Phototherapy Market: Qualitative Analysis Of The Leading Players And Industry Scenario, 2030

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The global Phototherapy Market achieved a valuation of USD 389.5 million in 2021 and is anticipated to sustain a robust revenue compound annual growth rate (CAGR) of 4.8% throughout the projected period. This ascent is being propelled by the increasing adoption of phototherapy based on Light-emitting Diode (LED) technology, heightened awareness regarding skin disorders, and the introduction of advanced Phototherapy Equipment.

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Phototherapy, commonly referred to as light therapy, harnesses the healing potential of Ultraviolet (UV) light. It has gained widespread adoption worldwide for addressing persistent skin conditions like eczema, vitiligo, and severe psoriasis. Unlike several medical treatments that can suppress the overall immune system, UV radiation can selectively modulate the local immune response within the skin.
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Phototherapy, also recognized as light therapy, significantly influences the management of a wide array of skin conditions, emerging as a highly successful therapeutic approach within dermatology. The application of non-ionizing UV radiation within a controlled manner targets various dermatoses. This radiation encompasses Ultraviolet A (UVA) spectrum, Ultraviolet A-1 (UVA-1), UVA spectrum with a Psoralen sensitizer (PUVA), and Ultraviolet B (UVB) spectrum, both broadband (BB)-UVB and Narrowband Ultraviolet B phototherapy (NB)-UVB. In a recent development, Sewon NC, a South Korean firm, announced the commercialization of Organic Light‐emitting Diode (OLED)-based phototherapy solutions designed to alleviate pain and address diverse skin conditions.
Market Dynamics:
Drivers: The Rise of LED-Based Phototherapy The upward trajectory of the global phototherapy market share is largely driven by the growing acceptance of LED-based treatments. Phototherapy employs light radiation to treat physical and mental ailments, with cells and tissues responding differently based on the wavelength and therapeutic dosage of light exposure. Notably, LED-based phototherapy has been shown to elevate collagen levels in the skin, reducing the appearance of wrinkles and aging signs. This technology finds diverse applications, including treating acne, dermatitis, eczema, psoriasis, rosacea, scarring, and sun damage.
Restraints: Side Effects and Treatment Risks Phototherapy entails certain risks, primarily due to exposure to UV rays that can damage skin cells, accelerating signs of aging and contributing to 'photoaging.' Prolonged exposure to artificial UV radiation has been associated with an increased risk of skin cancer. While PUVA therapy has been linked to a heightened skin cancer risk, narrowband UVB therapy appears to pose a lower risk. Moreover, light treatment-induced suppression of the immune system renders the body more susceptible to infections, illnesses, and skin malignancies.
Key Takeaways:
Device Type Outlook: The global phototherapy market is categorized into Compact Fluorescent Light (CFL), LED, and lamps. The LED segment is poised to exhibit the most rapid revenue CAGR during the forecast period. LED's utility in neonatal jaundice treatment has amplified its demand, while its precision in targeting afflicted areas with specific wavelengths enhances its effectiveness. LED-based devices expedite healing in comparison to alternatives, particularly in conditions like fine wrinkles, psoriasis, and acne. The surge in individuals grappling with skin issues, such as acne and wrinkles, is expected to propel the adoption of LED-based phototherapy equipment.
Application Outlook: Skin diseases emerged as the dominant application segment in 2021, accounting for the largest revenue share. The prevalence of skin conditions like vitiligo and eczema bolster this segment. Furthermore, the neonatal jaundice application is set to achieve the fastest revenue CAGR due to rising newborn jaundice rates globally. The robust increase in neonatal jaundice cases, particularly in regions like the United Kingdom, where 5-10% of full-term infants require phototherapy, is a significant contributor.
Therapy Type Outlook: In the therapy category, Ultraviolet B (UVB) accounted for the largest share in 2021. The UVB segment further branches into broadband UVB and narrowband UVB, with the latter gaining prominence for its targeted and effective treatment of skin conditions. Psoralen Ultraviolet A (PUVA) is projected to record the fastest revenue CAGR, primarily due to its synergy with UVA light, enhancing its effectiveness in treating various skin disorders.
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End-use Outlook: Hospitals led the end-use segment in 2021, owing to their prevalence and significance in healthcare systems. Hospitals' emphasis on sterilization complements phototherapy's skin disease treatment applications. Hospitals are increasingly incorporating digital technologies to enhance treatment accuracy and user safety. This is exemplified by recent research that supports the effectiveness of phototherapy in treating vitiligo when combined with specific antioxidants, corticosteroids, and other therapeutic techniques. Additionally, regulatory approvals, such as the FDA's clearance of deucravacitinib for psoriasis treatment, underscore the growing interest in improving healthcare treatments.
Regional Outlook: North America assumed the largest market revenue share in 2021, driven by its substantial influence on the global phototherapy market size. Heightened demand for skin treatment phototherapy products in the region, technological advancements, and increased cases of neonatal jaundice and skin disorders contribute to this dominant position. The prevalence of skin conditions like eczema and the utilization of innovative technologies further drive revenue growth in this region.
The Asia Pacific market is anticipated to record a substantial revenue CAGR due to the rise in preterm births and skin-related issues. The prevalence of neonatal jaundice, acne, and skin disorders in the region are likely to amplify demand for phototherapy solutions.
Europe's market is projected to experience moderate growth due to its advanced technology adoption and financial incentives for treatments. The establishment and expansion of major hospitals are expected to drive the development of phototherapy treatments.
Competitive Landscape: The competitive landscape of the global phototherapy market is moderately consolidated, with a few prominent players operating on both global and regional scales. Leading companies are engaged in strategic alliances and product innovation to enhance their market presence. Key market players include General Electric Company, Signify Holding, Natus Medical Incorporated, Phoenix Medical System (P) Ltd, Herbert Waldmann GmbH & Co. KG, Atom Medical Corp., The Daavlin Company, Little Sparrows Technologies, and nice Neotech Medical Systems Pvt. Ltd.
Recent developments include Little Sparrows Technologies receiving FDA approval for their bili-hut, a home-based phototherapy solution for newborns with jaundice. This portable and energy-efficient apparatus offers high-intensity phototherapy comparable to NICU-intensity therapies, catering to various treatment settings.
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