Phototherapy Market

Market Overview

The global phototherapy market size 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). 

Highlights

• The conventional phototherapy equipment segment is the highest contributor to the market by product.
• The skin disease treatment segment is the highest contributor to the market by application.
• The hospital and clinic segment is the highest contributor to the market by end-user.
• North America is the most significant revenue contributor by region.

Phototherapy devices are highly advanced, clinically-proven instruments. They are used to treat neonatal jaundice. Another treatment for hyperbilirubinemia involves irradiating newborns with light that oxidizes the bilirubin in their blood. They protect the brain from the neurotoxic effects of high serum unconjugated bilirubin levels and lower the number of neonates who require exchange transfusions. They have an hour meter to track how long the bulb will last and how long the infant will be treated. Neonatal phototherapy devices are medical equipment used to cure jaundice in newborns.

Due to factors such as the increased incidence of severe skin illnesses and the rising number of premature and low-weight babies, the phototherapy market is expanding globally. In addition, the expanding use of phototherapy equipment based on LEDs is anticipated to be another factor that will drive the expansion of the market. The market expansion is expected to be hampered throughout the forecast period covered by the forecast because different nations have varying levels of knowledge and availability and concerns concerning venture capital, startups, and collaborations.

Market Dynamics

Global Phototherapy Market Drivers

Growing Prevalence of Serious Skin Illnesses

According to the Burden of Disease Study, skin conditions are still the fourth-leading cause of the non-fatal disease burden worldwide. Age-related increases in skin illnesses occur more frequently in men than in women. The most common uses of phototherapy are to treat photoresponsive skin conditions such as vitiligo, psoriasis, and cutaneous t-cell lymphoma. For instance, vitiligo is a persistent autoimmune condition that causes melanocytes in the skin, hair, or both to malfunction selectively and be destroyed. While several therapies have shown varying degrees of success in treating vitiligo, phototherapy is still the go-to treatment due to its efficacy and acceptable side effect profile. During the forecast period, these elements are anticipated to fuel the expansion of the worldwide phototherapy market.

Global Phototherapy Market Restraint

Differentiations in Communication and Availability Among Countries

Different countries have varying technology, money, and awareness levels, which could obstruct phototherapy's effective and widespread market adoption. Comparatively speaking to several European and Asian nations, the US adopts new technologies more quickly. The US spends more on healthcare (almost 16% of GDP) and has more lenient reimbursement policies, encouraging breakthroughs like sophisticated phototherapy treatments. Contrary to many European and Asian nations, such as France, Germany, China, India, Finland, Sweden, Japan, and Indonesia, the breast cancer treatment medicine trastuzumab (Herceptin), a blockbuster was swiftly approved and adopted into clinical practice.

Global Phototherapy Market Opportunities

Growing Popularity of Home Phototherapy for the Treatment of Skin Diseases

Although phototherapy has a significant treatment load in the outpatient department, home phototherapy prescriptions still need to be widely implemented. Home phototherapy is more patient-friendly in terms of avoiding three weekly hospital visits, as patients must drive to the hospital two to three times a week, typically during business hours, which is expensive and challenging to fit into daily life. Home phototherapy for treating psoriasis is as efficient and secure as outpatient phototherapy. 

Home phototherapy increased patient satisfaction. This is because home phototherapy frequently offers patients with moderate-to-severe psoriasis the most affordable alternative for treatment, consistently delivering outstanding outcomes without the dangerous and frequent side effects associated with biologics. As a result, it is anticipated that the use of home phototherapy will rise throughout the review period. Throughout the projected period, this is expected to offer market participants considerable prospects for growth.

Regional Analysis

The global phototherapy market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America is the most significant revenue contributor and is expected to grow at a CAGR of 4.40% during the forecast period. The phototherapy market in North America is the most dominant worldwide because of the rising prevalence of acne and other skin conditions related to acne, the increasing adoption rate for technologically advanced skincare treatment devices, and the rising effectiveness of phototherapy over other treatment methods, and the growing adoption of Led-based phototherapy equipment in North America. 

