Phototherapy Equipment Market Size & Share, By Product (Conventional Phototherapy Equipment), Application (Skin Diseases Treatment), End-use, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Phototherapy Equipment Market surpassed USD 404.43 Million in 2023 and is set to exceed USD 557.58 Million by end of the year 2032, growing at over 4.1% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 404.43 Million
• CAGR (2024-2032): 4.1%
• Forecast Year Value (2032): USD 557.58 Million
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

One major growth driver for the phototherapy equipment market is the increasing prevalence of skin disorders and diseases such as psoriasis, eczema, and vitiligo. With the rising incidence of these conditions worldwide, there is a growing demand for phototherapy treatments as they have been proven to be effective in managing these skin conditions. Furthermore, advancements in technology have led to the development of more efficient and targeted phototherapy equipment, which is expected to drive market growth.

Another significant growth driver for the phototherapy equipment market is the expanding geriatric population. The elderly are more susceptible to skin disorders and other medical conditions that may require phototherapy treatment. As the global population continues to age, the demand for phototherapy equipment is expected to increase, creating opportunities for market growth. Additionally, the increasing awareness about the benefits of phototherapy among both patients and healthcare professionals is also contributing to market expansion.

Report Scope

Report Coverage	Details
Segments Covered	Product, Application, End-Use
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Signify Holding, GE Healthcare, Natus Medical Incorporated, Hebert Waldmann & Co. KG, Nice Neotech Medical Systems Pvt.., Atom Medical, Phoenix Medical Systems Pvt.., National Biological Corp., Solarc Systems, The Daavlin Company

Industry Restraints:

Despite the significant growth drivers mentioned above, there are also certain restraints that may hinder the growth of the phototherapy equipment market. One major restraint is the high cost associated with phototherapy equipment and treatments. The initial investment in purchasing phototherapy equipment can be substantial, and ongoing maintenance and operational costs can also be expensive. This high cost may limit the adoption of phototherapy equipment, especially in developing regions with limited healthcare budgets.

Another significant restraint for the phototherapy equipment market is the potential risks and side effects associated with phototherapy treatments. While phototherapy is generally considered safe and effective, there are certain risks involved, such as skin damage, burns, and potential long-term side effects. Healthcare providers need to carefully assess the risks and benefits of phototherapy treatments for each patient, which may impact the adoption and usage of phototherapy equipment. Additionally, regulatory challenges and stringent guidelines for the use of phototherapy equipment in healthcare settings may also act as restraints for market growth.

Regional Forecast:

North America:

The Phototherapy Equipment Market in North America is expected to witness significant growth due to the increasing prevalence of skin disorders such as psoriasis and eczema. The United States is the largest market in this region, followed by Canada. Rising awareness about the benefits of phototherapy treatment, coupled with the presence of well-established healthcare infrastructure, will drive market growth in North America.

Asia Pacific:

In the Asia Pacific region, countries such as China, Japan, and South Korea are expected to drive the growth of the Phototherapy Equipment Market. The increasing incidences of neonatal jaundice and skin disorders in these countries, along with the growing healthcare expenditure, will fuel market growth. Additionally, the presence of a large population base and rising awareness about advanced treatment options will further propel the market in Asia Pacific.

Europe:

Europe, specifically the United Kingdom, Germany, and France, is anticipated to witness steady growth in the Phototherapy Equipment Market. The high prevalence of skin disorders, coupled with the increasing adoption of technologically advanced phototherapy equipment, will drive market growth in these countries. Furthermore, government initiatives to promote early diagnosis and treatment of skin diseases will contribute to the market expansion in Europe.

Segmentation Analysis:

In terms of segmentation, the global phototherapy equipment market is analyzed on the basis of Product, Application, End-Use.

Phototherapy Equipment Market Size & Share

Conventional Phototherapy Equipment:

The segment of conventional phototherapy equipment holds a significant share in the phototherapy equipment market. This can be attributed to the increasing adoption of traditional phototherapy methods for treating various skin diseases such as psoriasis, eczema, and vitiligo. Conventional phototherapy equipment utilizes UV light to penetrate the skin and treat these conditions effectively. As a result, it remains a popular choice among healthcare providers and patients seeking non-invasive treatment options.

Skin Diseases Treatment:

The application segment of skin diseases treatment dominates the phototherapy equipment market in terms of market size and share. Skin diseases such as psoriasis, eczema, and acne are common conditions that can benefit from phototherapy treatment. With a rising prevalence of skin diseases globally, there has been a corresponding increase in the demand for phototherapy equipment to effectively manage these conditions. As a result, the market for phototherapy equipment for skin diseases treatment continues to grow steadily.

End-use:

The end-use segment of the phototherapy equipment market encompasses hospitals, clinics, and homecare settings. Hospitals are the primary end-users of phototherapy equipment, owing to the availability of skilled healthcare professionals and advanced infrastructure required for administering phototherapy treatments. However, with the trend towards home-based care on the rise, there has been a growing demand for phototherapy equipment in homecare settings. This allows patients to receive treatment in the comfort of their own homes, offering convenience and cost-effectiveness. Clinics also play a crucial role in the adoption of phototherapy equipment, providing specialized care for skin diseases treatment

Competitive Landscape:

The phototherapy equipment market is highly competitive, with several key players constantly striving to innovate and improve their products. Some of the major factors driving this competition include technological advancements, increasing prevalence of dermatological disorders, and the growing demand for non-invasive treatment options. Companies in this market are focusing on developing more efficient and cost-effective phototherapy equipment to cater to the needs of healthcare providers and patients.

Top Market Players:

1. Philips

2. GE Healthcare

3. Natus Medical Inc.

4. Hill-Rom Holdings Inc.

5. Phoenix Medical Systems

6. National Biological Corporation

7. Atom Medical Corporation

8. Solarc Systems Inc.

9. Herbert Waldmann GmbH & Co. KG

10. Nice Neotech Medical Systems