Rockville, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The latest research on the phototherapy devices market by Fact.MR uncovers critical trends and growth drivers across key segments including, product type, light type, application, end user, and region. The study emphasizes on providing exclusive understanding of the market to assist the key players in making strategies to gain a competitive edge.
The phototherapy devices market size is expected to grow at a CAGR of 7.0% during the forecast period (2021-2031). Overall sales of phototherapy devices are projected to total valuation of approximately US$ 1.5 Billion by 2031.
Rising application of phototherapy devices for treating various skin disorders, skin cancer, and neonatal jaundice is a key factor driving demand for phototherapy devices in the market. Phototherapy devices are machines used to treat neonatal jaundice and several skin conditions, including psoriasis, vitiligo, and eczema. These inexpensive phototherapy devices are often used for procedures such as lowering serum bilirubin levels and treating bilirubin toxicity.
In recent years, phototherapy equipment has gained immense traction in the field of aesthetic medicines due to their simple nature and better effectiveness in relieving various symptoms associated with skin disorders. These devices can efficiently reduce the need for recurrent blood transfusions and are thus widely used in hospitals and clinics as they promote patient comfort.
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Growing prevalence of skin diseases such as psoriasis and eczema and advances in phototherapy technology are expected to boost the worldwide phototherapy devices market during the forecast period. Similarly, rising incidence of preterm births coupled with growing prevalence of neonatal jaundice is likely to generate high demand for phototherapy devices during the forthcoming decade.
Key Takeaways:
- By product type, sales of LED-based phototherapy devices are expected to grow at a higher pace during the forecast period.
- Based on application, skin disease treatment segment is expected to generate the highest revenues in the market over the next ten years.
- North America phototherapy devices market is projected to expand 1.3X by 2031.
- The U.S. currently dominates the global phototherapy device market and it is projected to grow 1.5x by 2031.
- Sales of phototherapy devices in Germany are anticipated to surge at a CAGR of 4% over the next ten years.
- With increasing prevalence of neonatal jaundice, China’s phototherapy devices market is expected to grow at a significant pace between 2021 and 2032.
Growth Drivers:
- Rising prevalence of skin disorders such as psoriasis and eczema worldwide is a key factor driving the phototherapy devices market.
- Growing usage of infant phototherapy devices for neonatal jaundice management is expected to generate high demand in the market through 2031.
- Introduction of novel cost-efficient phototherapy devices will further boost sales during the forecast period.
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Competitive Landscape:
Medela AG, General Electric Company, Natus Medical Incorporated, among others are the key players in the phototherapy devices market.
Key companies are rigorously investing in research and development activities to develop new and advanced phototherapy devices. Besides this, they are adopting strategies like acquisitions, mergers, partnerships, and collaborations to expand their customer base across several regions. For instance,
- In June 2022, LightStim®, a leader in LED light therapy devices, launched LightElipsaTM, its latest innovation in LED light therapy.
- Recently, BUBOLight®, a new phototherapy device for the treatment of newborn jaundice was launched.
- In November 2020, Babybe GmbH was acquired by Natus Medical Incorporated.
Key Companies Profiled by Fact.MR
- Medela AG
- General Electric Company
- Natus Medical Incorporated
- Hill-Rom
- Solarc Systems Inc.
- The Daavlin Company
- Medisana AG
- Guangzhou Beautylife Electronic Technology Co. Ltd
- Herbert Waldmann GmbH & Co. KG
- Philips Lighting Holding B.V.
- National Biological Corp.
- Nice Neotech Medical Systems Pvt. Ltd.
- Phoenix Medical Systems Pvt. Ltd.
- ALFAMEDIC S.R.O.
- NINGBO DAVID MEDICAL DEVICE CO. LTD.
- Heal Force Bio-Meditech Holdings Limited
- Natus Medical Incorporated and DIXION
More Valuable Insights on Phototherapy Devices Market
In its latest study, Fact.MR reveals key factors expected to boost the progress of the phototherapy devices market during the estimated period. The study likewise provides an in-depth study of the prospects and growth drivers anticipated to increase the phototherapy devices market revenue by segmentation as follows:
Product Type:
- LED-based Phototherapy Devices
- Conventional Phototherapy Devices
- Fiber Optic Phototherapy Devices
- Others
Light Type:
- White Light Phototherapy Devices
- Red Light Phototherapy Devices
- Blue Light Phototherapy Devices
- Others
Application:
- Skin Disease Treatment
- Psoriasis
- Vitiligo
- Eczema
- Neonatal Jaundice Management
- Scleroderma
- Seasonal Affective Disorder (SAD)
- Skin Cancer
- Sterilization
End User:
- Hospitals
- Home Care Settings
- Dermatology Clinics
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Key Questions Covered in the Phototherapy Devices Market Report
- What will be the demand outlook for the phototherapy devices market during the forecast period?
- Which are the challenges faced in the phototherapy devices market?
- Which region will lead the growth in the phototherapy devices market during 2021-2031?
- What is the projected market valuation of the phototherapy devices market in 2031?
- Which are the factors driving the phototherapy devices market during 2021-2031?
- Which end user will generate maximum revenue phototherapy devices market?
According to the World Health Organization (WHO), every year, around 15 million babies are born preterm and about 1 million children die each year due to complications of preterm birth. This surge in preterm births worldwide is expected to create demand for phototherapy treatments which in turn will eventually expand the global market.
Demand remains particularly high for LED-based phototherapy devices due to rising adoption of these devices across hospitals, home care settings, and dermatology clinics for effectively treating neonatal jaundice and various skin conditions.
LED therapy is a relatively risk-free and reliable procedure that is being extensively used across various healthcare facilities. During this procedure, LED phototherapy devices are used by medical professionals. Because of the high amount of radiation, the treatment period associated with LED devices is less than that of conventional devices.
Similarly, increasing acceptance of LED-based phototherapy devices for targeted disease management is expected to boost sales of LED-based phototherapy devices during the forecast period. Fact.MR predicts the sales of LED-based phototherapy devices to increase by 2.1X over the forecast period.
Regionally, North America will continue to dominate the global phototherapy devices market owing to the rising number of people suffering from skin diseases, presence of favorable reimbursement policies, and increasing usage of heliotherapy devices in neonatal jaundice cases.
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