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Phototherapy Market Trends, Revenue Share, Growth, Industry Analysis, Forecast By 2032

May 20, 2024 4:06 PM ET

Phototherapy Market Trends, Revenue Share, Growth, Industry Analysis, Forecast By 2032

Phototherapy Market Research Report Information By Product (Conventional Phototherapy Equipment, LED Phototherapy Equipment, Fiberoptic Phototherapy Equipment, Germicidal lamps and Accessories), Radiation (UVA, UVB and UVC), Application (Skin Disease Treatment, Neonatal Jaundice Management and Sterilization), End User (Hospital & Clinic, Dermatology Center and Homecare) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) – Forecast to 2032

The Phototherapy Market is a critical segment in the healthcare industry, specializing in the use of light-based therapies to treat various medical conditions, particularly skin disorders such as psoriasis, eczema, and vitiligo. Phototherapy involves exposing the skin to ultraviolet (UV) light, either through natural sunlight or artificial light sources, to mitigate symptoms and promote healing. Major drivers of the Phototherapy Market include the rising incidence of skin disorders, advancements in phototherapy technologies, and the non-invasive nature of this treatment modality. Challenges involve ensuring patient safety, addressing the potential risks associated with prolonged UV exposure, and adapting phototherapy techniques for different skin types and conditions.

The market segmentation encompasses various types of phototherapy, including UVB phototherapy, PUVA (psoralen plus ultraviolet A) therapy, and targeted phototherapy. Additionally, the market considers different applications such as dermatology clinics, hospitals, and home-based phototherapy units. Geographically, North America and Europe lead in market share due to robust healthcare infrastructures and a higher prevalence of skin disorders, while the Asia-Pacific region is experiencing growth with increasing awareness and healthcare access. As the Phototherapy Market continues to advance, it remains a valuable and widely utilized treatment option for patients suffering from a range of dermatological conditions.

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Market Analysis

The global phototherapy market report is projected to have an impressive growth at a whopping CAGR over the forecast period (2023-2032). Phototherapy which is also popularly known as light therapy is a process that uses UV (ultraviolet) light for the healing effects. This process is being used for a good number of years now and the world over for treating severe skin conditions namely eczema, vitiligo and psoriasis. It is a good option for people who are not in favour of a steroid treatment but on the lookout for something that is natural and sans side effects. Not only skin ailments, phototherapy is also used for treating jaundice in case of new-borns through the photo-oxidation process. Similarly, phototherapy is also used for increasing the production of vitamin D to ramp up the bacteria-fighting systems within the skin.

There are various factors that is driving the growth of the phototherapy market according to MRFR (Market Research Future) Report. These include rising concerns for environmental changes especially global warming, anthropogenic effects which are led by the leading industries, rapid increase in skin disorders and diseases, changing lifestyle, improved healthcare, improved economic conditions, improved skin treatment procedures, efficacies and awareness of phototherapy and environmental changes. Unfortunately, on the contrary, factors such as risks associated to phototherapy and unmet medical needs are likely to impede the growth of the phototherapy market. The risks related to phototherapy include increased danger of childhood seizures, cataracts from inadequate eyewear at the time of the treatment, nausea, headache, melanoma, skin aging and sunburn.

Key Players

Leading players profiled in the phototherapy market players include MTTS ASIA (Vietnam), VIA Global Health (U.S.), PhotoMedex, Inc (U.S.), Beurer GmbH (Germany), Herbert Waldmann GmbH & Co. KG (Germany), Natus Medical Incorporated (U.S.), GE Healthcare (UK), and Koninklijke Philips N.V. (Netherlands).

Market Segmentation

As per MRFR report, the global phototherapy market research is segmented on the basis of devices, indications and end-users.

Based on devices, it is segmented into fiber-optic band, fiber-optic blanket, firefly and others.

Based on indications, the phototherapy market is segmented into skin diseases (vitiligo, psoriasis and others) and jaundice.

Based on end-users, it is segmented into home care, dermatology center, hospitals and clinics and others. Of these, the hospitals and clinics will have the maximum market share.

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Regional Analysis

Based on region, the phototherapy market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and the Middle East and Africa. Of these, North America will dominate the market owing to extensive acceptance of therapies that are technologically advanced and related medical devices, soaring healthcare expenditure and rising governmental support for research and development activities. The additional factors that is driving the growth of the market include the occurrence of vitiligo, psoriasis and infant’s jaundice in this region, presence of key players in the region and changing lifestyle. Due to the rising prevalence of skin disorders and diseases, the phototherapy market is anticipated to grow phenomenally by 2023.

The phototherapy market in the European region is also a lucrative one owing to the increasing dermatological issues here. Besides, factors such as increased funding, rising government support, growing emphasis on the progress of advent therapy and the increasing specialty services provided by different healthcare providers is likely to offer impetus to the growth of the phototherapy market in the region. Countries especially France and Germany backed by the rising investment in healthcare are driving the regional market growth. The phototherapy market in the APAC region is emerging rapidly and the factors that are driving the market growth include rising occurrence of skin diseases, healthcare technology that is developing rapidly and increasing need for advent therapies. Countries mainly South Korea and India backed by increasing government support and developing economy are predicted to develop as the fastest growing phototherapy market across the globe.

Competitive Analysis

The global phototherapy market is competitive and fragmented with a good number of players that are churning the competition. Lack of effective devices for treating skin issues and shortages of dermatologists have paved the way for phototherapy and opportunities both for leaders and new entrants alike. The increase in counterfeit and spurious equipment have cut down the market revenue thereby displacing off the standard devices from the market.

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