Market Overview
Global Phototherapy Market is
expected to reach USD 764.5 Million by 2027, growing with a CAGR of 4.61%
during the forecast period. Market Research Future (MRFR), in its report,
offers an in-depth look into the market during the review period.
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Regional Analysis
Global Phototherapy Market has been
studied in five key regions— Americas, Europe, Asia-Pacific, and the Middle
East & Africa.
Americas is expected to lead the
market with a valuation of USD 227.1 million in 2019. The regional market value
is projected to reach USD 326.3 million by 2027 at a 4.63% CAGR during the
forecast period. The US and Canada are the key country-level markets in the
Americas. The regional market growth is primarily driven by the high demand for
phototherapy treatments in the region, which is likely to create additional
opportunities for service providers operating in the phototherapy market in the
Americas.
Europe is expected to be the
second-largest market with an estimated value of USD 203.8 million in 2019 and
a projected value of USD 298.8 million by 2027, registering a 4.90% CAGR during
the forecast period. The European phototherapy market includes the UK, Germany,
France, Italy, and the rest of Europe. The presence of prominent players such
as Signify Holding and Herbert Waldmann GmbH & Co. KG are driving market
growth in the region. Moreover, due to the increasing number of skin disease treatments,
there will likely be an increased requirement for phototherapy in the region.
Asia-Pacific accounted for the
third-largest market share in 2019. The region is expected to be the
fastest-growing market for phototherapy during the review period. The
Asia-Pacific phototherapy market covers China, Japan, India, Australia, and the
rest of Asia-Pacific. The region is gaining prominence in the global healthcare
industry and is projected to become the world’s leading market. Additionally,
the increasing demand for skin treatments in the region is expected to drive
the growth of the regional market. The regional phototherapy market is expected
to reach USD 101.9 million by 2027.
The phototherapy market in the
Middle East & Africa is expected to reach a valuation of USD 37.5 million
by 2027. The regional market growth is significantly driven by the presence of
major countries, such as the UAE, Saudi Arabia, and Israel. The region has
witnessed notable economic growth in the past few years. One of the major
factors driving the economy in the region is enhanced healthcare facilities.
The demand for phototherapy is expected to increase due to the rapid increase
in the number of skin treatments in the region.
Segmental Analysis
Extensive research has been
conducted on the Global Phototherapy
Market, which has been segmented by Product, Radiation, Application, and
End User.
Based on product, the global
phototherapy market has been segmented into conventional phototherapy equipment,
LED phototherapy equipment, fiberoptic phototherapy equipment, germicidal
lamps, and accessories. The conventional phototherapy equipment segment is
expected to dominate the market with an estimated valuation of USD 184.0
million in 2019, and the segment is also expected to register a higher CAGR of
3.94% during the forecast period.
By radiation, the global
phototherapy market has been classified into UVA, UVB, and UVC. The UVB segment
is expected to exhibit the highest CAGR of 5.26% during the forecast period.
By application, the global
phototherapy market has been classified into skin disease treatment, neonatal
jaundice management, and sterilization. The neonatal jaundice management
segment is likely to exhibit the highest CAGR of 5.44% during the forecast
period.
Based on end-user, the global
phototherapy market has been segmented into hospital & clinic, dermatology
center, and homecare. The hospital & clinic segment is expected to hold a
larger market share and was valued at USD 378.0 Million in 2019.
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Competitive Analysis
The Prominent Players profiled in
the Global Phototherapy Market are Signify Holding (Netherlands), GE Healthcare
(US), Natus Medical Incorporated (US), Herbert Waldmann GmbH & Co. KG
(Germany), Phoenix Medical Systems (P) Ltd (India), Atom Medical Corporation (Japan),
National Biological Corporation (US), Solarc Systems Inc. (Canada), The Daavlin
Company (US), and Strata Skin Sciences, Inc. (US).
Mergers, acquisitions, and
collaborations are a few of the key growth strategies adopted by these
companies to compete in the global market.
Key Developments
In July 2019, Strata Skin signed a contract with Kosmo Meditech, a
distributor of medical devices based in South Korea. Under the contract, Kosmo
Meditech will distribute Strata Skin Sciences, Inc.’s XTRAC in South Korea. The
contract enabled the company to strengthen its position in the South Korean
phototherapy market.
In August 2018, Strata Skin signed a marketing agreement with one of
the US’s largest private equity-backed dermatology groups. Under the agreement,
Strata Skin will provide XTRAC to the latter’s clinics. The agreement helped
the company to strengthen its position in the market.
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