Phototherapy Apparatus Market Size, Share, Industry Trends and Forecast to 2030

Phototherapy Apparatus Market Size & CAGR in 2021:

The global phototherapy apparatus market is expected to have a growth rate of 5.2% CAGR from 2021 to 2028. The market size is anticipated to reach USD 1.5 billion by the end of 2028.

COVID-19 Impact on the Phototherapy Apparatus Market:

The COVID-19 pandemic has significantly impacted the phototherapy apparatus market. With the rise in remote healthcare services, there has been a surge in the demand for home-based phototherapy devices. This trend is expected to continue even after the pandemic as people prefer convenient and safe treatment options.

Phototherapy Apparatus Dynamics:

The phototherapy apparatus market is driven by the increasing prevalence of skin conditions such as psoriasis and eczema. The advancements in phototherapy technology and the growing awareness about the benefits of phototherapy for various skin conditions are also fueling market growth. Additionally, the rise in disposable income and healthcare expenditure in developing countries is contributing to the expansion of the phototherapy apparatus market.

Segments and Related Analysis:

The phototherapy apparatus market can be segmented based on type, application, end-user, and region. The types of phototherapy apparatus include UV lamps, lasers, and LED devices. The applications of phototherapy apparatus range from skin diseases to neonatal jaundice treatment. The end-users of phototherapy apparatus include hospitals, dermatology clinics, and homecare settings.

By Region Analysis:

The phototherapy apparatus market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America currently leads the global market due to the presence of well-established healthcare infrastructure and high adoption of advanced medical technologies. However, the Asia Pacific region is expected to witness significant growth during the forecast period due to the increasing incidence of skin disorders and the rising awareness about phototherapy treatment options.

Key Market Players and Competitive Landscape:

Some of the key players in the phototherapy apparatus market include Philips Healthcare, GE Healthcare, Hill-Rom Holdings, Inc., Natus Medical Incorporated, and Phoenix Medical Systems. These companies are focusing on developing innovative phototherapy devices to cater to the growing demand for effective and efficient treatment options.

Recent Happenings in the Phototherapy Apparatus Market:

- In March 2021, Philips Healthcare launched a new range of advanced phototherapy devices for the treatment of neonatal jaundice. - In September 2021, GE Healthcare introduced a portable phototherapy device for home use, expanding access to treatment for patients with skin conditions. - Hill-Rom Holdings, Inc. collaborated with leading dermatology clinics to provide advanced phototherapy solutions for patients with psoriasis and eczema. - Natus Medical Incorporated acquired a startup specializing in LED phototherapy technology, enhancing its portfolio of phototherapy devices. - Phoenix Medical Systems launched a compact UV lamp phototherapy device for dermatology clinics, offering a cost-effective solution for skin disorder treatment.