Phototherapy Equipment Market Size, Growth and Share Analysis By Devices (Firefly, Fiber-Optic Blanket, Fiber-Optic Band and others) By Indication (Jaundice, Skin Disease, and others) By End Users (Hospitals & Clinics, Dermatology Center, Home Care, and others) – Forecast till 2023
Phototherapy Equipment Market Snapshot
As per the analysis by Market Research Future (MRFR), the global Phototherapy Equipment Market is estimated to record a CAGR of 4.6%, amassing a substantial market value during the forecast period from 2017 to 2023.
The environmental crisis caused due to the rising global warming has resulted in various skin ailments like psoriasis, vitiligo, and acne, leading to a rise in demand for an efficient treatment method, which is projected to drive the Phototherapy Equipment Market 2020. Further, the surging death ratio among infants due to Jaundice is estimated to be other significant factor enhancing the demand for phototherapy, globally. Besides, the integration of latest technologies in healthcare sector, along with persistent research is predicted to steer the global market significantly during the forecast period. Moreover, the proven efficiency of phototherapy in curing the above-mentioned diseases are assisting the market in growing exponentially at a global front.
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Phototherapy Equipment Market Segmentation
The segment evaluation of the global Phototherapy Equipment Market is done by indication, devices, and end-user.
The indication-based segments of the global Phototherapy Equipment Market are Jaundice, skin diseases, and others. The skin disease segment is further segmented into vitiligo, psoriasis, and other skin diseases.
The devices-based segments of the global Phototherapy Equipment Market are firefly, fiber-optic blanket, fiber-optic band, and others.
The end-user based segments of the global Phototherapy Equipment Market are dermatology center, hospitals & clinics, home care, and others.
Phototherapy Equipment Market Regional Analysis
Based on the region, the global Phototherapy Equipment Market is segmented into the Americas, Europe, Asia-Pacific, and the rest of the world.
As per the research, the global Phototherapy Equipment Market is anticipated to be dominated by the Americas, owing to the increased cases of vitiligo, psoriasis, and other skin ailments. Further, surged healthcare expenses, persistent research to develop technology, and changed lifestyle are some of the other vital elements projected to drive the regional market.
Europe is projected to take the second position on account of favorable initiatives taken by the government to spread health awareness. Further, the availability of sufficient funds to conduct research and development is likely to additionally develop the regional market. Besides, countries like Germany and France are making a substantial investment to strengthen their healthcare sector, which is projected to augment the regional market further.
The APAC region is estimated to be the fastest-growing market owing to rising healthcare awareness, the fast development of healthcare infrastructure, and support provided by the government. Besides, the presence of developing countries like India and China, who adopt the latest technologies at a fast pace, are likely to make a significant contribution to develop the regional market. Further, the rise in disposable income has allowed the individuals to avail efficient treatment methods, which is anticipated to further stimulate the market growth in the coming period.
The MEA region is projected to acquire the least phototherapy equipment market share on account of poor economic and political scenario. Further, lack of expertise in the healthcare sector is likely to hamper the market significantly. However, the African region is likely to prosper in the coming period owing to the presence of various untapped regions, which are potent enough to support the market expansion. On the other hand, the Middle East region is projected to dominate the region owing to the presence of economically stable nations such as Saudi Arabia, Kuwait, Qatar, and Oman.
Phototherapy Equipment Market Key Players
The renowned players of the global Phototherapy Equipment Market are Koninklijke Philips N.V. (Netherlands), Natus Medical Incorporated (U.S.), G.E. Healthcare (U.K.), Beurer GmbH (Germany), PhotoMedex, Inc (U.S.), Herbert Waldmann GmbH & Co. K.G. (Germany), MTTS ASIA (Vietnam), and VIA Global Health (U.S.).
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