Growing Prevalence of Skin Diseases are Highlighting the Phototherapy Treatments
Phototherapy is a treatment mode used to treat patients by using ultraviolet light. A wide range of skin diseases is treated by using this phototherapy. Phototherapy treatment is also used for treating neonatal jaundice. In this treatment, fluorescent light is focused on the neonates to enhance the recovery rate.
The phototherapy treatment market has primarily driven the rise in the number of patients with skin diseases such as eczema, psoriasis, and acne The upsurge in the number of preterm and low-weight babies is propelling the market growth. The constantly rising technological developments are contributing and product innovations are propelling the market growth. The market had a slight impact due to the COVID-19 outbreak. The phototherapy treatments were delayed due to prevailing COVID-19 infections.
Phototherapy Treatment Market Dynamics
The global phototherapy treatment market was valued at USD 525.8 Billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% between 2021 to 2028. The phototherapy treatment market is broadly classified based on the product, application, and end-user. The product segment is further divided into LED, conventional, and fibreoptics. Among these, conventional products hold the largest market share. Fluorescent lamps are the most used devices for the treatment of adults suffering from psoriasis, vitiligo, and eczema.
The application segment is again classified into neonatal jaundice management and skin disease treatment. The skin disease treatment is acquiring more market share as compared to the jaundice management segment. The phototherapy market is booming by the growth in demand by the end-users like hospitals and clinics owing to increased awareness of the benefits of the phototherapy treatment.
The leading players involved in phototherapy devices manufacturing and distribution are National Biological Corp.; GE Healthcare, Philips Lighting Holding B.V.; Herbert Waldmann GmbH & Co. KG; Nice Neotech Medical Systems Pvt. Ltd.; Natus Medical, Inc.; Phoenix Medical Systems Pvt. Ltd.; Atom Medical Corp.; and Solarc Systems, Inc.
Regionally North America dominates the phototherapy treatment market owing to the presence of a large number of acne patients. The European region is witnessing a rising prevalence of skin-related diseases like psoriasis, vitiligo, and acne leading the growth of the phototherapy treatment market in the region. The Asia-Pacific region is expected to provide lucrative growth opportunities for the phototherapy treatment market.