Phototherapy Devices Market Size Worth USD 949.89 Million in 2032 | Emergen Research

Vancouver, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The global Phototherapy Devices Market is expected to reach USD 949.89 Million by 2032, according to a new report by Emergen Research. The growth of this market can be attributed to the growing awareness among patients about the advanced diagnostic solutions provided by the improved healthcare structure. Increasing research and development by the key manufacturers for the technological advancement of the devices is augmenting the demand for the industry.

 The pandemic has caused a shortage of essential life-saving devices and medical supplies. It has severely disrupted the supply chain and raw material supplies. To meet the growing demand of the medical supplies in between the pandemic, manufacturers have increased their production capacity. The manufacturers are adopting safety regulations and preventive measures without hampering the manufacturing process.

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Scope of Research

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MAJOR COMPANIES and Market Share Analysis

The Phototherapy Devices Market is moderately fragmented with a large number of small and medium-sized manufacturers, which account for a major part of the global share. The manufacturers are well-equipped with manufacturing facilities and are involved in several research & development activities. Some of the prominent players in the Phototherapy Devices Market include:

• Natus Medical Incorporated
• Philips Lighting Holding B.V.
• GE Healthcare
• Atom Medical Corporation
• Herbert Waldmann GmbH & Co. KG
• Phoenix Medical Systems, Pvt. Ltd.
• Nice Neotech Medical Systems Pvt. Ltd.
• Solarc Systems Inc.
• National Biological Corporation
• The Daavlin Company

Strategic Development

In March 2017, Monica Healthcare was acquired by GE Healthcare. The acquisition was performed by GE Healthcare to expand its business of maternal-infant care and to remain competitive in the growing industry.

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Key Highlights From The Report

• LED-Based Phototherapy Devices dominate the market with a share of 55.8% in 2019 due to its cost-effectiveness and higher efficiency. 
• The Hospitals & clinics segment dominated the phototherapy devices market due to the increasing number of neonatal jaundice cases. Besides, the favorable reimbursement policies generated by the U.S. government for curing skin conditions will indeed shift the patient's preference towards hospital treatments. 
• Asia-Pacific is expected to be the fastest-growing segment over the forecast period due to the enhancement of the healthcare infrastructure with advanced diagnostic solutions.   

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Emergen Research has segmented the global Phototherapy Devices Market on the basis of Product, Application, End User, and region:

• Product Outlook (Revenue, USD Billion; 2019-2032)
  • LED-Based Phototherapy  Devices
  • Fibreoptic Phototherapy  Devices
  • Conventional Phototherapy Devices (Fluorescent Lamps, Compact Fluorescent Lamps)
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Neonatal Jaundice Management
  • Skin Disease Treatment (Vitiligo, Eczema, Psoriasis)
• End User Outlook (Revenue, USD Billion; 2019-2032)
  • Homecare
  • Hospitals & Clinics
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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