Phototherapy Equipment Market Revenue: Financial Trends and Market Valuation Insights
The global phototherapy equipment market size is expected to reach at USD 521.1 million by 2030, registering a CAGR of 3.95% from 2023 to 2030, according to a new report by Grand View Research, Inc. Rising prevalence of skin diseases across the globe has led to an increased demand for phototherapy equipment. According to healthline data, nearly 150,000 new psoriasis cases develop each year in U.S. Thus, rising cases of psoriasis is expected to boost the demand for these devices in near future. Eczema, one of the severe skin diseases, has also contributed to the market growth. Neonatal jaundice is another disease that requires phototherapy treatment to reduce high bilirubin levels.
According to the National Center for Biotechnology Information (NCBI), around 60 to 80% of healthy newborns are likely to develop neonatal jaundice. Furthermore, constant technological advancements pertaining to these will boost the market growth. LED-based devices are being highly adopted, which has further accelerated the growth of the market. The LED lights are cheaper as compared to conventional equipment and has a long-lasting effect. These lights also have been proved to be very effective for treating neonatal jaundice. Hence, improvement in technology has impacted the growth of the market.
Gather more insights about the market drivers, restrains and growth of the Global Phototherapy Equipment Market
Phototherapy Equipment Market Report Highlights
- Conventional phototherapy equipment segment held the second-largest market share due to wide usage of these devices in skin disease treatment
- LED equipment are expected to witness the highest CAGR over the forecast period due to its cost-effectiveness and long-lasting effect
- The skin disease segment dominated the market with the largest revenue share of 67.4% in 2022. This can be accredited to a rise in the number of various skin diseases such as acne, vitiligo, and others.
- Neonatal jaundice management is expected to grow at the fastest CAGR of 4.5% during the forecast period due to increasing incidence of the disease
- North America led the phototherapy equipment market and accounted for the largest revenue share of 39.0% in 2022 owing to quick adoption of advanced technologies in the field of phototherapy treatment in this region
Key Companies & Market Share Insights
The phototherapy equipment market comprises several small and large manufacturers. The degree of competition and competitive rivalry in the market is anticipated to intensify in the forecast period. Major companies are focusing on clinical trials, mergers and acquisitions, product launches, and geographic expansions to have a competitive edge over others. For instance, in September 2022, Bristol-Myers Squibb Company announced that the U.S. Food and Drug Administration (FDA) granted approval for Sotyktu (deucravacitinib), an oral medication indicated for the treatment of moderate to severe plaque psoriasis in adults. Sotyktu represents a significant advancement in oral therapeutic options for patients with moderate to severe plaque psoriasis. Thus, with various strategies acquired by market players, the market is expected to impel during the forecast period.
List of Key Players of Phototherapy Equipment Market
- Signify Holding
- GE Healthcare
- Natus Medical Incorporated
- Hebert Waldmann GmbH & Co. K
- Nice Neotech Medical Systems Pvt. Ltd.
- Atom Medical Corporation
- Phoenix Medical Systems Pvt. Ltd.
- National Biological Corp.
- Solarc Systems Inc.
- The Daavlin Company
Order a free sample PDF of the Phototherapy Equipment Market Intelligence Study, published by Grand View Research.
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