LED-based Phototherapy Devices to Hold Over 55% Revenue Share in Global Market: Fact.MR Study
Growth in the phototherapy equipment market is mainly driven by rising incidences of neonatal jaundice in both developed and developing markets, rising number of people suffering from skin diseases, inflow of technologically advanced products, and rising adoption of LED-based phototherapy equipment.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global phototherapy devices market reached a valuation of around US$ 750 Mn in 2020, which amounts to around 0.2% share of the overall medical devices market. The global market is anticipated to expand at a healthy CAGR of 7% over the forecast period of 2021-2031, reaching US$ 1.5 Bn in valuation.
Sales of phototherapy devices are slated to surge at a CAGR of 7% to top US$ 1.5 Bn by 2031. Demand for LED-based phototherapy devices is set to increase at a CAGR of 6% across the assessment period of 2021 to 2031.
Growing adoption of LED-based phototherapy equipment and technologically advanced products is anticipated to boost demand for phototherapy devices over the next ten years.
Phototherapy uses light of a certain wavelength for the treatment of chronic disorders. For the treatment of skin problems and the management of neonatal jaundice cases, phototherapy devices include light-emitting diodes, fiber optics, and conventional lamps. Phototherapy units range in size from handheld to desktop devices for spot treatment of tiny areas to cabinets to walk-in units for full-body treatment.
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According to the National Center for Biotechnology Information (NCBI), neonatal jaundice affects 60% to 80 % of healthy babies. Phototherapy devices are effective in the treatment of neonatal jaundice, a disorder that affects newborns with excessive bilirubin levels.
Key Takeaways from Market Study
- Global phototherapy devices market to top US$ 1.5 Bn by 2031.
- LED-based phototherapy devices projected to reach around US$ 800 Mn by 2031.
- Conventional phototherapy devices projected to record above 4% CAGR over next 10 years.
- Phototherapy devices for skin disease treatment expected to reach valuation of US$ 250 Mn by 2031.
- Market in North America holds share of more than 40%.
- Market in India to record 3% CAGR over forecast period of 2021- 2031.
“Phototherapy treatment has undergone immense transformation owing to the development of new technological peripherals. The effectiveness of phototherapy over other treatment methods and technological advancements in the field of infant phototherapy are expected to fuel market growth over the next ten years,” says a Fact.MR analyst.
LED Segment to Dominate Global Phototherapy Device Market
Based on type, the global phototherapy market can be divided into convectional phototherapy, led phototherapy and fiberoptic phototherapy equipment
- Currently, the LED segment is estimated to expand at a CAGR of 5.1% due to its cost-effectiveness, short duration of treatment, and extensive use in diverse areas
Skin Treatment Segment to Expand Significantly
Based on type, the global phototherapy market can be divided into skin disease treatment, neonatal jaundice treatment, and sterilization
- Demand for phototherapy to treat skin issues due to increase in skin-related issues and high recurrence, especially psoriasis, which lines the top followed by eczema and cancer. The phototherapy segment is estimated to expand at a CAGR of 4.5% during the forecast period.
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