Asia-Pacific is a significant marketplace with the fastest growth rate throughout the projection period. Growing awareness about advanced phototherapy and developing healthcare infrastructure, a rise in the incidence of neonatal jaundice and demand for cost-effective devices, and a rising focus of governments in this region are all factors that are expected to drive growth in the phototherapy market in Europe and Asia-Pacific, which is the predicted region in terms of change in the phototherapy market. The rapid growth rate can be blamed for the rise in preterm births and the number of people with skin conditions. For instance, according to The Lancet, 85% of preterm deliveries happen in the late preterm period, with 80% of births occurring in Asia and South Asia. Furthermore, of the 15 million preterm births worldwide, Narayan Health Organization estimates that 1/5 of these babies occur in India alone. The Asia-Pacific region also has a high incidence of acne, which is projected to increase demand for phototherapy equipment. For instance, according to the Derma Health Institute, acne affects many Asian individuals, which hurts the market for phototherapy equipment in this area.

Segmental Analysis

The global phototherapy market is segmented by product, application, and end-user.

Based on product type, the global market is bifurcated into conventional and conventional phototherapy equipment with fluorescent lamps.

The conventional phototherapy equipment segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.05% during the forecast period. The company's goods division sells various phototherapy-related items, including germicidal lamps, conventional phototherapy equipment, LED phototherapy equipment, fiberoptic phototherapy equipment, and multiple accessories. The traditional phototherapy device consists of a fluorescent lamp aimed at the patient's entire body or just a specific area, depending on the patient's needs. LED phototherapy equipment is not only more easily transportable and inexpensive, but it also consumes a substantially lower amount of power. As a direct consequence, LED phototherapy equipment utilization has been rising over the past several years, particularly in terms of phototherapy that are performed in the home.

The component of the fiberoptic phototherapy apparatus that most frequently takes the form of a pad is designed to be in skin-to-skin contact with the individual being treated. These are everyday necessities for newborn infants who have just been brought into the world. Germicidal lamps produce ultraviolet C (UVC) radiation, which destroys the DNA of infectious organisms such as bacteria, viruses, and other pathogens. This helps diminish their capacity to multiply and cause disease in humans and other animals.

Based on application, the global 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. Due to the rising incidence of severe skin conditions, including psoriasis, vitiligo, and eczema, there is a good chance that the skin disease treatment market will expand in the next few years. In addition, advanced phototherapy solutions, such as those sold by firms like Solarc Systems Inc. and The Daavlin Company, come equipped with greater precision, space-saving design, simple timers, and safety lockouts. These elements are anticipated to be the primary drivers of the expansion of the market.

Psoriasis is a condition that affects the skin and causes the cells of the skin to reproduce ten times more quickly than they usually would. Vitiligo is a disorder in which the skin gradually loses its pigment cells, resulting in a patchy white appearance. It can cause discoloration in various body areas, including the skin, the hair, and the mucous membranes. On the other hand, eczema is a disorder that causes the skin to become red and itchy. Phototherapy machines are employed to treat various skin conditions, including cutaneous T-cell lymphoma, acne, and rashes.

The term "neonatal jaundice" refers to the yellowing of a newborn infant's skin and the whites of their eyes, which is caused by excessive bilirubin in the blood. Factors such as the development of sophisticated newborn phototherapy equipment and the increasing number of initiatives conducted by healthcare organizations to raise awareness about neonatal jaundice would drive the expansion of this market segment. It is also anticipated that sophisticated phototherapy systems, such as those provided by Phoenix Medical Systems (P) Ltd., which aid in treating newborn jaundice and contribute to managing the condition, will play a role in driving the expansion of the segment. 

Based on end-user, the global 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. The hospital and clinic sector was the end-user market segment with the most importance and the segment that owned the most market share. During the projected period, several nations, including those now included in the analysis, will likely invest significant resources into developing their healthcare infrastructure. One of the aspects that will contribute to the growth of the hospital and clinic sector is the factor mentioned above. In addition to this, the utilization of phototherapy at homecare would considerably expand as a result of the fact that it is simple to use and can be obtained in a variety of settings.

Recent Developments

• 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 treatment areas of treatment the skin.
• 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.