Phototherapy Market Report provides key statistics on the market status of the Industry Players and valuable source of guidance and direction for companies and individuals interested in the Industry.
Pune, India - February 20, 2019 /MarketersMedia/ —
Phototherapy Market – Sketch
The Global Phototherapy Market is projected to have an impressive growth at a whopping CAGR over the forecast period (2017-2023). Phototherapy which is also popularly known as light therapy is a process that uses UV (ultraviolet) light for the healing effects. This process is being used for a good number of years now and the world over for treating severe skin conditions namely eczema, vitiligo and psoriasis. It is a good option for people who are not in favour of a steroid treatment but on the lookout for something that is natural and sans side effects. Not only skin ailments, phototherapy is also used for treating jaundice in case of new-borns through the photo-oxidation process. Similarly, phototherapy is also used for increasing the production of vitamin D to ramp up the bacteria-fighting systems within the skin.
There are various factors that is driving the growth of the phototherapy market according to MRFR (Market Research Future) Report. These include rising concerns for environmental changes especially global warming, anthropogenic effects which are led by the leading industries, rapid increase in skin disorders and diseases, changing lifestyle, improved healthcare, improved economic conditions, improved skin treatment procedures, efficacies and awareness of phototherapy and environmental changes. Unfortunately, on the contrary, factors such as risks associated to phototherapy and unmet medical needs are likely to impede the growth of the phototherapy market. The risks related to phototherapy include increased danger of childhood seizures, cataracts from inadequate eyewear at the time of the treatment, nausea, headache, melanoma, skin aging and sunburn.
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Competitive Analysis
The global phototherapy market is competitive and fragmented with a good number of players that are churning the competition. Lack of effective devices for treating skin issues and shortages of dermatologists have paved the way for phototherapy and opportunities both for leaders and new entrants alike. The increase in counterfeit and spurious equipment have cut down the market revenue thereby displacing off the standard devices from the market.
Key Players
Leading players profiled in the phototherapy market include MTTS ASIA (Vietnam), VIA Global Health (U.S.), PhotoMedex, Inc (U.S.), Beurer GmbH (Germany), Herbert Waldmann GmbH & Co. KG (Germany), Natus Medical Incorporated (U.S.), GE Healthcare (UK), and Koninklijke Philips N.V. (Netherlands).
Dec 2018- The Northwestern Engineering Students and Northwestern Medicine has introduced the smallest ever battery-free, wearable device that can help to treat skin cancer, sunburns, seasonal affective disorder, skin diseases and neonatal jaundice. This device is so small that can be glued to the watch or sunglass or mounted on the hat which means now people can do phototherapy at home. The best part is, this phototherapy machine is waterproof and also rugged.
Market Segmentation:
As per MRFR report, the global phototherapy market is segmented on the basis of devices, indications and end-users.
Based on devices, it is segmented into fiber-optic band, fiber-optic blanket, firefly and others.
Based on indications, the phototherapy market is segmented into skin diseases (vitiligo, psoriasis and others) and jaundice.
Based on end-users, it is segmented into home care, dermatology center, hospitals and clinics and others. Of these, the hospitals and clinics will have the maximum market share.
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
Based on region, the phototherapy market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and the Middle East and Africa. Of these, North America will dominate the market owing to extensive acceptance of therapies that are technologically advanced and related medical devices, soaring healthcare expenditure and rising governmental support for research and development activities. The additional factors that is driving the growth of the market include the occurrence of vitiligo, psoriasis and infant’s jaundice in this region, presence of key players in the region and changing lifestyle. Due to the rising prevalence of skin disorders and diseases, the phototherapy market is anticipated to grow phenomenally by 2023.
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The phototherapy market in the European region is also a lucrative one owing to the increasing dermatological issues here. Besides, factors such as increased funding, rising government support, growing emphasis on the progress of advent therapy and the increasing specialty services provided by different healthcare providers is likely to offer impetus to the growth of the phototherapy market in the region. Countries especially France and Germany backed by the rising investment in healthcare are driving the regional market growth.
The phototherapy market in the APAC region is emerging rapidly and the factors that are driving the market growth include rising occurrence of skin diseases, healthcare technology that is developing rapidly and increasing need for advent therapies. Countries mainly South Korea and India backed by increasing government support and developing economy are predicted to develop as the fastest growing phototherapy market across the globe.
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