The report predicts the Global Phototherapy Market to grow with a CAGR of 4.6% over the forecast period of 2017-2023. The study on Phototherapy Market covers the analysis of the leading geographic such as America, Europe, Asia-Pacific and EMEA.
Phototherapy Market – Sketch
Phototherapy is a treatment involving usages of a special kind of light to treat various skin disorders such as contact dermatitis, atopic dermatitis, seborrheic dermatitis, dyshidrotic eczema, and nummular eczema. It is also majorly used to treat jaundice occurring in the newborns through a process called photo-oxidation. Similarly, it is also used to increase vitamin D production in the human body, and to ramp up bacteria-fighting systems in the skin.
With the growing concerns of environmental changes such as global warming and anthropogenic effects led by growing industries, the prevalence of skin diseases and disorders are increasing rapidly. Moreover, changing lifestyle led by the growing urbanization is playing a vital role in supporting the growth of various skin disorders. While people in the Asia Pacific region have to face the effects of scorching sunlight that leads to skin burns sometimes, people in the Americas and Europe are suffering from vitamin D deficiency due to weaker sun rays.
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Fortunately, the good news is that the economic conditions worldwide are improving availing access to the quality of life and the improved healthcare. All these factors commutatively drive the Phototherapy market. Moreover, factors such as the increasing number of skin diagnosis procedures and rising demand for new techniques to treat chronic skin diseases provide significant impetus to the market growth. Efficacies of phototherapy demonstrated in treating the symptoms of conditions mentioned above, in turn, are escalating the market on the ascending heights, making the market a well-developed space on the global platform.
Acknowledging the kind of expansion the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global phototherapy market will witness a modest growth by 2023, registering approximately 4.6 % CAGR throughout the forecast period (2017 – 2023).
The well-spread awareness about the availability of this therapy and the advantages it renders is fostering the market growth over the recent years. Simultaneously, environmental changes such as depletion of ozone layers and pollution that are increasing cases of various inflammatory skin diseases are predominantly fuelling the market growth.
Phototherapy Industry/Innovations/Related News:
February 28, 2018 -– Clarify Medical (US), developer of a software-controlled home phototherapy system announced the issuance of a patent for its phototherapy light engine technology in the United States. The U.S. Patent and Trademark Office issued a US patent 9,901,747, entitled ‘Phototherapy Light Engine.’
The patent covers a specific, targeted phototherapy device that uses UVB LEDs, reflectors, window filter and thermal management system to optimize therapeutic power and uniformity of narrowband UVB light treatment.
Clarify Medical’s home phototherapy system is the first ever system available in the US using UVB LED technology to treat chronic skin conditions. This innovative technology will improve precision and control over home phototherapy, further improving the outcomes for patients.
Key Players for Global Phototherapy Market
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.
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.
Regional Analysis for Global Phototherapy Market
The North American region is dominating the global phototherapy market. Factors substantiating the market growth include extensive uptake of technologically advanced therapies and associated medical devices, increasing governmental support for R&D activities, and high expenditures for health care.
Besides, the increasing cases of occurrence of infant’s jaundice, psoriasis, and vitiligo foster the market in the region. Furthermore, changing lifestyle and the presence of major players in this region is fuelling the market growth in the region. With the increasing prevalence of skin diseases and disorders, the market is expected to evaluate phenomenally by 2023.
The European region is another lucrative market for phototherapy due to the growing dermatological issues in the region. Further, the growth attributes to the increasing emphasis on the development of advent therapy, rising government support with the increased funding. Besides, the rising numbers of specialty services offered by various healthcare providers provide impetus to the market growth in the region.
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Countries such as Germany and France backed by the increasing investment in the healthcare domain majorly drive the growth of the regional market.
The Asia Pacific region is rapidly emerging as a promising market for phototherapy. Increasing occurrences of skin disorders are fostering the market growth. Furthermore, factors such as the increasing demand for advent therapies alongside rapidly developing healthcare technology is expected to lead the market growth in the APAC region.
Countries such as India and South Korea, backed by the rapidly developing the economy and increasing government support are estimated to emerge as the fastest growing market across the globe.
Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
Chapter 3. Research Methodology
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
Chapter 6. Global Phototherapy Market, By Devices
Chapter 7. Global Phototherapy Market, By Indication
Chapter 8. Global Phototherapy Market, By End User
Chapter 9. Global Phototherapy Market, By Region
Chapter 10. Competitive Landscape
Chapter 11. Company Profile
Chapter 12. Conclusion
Chapter 13. Appendix
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