth, And Industry Analysis By Type (Conventional, LED, and Fiberoptic) By Application (Hospitals, Skin Care Centers, and Home) Regional Forecast By 2032

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Phototherapy Treatment Market Report Overview

The global phototherapy treatment market size was USD 0.395 Billion in 2023, & the market is expected to reach USD 0.63 Billion in 2032, exhibiting a CAGR of 5.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the phototherapy treatment market growth, and demand returning to pre-pandemic levels once the pandemic is over. 

A medical method called phototherapy uses light to treat a variety of diseases. This therapy can treat various illnesses, including seasonal affective disorder (SAD) and vitiligo, in addition to skin disorders, including psoriasis and acne. Natural sunshine or artificial light sources like lasers or LEDs can be used for phototherapy.

Your doctor might suggest one of a few different forms of phototherapy treatments. The most popular method is ultraviolet light therapy, which emits UV rays from specific lamps. Psoriasis, eczema, and other skin issues can be treated using this method. Laser therapy is a different kind of phototherapy that treats the damaged area with concentrated light beams. Acne and other more severe skin disorders are frequently treated with this method.

COVID-19 Impact: Closure of Dermatology Clinics and Hospitals Due to Lockdown Regulations, Lack of Qualified Workers and Restrictive Reimbursement Procedures Hampered the Market Growth

The Covid-19 pandemic has had a detrimental effect on the market expansion. The phototherapy treatment market has decreased due to the closure of dermatology clinics and hospitals due to lockdown regulations. The lack of qualified workers and restrictive reimbursement procedures are some additional obstacles hindering market expansion. Despite these obstacles, the market is anticipated to expand over the next few years due to rising home-use device acceptance and major companies' ongoing research and development efforts.

Latest Trends

"Utilization of LED Light Therapy Boosts the Market Expansion"

Utilizing LED light therapy is the newest development in phototherapy. In this therapy, many skin problems are treated using colored LED lights. The use of LED light therapy is considered to be safer and more effective than conventional phototherapy methods. LED light therapy can cure wrinkles, acne, and other aging symptoms. Additionally, it can be applied to lessen the visibility of scars and sun damage.

Phototherapy Treatment Market Segmentation

• By Type Analysis

The phototherapy treatment market can be segmented into conventional, LED, and fiberoptic. Among these, the conventional is projected to experience rapid growth through 2031.

• By Application Analysis

The market can be divided based on application into hospitals, skin care centers, and homes. The hospitals are expected to hold the most significant phototherapy treatment market share in the upcoming years.

Driving Factors

"Increasing Prevalence of Skin Diseases and Raising Awareness to Propel the Market Expansion"

The market is expanding quickly due to several factors, including the rising incidence of skin disorders, increased public knowledge of the advantages of phototherapy, and the availability of cutting-edge devices. The incidence of skin disorders mostly drives the market. Psoriasis, vitiligo, and atopic dermatitis are three skin disorders that are growing more prevalent, especially in developed nations. As people look for effective therapies for their conditions, the need for phototherapy treatments increases.

"Growing Preference for Minimally Invasive Treatments and Technological Advances in Phototherapy Devices Fuels the Market Growth"

Growing consumer awareness of phototherapy's advantages is another factor driving market expansion. Skin disorders may be safely and effectively treated using phototherapy, which has few side effects. Patients are becoming more aware of this alternative for therapy and choosing it over more conventional options like topical steroids. Last but not least, the availability of cutting-edge items is also fueling market expansion. Newer products function better and are more convenient than vintage ones. As a result, phototherapy is becoming a more appealing alternative for both patients and healthcare professionals.

Restraining Factors

"The High Cost of Phototherapy Treatments and the Small Number of Phototherapy Equipment Producers Hinder the Market Growth"

The market for phototherapy treatments is expected to expand in the upcoming years. There are several restraints, though, that might prevent it from expanding. First, some patients might not be able to afford phototherapy because of how expensive the treatments might be. Second, there is a potential for low demand because the general public is unaware of phototherapy therapies. Third, consumers may face high prices and a small selection due to the small number of phototherapy equipment producers. Despite these limitations, manufacturers expect the market for phototherapy treatments to expand dramatically in the years to come as more people become aware of its advantages.

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Phototherapy Treatment Market Regional Insights

"North America to Dominate Market Due to Increasing Prevalence of Skin Diseases and Raising Awareness"

Between 2022 and 2031, the phototherapy treatment market will be dominated by North America Factors driving the market growth in this region include increasing the prevalence of skin diseases and raising awareness.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The high cost of phototherapy treatments and the small number of phototherapy equipment producers fuels market expansion.

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 of 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 portfolios.

LIST OF TOP PHOTOTHERAPY TREATMENT COMPANIES

• GE Healthcare 
• Atom Medical (Japan)
• Draeger (Germany)
• Herbert Waldmann (Germany)
• Natus Medical (U.S.)
• Daavlin (U.S.)
• Beurer (India)
• National Biological (India)
• DAVID (U.S.)
• Solarc Systems Inc. (Canada)
• UVBioTek (U.S.)
• MTTS Asia (Vietnam)
• Nice Neotech (India)

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.