Phototherapy Market Is Projected to Record a CAGR of 4.6% Over 2017-2023

Market Overview:

The recent reports published by Market Research Future (MRFR) states that the Phototherapy Market is expected to witness a modest development by 2023, recording almost 4.6 % CAGR over the forecast period (2017 – 2023).

Phototherapy is a cure concerning application of a distinct kind of light to treat different skin issues such as atopic dermatitis, contact dermatitis, dyshidrotic eczema, nummular eczema, and seborrheic dermatitis. It is also widely used to cure jaundice prevailing in the newborns through a procedure called photo-oxidation. Likewise, it is also applied to accelerate vitamin D creation in the human body, and to improve bacteria-fighting techniques in the skin.

With the increasing instances of ecological changes such as anthropogenic effects and global warming caused by rapidly developing industries, the occurrence of skin disorders and diseases are augmenting at a fast pace.  Furthermore, transforming lifestyle led by the soaring urbanization is playing a critical role in aiding the occurrence of several skin disorders.

The good news is that the global financial conditions are developing enabling smooth access to the improved healthcare and the quality of life. These factors collectively drive the phototherapy market.  Moreover, growing demand for new ways to treat chronic skin ailments coupled with the growing number of skin diagnosis techniques provide substantial stimulus to the market growth.

Key Players:

·         Koninklijke Philips N.V.

·         GE Healthcare

·         Beurer GmbH

·         Natus Medical Incorporated

·         PhotoMedex, Inc

·         Herbert Waldmann GmbH & Co. KG

·         VIA Global Health

·         MTTS ASIA

Market Segmentation:

·         The worldwide phototherapy market has been segmented based on indication, end user, and devices.

·         Based on indication, the global phototherapy market has been segmented into jaundice, skin diseases, and others. Skin disease has been sub-segmented into vitiligo, psoriasis, and other skin diseases.

·         Based on end user, the market has been segmented into home care, dermatology center, hospitals & clinics, and others.

·         Based on devices, the market has been segmented into fiber-optic band, fiber-optic blanket, firefly, and others.  

Regional Analysis:

The Americas hold the major share in the worldwide phototherapy market. The growing prevalence of infants suffering from psoriasis, jaundice, vitiligo, and other skin ailments in the region, makes it a lucrative market for the phototherapy industry. Additionally, enhanced technology, growing government aid for research & development, changing lifestyle, and high healthcare expenditure, have propelled the phototherapy market growth in the Americas. Moreover, the focus of key players in this region is likely to accelerate the market over the forecast period. As per a report by WHO, in 2014, the incidence of psoriasis witnessed a striking surge across the world. It affected both men and women of all ages, irrespective of their ethnic origin. The occurrence of psoriasis in different countries range from 0.09% to 11.4%. In the developed nations, occurrence is between 1.5 and 5%. Moreover, it has been likely to surge over the coming years.