Vantage Market Research
Nov 12, 2021
According to analysts at Vantage Market Research, the Phototherapy Equipment Market is expected to reach USD 645.36 Million by 2028, growing at a CAGR of 6.12% from 2021 to 2028.
The rise in the frequency of neonatal jaundice is among the significant factor expected to increase the development and request of the phototherapy equipment market. Moreover, the rise in the quantity of preterm and the increase in the pervasiveness of skin disorders are additionally expected to add to the development in the worldwide market over the forecast period. The launch of innovatively progressed phototherapy devices and the high acquisition of LED-based phototherapy gear is likewise prone to improve the development of the market. The rise in knowledge regarding advanced phototherapy and creating medical services structures are additionally among the critical elements expected to fuel the development of the phototherapy hardware market.
Key Findings:
- The LED phototherapy equipment segment is projected to expand at the fastest CAGR exceeding 6% over the forecast period owing to the rise in prevalence of various skin diseases, increase in the occurrence of neonatal jaundice across nations, and continuous advancements in technology in the field of phototherapy, are some of the factors driving the growth of the phototherapy equipment market.
- The skin disease treatment segment held a market share of around 3% in 2020. This share is due to the rising adoption of LED-based equipment is anticipated to augment the growth of the market in the years to come.
- North America is expected to expand at a CAGR of over 5% from 2021 to 2028. This surge is attributed to the rising demand for the phototherapy equipment market in developed economies such as U.S and Canada.
Consequently, the rising instances of infants, lead to the development of interest in this phototherapy equipment. Steady mechanical progressions are additionally liable to support the market development.
North America region is poised to record the highest CAGR, owing to the increasing demand in countries, such as the U.S, Canada, and Mexico, coupled with the growth of the region's overall phototherapy equipment market. The improvement in the medical care structure, the active advancement of low-cost phototherapy equipment, and the high acceptance of home phototherapy for the therapy of skin illnesses are expected to offer important development openings for the phototherapy gear market.
Some of the key players in the Phototherapy Equipment Market include Philips Lighting Holding B.V., GE Healthcare, Natus Medical, Inc., Herbert Waldmann GmbH & Co. KG, Nice Neotech Medical Systems Pvt. Ltd., Phoenix Medical Systems Pvt. Ltd., Atom Medical Corp., National Biological Corp., Solarc Systems, Inc., among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.