Phototherapy Market Analysis
The global phototherapy market is eyeing for a prodigious growth at a stellar 4.6% CAGR over the predicted years (2017-2023). Phototherapy or light therapy includes skin exposure to ultraviolet (UV) light under medical supervision. Some of the most widely used phototherapy techniques include Psoralen + UVA (PUVA), narrow-band UVB (NBUVB) and Ultraviolet A (UVA)/NBUVB (together). The phototherapy technique used will rest on the skin condition type. This treatment uses special light which helps to increase the production of vitamin D, calm inflammation, reduce itch, ramp up the bacteria-fighting systems and also treat various skin diseases namely jaundice, vitiligo, psoriasis, dermatitis, eczema and others. Apart from this, phototherapy is also used to treat newborns that suffer from jaundice. During this procedure the neonates will be exposed towards the fluorescent light that will help them in recovering faster.
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There are several factors that is propelling the growth of the phototherapy market These factors according to the Market Research Future (MRFR) report include increasing cases of neonatal jaundice, increasing incidences of people having skin diseases, availability of products that are technologically advanced, increasing use of phototherapy equipment that is LED-based, increasing awareness amid patients concerning advanced treatment options, improved infrastructure and healthcare service, introduction of home use phototherapy equipment, growing urbanization, changing lifestyle, increasing investments in research and development activities and ample benefits of phototherapy. On the contrary factors such as strict regulatory policies for new device approval, significant utilization of alternative treatment mode, unmet medical needs and risks associated in the treatment may impede the growth of the phototherapy market. The risks that are associated to this treatment include childhood seizures, cataracts from inadequate eyewear at the time of the treatment, nausea and headache with PUVA treatment, melanoma, skin aging and sunburn.
Phototherapy Market Segmentation
Market Research Future report offers a comprehensive segmental analysis of the phototherapy market on the basis of devices, indication and end-user.
Based on devices, it is segmented into fiber-optic band, fiber-optic blanket, firefly and others.
Based on indication, the phototherapy market is segmented into jaundice, skin diseases and others. The skin disease is further segmented into vitiligo, psoriasis and others. Of these, skin diseases will have the largest share in the market.
Based on end user, it is segmented into home care, dermatology center, hospitals and clinics and others. Of these, the hospitals and clinics segment will dominate the market.
Phototherapy Market Regional Analysis
Based on region, the phototherapy market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, North America will remain at the forefront in the phototherapy market over the predicted years due to increasing incidences of jaundice in infants, changing lifestyle, high healthcare expenditure, increasing support from the government for R&D activities, well-developed technology and concentration of key players in the region. Europe has the second biggest share in the market that is followed by the APAC region. Strong government support and accessibility of funds especially for R&D is fueling the growth of the market. France and Germany are increasing investment within the healthcare sector. In the APAC region the phototherapy market will grow at the fastest pace due to increasing need for novel treatments in countries such as South Korea and India, increasing government support, rapidly developing economy and increasing healthcare awareness. In the Middle East and Africa, the phototherapy market will have minimal share owing to limited accessibility of medical facilities and funds and poor political conditions particularly in Africa. The photography market in the Middle East and Africa is being led by the Middle East owing to the existence of well-developed countries such as South Arabia, Oman, Qatar and Kuwait. The Africa region is predicted to have a promising growth owing to immense opportunity for market development.
Phototherapy Market Competitive Analysis
The phototherapy market is competitive and fragmented. The key players are engaging in various strategies namely new product launch, mergers and acquisitions and also regional expansions for catering the unmet requirements of the target population.
Key Players
The key players profiled in the phototherapy market include VIA Global Health (U.S.), MTTS ASIA (Vietnam), PhotoMedex, Inc (U.S.), Herbert Waldmann GmbH & Co. KG (Germany), Beurer GmbH (Germany), Natus Medical Incorporated (U.S.), Koninklijke Philips N.V. (the Netherlands), and GE Healthcare (UK).
Dec 2018 - Scientists at Northwestern’s McCormick School of Engineering and Northwestern Medicine has developed the world’s smallest wearable device which is battery-free for measuring light exposure across various wavelengths including visible, UV (ultra violet) and also the solar spectrum’s infrared parts. This device can record three different wavelengths of time simultaneously. It weighs as tiny as a raindrop, can be mounted on a watch, sunglass or hat, it is sans interfaces or switches, and will interact with the phone wirelessly.
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