Market Research Future (MRFR) has revealed in its recently published report that the global Phototherapy Market is projected to grow at a CAGR of 4.6 % during the forecast period 2017-2023. The worldwide prevalence of vitamin D deficiency is one of the key factors responsible for fueling demand for phototherapy in the market.
Phototherapy aids problems such as itching, inflammation, lack of bacteria-fighting systems in the skin, etc. Its application is expected to increase in the foreseeable future which is estimated to catalyze market expansion. The advancements introduced in the treatment of diseases such as psoriasis, vitiligo, jaundice, etc. through phototherapy is likely to retain the pace of the market proliferation.
Phototherapy has been proven effective in treating jaundice among infants, which when coupled with the rising count of babies born with jaundice is likely to fuel demand in the market. However, the side effects associated with the therapy such as skin rashes, dehydration, etc. are projected to hold the revenue creation during the assessment period.
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By devices, the global phototherapy market is segmented into Firefly, fiber-optic blanket, fiber-optic band, and others.
By indication, the phototherapy market has been segmented into skin disease, jaundice, and others. Furthermore, the skin disease segment is sub-segmented into psoriasis, vitiligo, and other skin diseases.
By end-user, the global phototherapy market is segmented into hospitals & clinics, dermatology center, home care, and others.
By region, the global phototherapy market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is currently the global leader of the phototherapy market. It is expected to retain its pole position towards the end of the forecast period owing to increasing prevalence of infants with jaundice, psoriasis, vitiligo, and others skin disease. Additionally, the factors that are poised to encourage the growth of the market in the region are increasing government support for research & development, high healthcare expenditure, and changing lifestyle.
Europe is expected to command the second largest share of the phototherapy market in the foreseeable future. The availability of funds for research & development coupled with strong government support is estimated to fuel demand in the market. Additionally, the consolidation of developed economies with advanced healthcare technologies is favoring the catalyzed market expansion.
Asia Pacific is set to register a relatively higher CAGR owing to the immense potential posed by the merging markets in the region. Other factors responsible for the growth and expansion of the market in Asia Pacific are increasing demand for advanced treatments, rising government support, etc.
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Some of the key players profiled by MRFR in the report include Koninklijke Philips N.V. (Netherlands), Natus Medical Incorporated (U.S.), Herbert Waldmann GmbH & Co. KG (Germany), MTTS ASIA (Vietnam), GE Healthcare (UK), Beurer GmbH (Germany), PhotoMedex, Inc (U.S.), and VIA Global Health (U.S.).
In February 2018, Clarify Medical, a medical device company, has introduced Clarify Medical® Home Light Therapy System for the treatment of psoriasis, vitiligo, and eczema.
In April 2018, the Food & Drug Administration of the U.S. has approved laser phototherapy device LH80 PRO by medical device maker Theradome for hair restoration in men.
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