Phototherapy Equipment Market Size, Share & Trends Analysis Report By Product (LED, Conventional), By Application (Neonatal Jaundice, Skin Disease Treatment), By End Use (Homecare), And Segment Forecasts, 2019 - 2026

Industry Insights

The global phototherapy equipment market size was valued at USD 525.8 million in 2018 and is anticipated to witness a CAGR of 6.3% over the forecast period. Rising prevalence of skin diseases, such as psoriasis, eczema, and acne, is the key factor driving the market growth. In the U.S., acne affects nearly 50 million people each year, as reported by the American Academy of Dermatology.

Phototherapy treatment is also very useful for treating neonatal jaundice. In this treatment, the neonates are exposed to fluorescent light, which helps them recover at a faster rate. Occurrence of jaundice among newborns is common, however, if it persists for long, then doctors use phototherapy devices for treatment. According to the Scholars Journal of Applied Medical Sciences (SJAMS), 25 to 50% of all infants and premature neonates develop jaundice.

Hence, with the rising cases of newborns, the demand for this equipment is also projected to increase in the near future. Constant technological advancements are also likely to boost market growth. For instance, D-Rev, Design Revolution, a non-profit design firm introduced LEDs for the treatment of neonatal jaundice.

This device has proved to be more energy-efficient, which lasts 10 times longer than the conventional devices and is also comparatively cheaper. Research done by Stanford Medical Schools, one of the partners of D-Rev, has proved its efficient application in the treatment of jaundice therapy. Most of the phototherapy devices use compact fluorescent bulbs due to its uniformity and ease of use.

Product Insights

On the basis of products, the market is categorized into conventional, LED, and fiberoptic. Amongst them, conventional equipment was the second-largest segment in 2018 due to wide application scope of these devices for psoriasis and eczema-related skin diseases. These devices include fluorescent lamps and compact fluorescent lamps. Conventional phototherapy is a widely used technique for the treatment of infants and preterm neonates suffering from jaundice, as well as for the treatment of adults with vitiligo, psoriasis, and eczema.

LED equipment is anticipated to show significant growth over the forecast period due to the availability of cost-effective products. Other factor responsible for its growth includes its high efficiency coupled with long-running features for treating newborns developing jaundice. Conventional compact fluorescent lamps are among most commonly used phototherapy sources worldwide. They require less space, provide higher irradiances, and consume lower power compared to conventional fluorescent lamps. Hence these are also anticipated to gain significant market share during the forecast period.

Application Insights

On the basis of application, the phototherapy equipment market is categorized into skin disease treatment and neonatal jaundice management. Skin disease treatment contributed the largest share in 2018 owing to high prevalence of severe skin disorders, such as psoriasis, eczema, and acne. Neonatal jaundice management is expected to witness the fastest growth over the forecast period due to rising number of neonates suffering from jaundice and new product launch for the treatment of neonatal jaundice.

End Use Insights

Hospitals and clinics led the market in 2018 and is projected to remain dominant throughout the forecaster years. Rising number of skin care clinics in both developed and developing countries is supporting the segment growth.

Moreover, rising cases of neonatal jaundice will boost the demand for phototherapy equipment in hospital settings. Homecare segment is expected to witness the highest CAGR during the forecast period. Phototherapy treatment at home is cost-effective, which is anticipated to drive the demand in homecare settings.

Regional Insights

In 2018, North America led the market owing to rising prevalence of acne related problems. Moreover, this region exhibits huge adoption rate for technologically advanced skincare treatment devices. The Europe phototherapy market is projected to grow at a lucrative rate during the forecast period owing to rise in incidence of skin diseases such as psoriasis, vitiligo, and acne.

Asia Pacific region is projected to exhibit highest growth rate during the forecast period due to growing awareness about advanced phototherapy and developing healthcare infrastructure in Asian countries, such as China, India, and Indonesia. In addition, rise in incidence of neonatal jaundice and demand for cost-effective devices are some of the factors expected to increase the adoption of phototherapy in this region. Increasing focus of governments in North America region to raise awareness about skin diseases and their treatment options is projected to propel the market growth in the region.

Phototherapy Equipment Market Share Insights

Some of the major companies in the market are Philips Lighting Holding B.V.; GE Healthcare; Natus Medical, Inc.; Herbert Waldmann GmbH & Co. KG; Nice Neotech Medical Systems Pvt. Ltd.; Phoenix Medical Systems Pvt. Ltd.; Atom Medical Corp.; National Biological Corp.; and Solarc Systems, Inc. Companies have undertaken several strategies, such as mergers and acquisitions, to strengthen their global presence. For instance, in March 2017, GE Healthcare acquired Monica Healthcare, a U.K.-based company, to expand its maternal-infant care business. This acquisition combined the expertise and digital innovation of Monica Healthcare with GE Healthcare's maternal and infant care business.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, Grand View Research has segmented the global phototherapy equipment market report on the basis of product, application, end use, and region:

• Product Outlook (Revenue, USD Million, 2014 - 2026)

  • Conventional

    • Conventional Phototherapy Equipment with Fluorescent Lamp

    • Conventional Phototherapy Equipment with Compact Fluorescent Lamp

  • LED

  • Fiberoptic

• Application Outlook (Revenue, USD Million, 2014 - 2026)

  • Skin Disease Treatment

    • Psoriasis

    • Vitiligo

    • Eczema

    • Others

  • Neonatal Jaundice Management

• End Use Outlook (Revenue, USD Million, 2014 - 2026)

  • Hospitals & Clinics

  • Homecare

• Regional Outlook (Revenue, USD Million, 2014 - 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • Spain

    • France

    • Italy

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • New Zealand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • Egypt