Global Phototherapy Market Extends at a Healthy CAGR of 4.80% by 2031

Introduction

Phototherapy devices are cutting-edge, clinically-proven tools. They are employed in the treatment of newborn jaundice. Irradiating neonates with light that oxidizes the bilirubin in their blood is another method for treating hyperbilirubinemia. They protect the brain from the neurotoxic effects of high levels of serum unconjugated bilirubin and reduce the number of neonates requiring exchange transfusions. They use an hour meter to track how long the bulb lasts and how long the infant is treated. Neonatal phototherapy devices are used to treat jaundice in infants.

Market Dynamics

The Growing Prevalence of Serious Skin Illnesses Drives the Global Market

Skin problems continue to be the fourth-leading cause of non-fatal disease burden globally, according to the Burden of Disease Study. Men are more likely than women to experience age-related increases in skin conditions. Treatment for photo-responsive skin disorders such as vitiligo, psoriasis, and cutaneous t-cell lymphoma is where phototherapy is most frequently used. For instance, vitiligo is a chronic autoimmune disorder that destroys and selectively malfunctions melanocytes in the skin, hair, or both. Phototherapy is still the preferred treatment for vitiligo, even though several other therapies have had variable success. This is because of phototherapy's proven efficacy and tolerable side effect profile. These factors are predicted to support the growth of the global phototherapy market throughout the forecast period.

The Growing Popularity of Home Phototherapy for the Treatment of Skin Diseases Creates Tremendous Opportunities

Home phototherapy prescriptions still need to be widely used, despite the outpatient department's heavy treatment load for phototherapy. Since patients must drive to the hospital two to three times each week, usually during work hours, which is expensive and difficult to integrate into daily life, home phototherapy is more patient-friendly to eliminate the three weekly hospital visits. As practical and safe as outpatient phototherapy, home phototherapy can be used to treat psoriasis.

Patient satisfaction rose with at-home phototherapy. Home phototherapy typically provides patients with moderate-to-severe psoriasis the most cost-effective treatment option, consistently producing excellent results without the dangerous and common side effects associated with biologics. Home phototherapy usage is predicted to increase during the review period. This is expected to present market participants with a wide range of growth opportunities throughout the forecast timeframe.

Regional Analysis 

North America is the most significant revenue contributor and is anticipated to expand at a CAGR of 4.40% over the projection period. The phototherapy market in North America is the most dominant in the world due to the rising prevalence of acne and other skin conditions related to acne, the increasing adoption rate for technologically advanced skincare treatment devices, the rising effectiveness of phototherapy over other treatment options, and the rising adoption of Led-based phototherapy equipment.

The Asia-Pacific region is anticipated to experience the fastest growth throughout the projected period. The increase in preterm births and the number of persons with skin disorders can be attributed to the rapid growth rate. For instance, The Lancet reports that 85% of preterm births occur during the late preterm period, with Asia and South Asia accounting for 80% of births. The Narayan Health Organization estimates that 1/5 of the 15 million preterm births worldwide occur in India alone. The high prevalence of acne in Asia-Pacific is also expected to drive up the demand for phototherapy equipment. For instance, acne affects many Asian people, according to the Derma Health Institute, which damages the market for phototherapy equipment in this region.

Key Highlights

• The global phototherapy industry was valued at USD 581.50 million in 2022. It is projected to reach USD 886.75 million by 2031, growing at a CAGR of 4.80% during the forecast period (2023-2031).
• Based on product type, the global phototherapy market is bifurcated into conventional and conventional phototherapy equipment with fluorescent lamps. The traditional equipment of the phototherapy segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.05% during the forecast period.
• Based on application, the global phototherapy market is bifurcated into skin disease treatment, neonatal jaundice management, and sterilization. The skin disease treatment segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.40% during the forecast period.
• Based on end-user, the global phototherapy market is bifurcated into hospitals and clinics, and dermatology centers. The hospital and clinic segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.45% during the forecast period.
• North America is the major revenue contributor and is expected to grow at a CAGR of 4.40% during the forecast period.

Competitive Players

Competitive Players

The global phototherapy market's major key players are Signify Holding, GE Healthcare, Natus Medical Incorporated, Herbert Waldmann GmbHand Co. KG, Phoenix Medical Systems (P) Ltd, and Atom Medical Corporation.

Recent Developments

Market News

• In February 2022, the commercial launch of XTRAC Momentum 1.0, the company's next-generation excimer laser technology, was announced by STRATA Skin Sciences, Inc. For adult and pediatric patients with inflammatory skin disorders such as psoriasis, atopic dermatitis, and vitiligo, the XTRAC excimer laser technology accurately delivers tailored UVB light therapy to particular skin treatment areas.
• In March 2023, AbbVie announced Late-Breaking Results of a Study Evaluating the 52-Week Efficacy and Safety of SKYRIZI® (risankizumab) in Plaque Psoriasis Patients with a Prior Suboptimal Response to IL-17 Inhibitor Therapy.

Segmentation

Global Phototherapy Market: Segmentation

By Product 

• Conventional Phototherapy Equipment
• Conventional Phototherapy Equipment with Fluorescent Lamp

By Applications

• Skin Disease Treatment
• Neonatal Jaundice Management
• Sterilization

By End-User 

• Hospital and Clinic
• Dermatology Center

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA