The Global Phototherapy Market is expected to grow at a CAGR of 4.6% during the forecast period 2017-2023.
The demand for phototherapy is high across the globe. Increasing ratio of death in infants due to jaundice and increasing psoriasis and vitiligo population with such disease are driving the market growth. According to a study by the Centers for Disease Control and Prevention (CDC), it has been found that approximately 60 percent of the new-born babies suffer from neonatal jaundice across the world. The most common type of phototherapy used to treat skin diseases are narrowband ultraviolet B (UVB) light. This uses a special machine to emit UVB light, which is the best part of natural sunlight for treating skin diseases. Furthermore, the product firefly is in massive demand that controls the bilirubin rate in the infants.
GE Healthcare (UK), Koninklijke Philips N.V. (Netherlands), Natus Medical Incorporated (U.S.), Beurer GmbH (Germany), Herbert Waldmann GmbH & Co. KG (Germany), PhotoMedex, Inc (U.S.), MTTS ASIA (Vietnam), VIA Global Health (U.S.), are some of the prominent players at the forefront of competition in the Global Phototherapy Market and are profiled in MRFR Analysis.
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Global Phototherapy Market – Competitive Analysis:
Characterized by the presence of several well-established and small players, the global market of phototherapy appears to be highly competitive and fragmented. With well-established market in the North America region major companies have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.
The phototherapy market has turned into a critical factor in the global point of care industry. Through extensive research it is found out that the market players have adopted the strategy of launching products in the market, the key player involved in this strategy are Koninklijke Philips N.V and F. Hoffmann-La Roche AG. Partnership was the second most widely adopted strategy which was adopted by the key market players. The number of key market player involved in mergers and acquisition was comparatively low, the market players which were involved in mergers and acquisition are F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc. and others in the Global Phototherapy market.
The global market is segmented into the various regions including Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas accounts for the largest market share of about more than ~40%. The major share in the global phototherapy market is due to the growing prevalence of new-borns with jaundice, psoriasis, vitiligo, and others skin disease. Moreover, well-established technology, increasing government support for research & development, increasing healthcare expenditure, and changing lifestyle have influenced the growth of the Americas phototherapy market. Moreover, the presence of major players in this region is likely to fuel the growth of the market during the forecasted period. According to the World Health Organization (WHO) in 2014, the prevalence of psoriasis had increasing all around the globe. It affected both men and women of all ages, regardless of location, the prevalence of psoriasis in different countries varies from 0.09% to 11.4%. Furthermore in the most developed nations, prevalence is between 1.5 and 5%.
Europe holds the second largest phototherapy market, which is followed by Asia Pacific. Major factor influencing the growth of the market include initiatives by government agencies focusing on various treatment of skin diseases. According to WHO, in 2014 around 28 regional psoriasis networks were established in Germany throughout the country to coordinate high-level health care for psoriasis patients by dermatological experts.
Asia Pacific is the fastest growing phototherapy market due to the increasing population of new-borns, raising healthcare awareness, development in the economy and increasing government support. Moreover, increasing demand for new treatment methods in countries like India and South Korea is likely to emerge as the fastest growing market across the globe.
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On the other hand, the Middle East & Africa holds the least share of the market due to poor political conditions in Africa and limited availability of funds and availability of medical facilities. Middle East is one of the emerging market due to changing healthcare structures in countries like Turkey and few others. Whereas, Africa region is expecting a healthy growth due to the presence of a huge opportunity for the development of the market.
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