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Phototherapy Devices Market

LED-based Phototherapy Devices to Hold Over 55% Revenue Share in Global Market: Fact.MR Study

Published : 22 Nov 2021 Industry: Healthcare

As per industry analysis on phototherapy devices by Fact.MR, a market research and competitive intelligence provider, the global market is anticipated to expand at a healthy CAGR of 7% over the forecast period of 2021-2031, reaching US$ 1.5 Bn in valuation.

Phototherapy uses light of a certain wavelength for the treatment of chronic disorders. For the treatment of skin problems and the management of neonatal jaundice cases, phototherapy devices include light-emitting diodes, fiber optics, and conventional lamps. Phototherapy units range in size from handheld to desktop devices for spot treatment of tiny areas to cabinets to walk-in units for full-body treatment.

According to the National Center for Biotechnology Information (NCBI), neonatal jaundice affects 60% to 80 % of healthy babies. Phototherapy devices are effective in the treatment of neonatal jaundice, a disorder that affects newborns with excessive bilirubin levels.

Growing adoption of LED-based phototherapy equipment and technologically advanced products is anticipated to boost demand for phototherapy devices over the next ten years.

Key Takeaways from Market Study

  • Global phototherapy devices market to top US$ 1.5 Bn by 2031.
  • LED-based phototherapy devices projected to reach around US$ 800 Mn by 2031.
  • Conventional phototherapy devices projected to record above 4% CAGR over next 10 years.
  • Phototherapy devices for skin disease treatment expected to reach valuation of US$ 250 Mn by 2031.
  • Market in North America holds share of more than 40%.
  • Market in India to record 3% CAGR over forecast period of 2021- 2031.

“Phototherapy treatment has undergone immense transformation owing to the development of new technological peripherals. The effectiveness of phototherapy over other treatment methods and technological advancements in the field of infant phototherapy are expected to fuel market growth over the next ten years,” says a Fact.MR analyst.

Market Competition

The phototherapy devices market, which includes both, public and private enterprises, is a growing market in the medical device industry. Key players are involved in the design, production, and distribution of phototherapy devices and accessories.

To assure patient safety and device affordability in the market, manufacturers are engaged in research & development. Recent improvements in the creation of phototherapy equipment have aided in the reduction of instrument size and improved device portability. With the entry of new players into the ecosystem, the market will remain competitive.

More Valuable Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the phototherapy devices market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.

The study divulges essential insights on the market on the basis product type (LED-based phototherapy devices, conventional phototherapy devices, fiber optic phototherapy devices, and others), light type (white light, red light, blue light, and others), application (skin disease treatment, psoriasis, vitiligo, eczema, jaundice management, scleroderma, and seasonal affective disorder (SAD), and end user (hospitals, home care settings, and dermatology clinics), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).

Fact.MR’s Domain Knowledge in Healthcare

Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.

For more information, refer to our market research report or contact the PR author.

Shambhu Nath Jha

Fact.MR

Sr. Consultant - Healthcare

E-mail: shambhu@factmr.com

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Phototherapy Devices Market

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Phototherapy Devices Market by Product (LED-based Phototherapy Devices, Conventional Phototherapy Devices, Fiber Optic Phototherapy Devices), by Light (White Light, Red Light, Blue Light Phototherapy Devices), by Application (Psoriasis, Vitiligo, Eczema) & Regional Forecast to 2031