Phototherapy Market Staggering Double Digit CAGR Till 2023
Added: (Tue Jan 29 2019)
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According to the study offered by Market Research Future (MRFR), the global phototherapy market is set to expand moderately at a CAGR of 4.6% during the forecast period 2017 to 2023. It is in high demand for reducing bilirubin levels that cause jaundice in newborns. The treatment also helps in the reduction of itching, inflammation, and enables increment of vitamin D production and bacteria-fighting systems in the skin. Thus, an upsurge in demand has been predicted for the therapy in the foreseeable future.
The therapy is excessively effective in the treatment of skin diseases such as psoriasis, vitiligo, etc. According to a report published by the World Health Organization (WHO), the prevalence of psoriasis is on the rise since 2014 and affects a large percentage of the global population, regardless of gender and ethnicity. It is prognosticated to favor the expansion of the global phototherapy market over the assessment period.
On the flip side to the increasing demand for phototherapy, the side effects such as skin rashes, dehydration, etc. are expected to check the growth of the market across the review period. Furthermore, the risk of eye damage if not protected properly is another major factor restricting the expansion of the phototherapy market.
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Key Players for Global Phototherapy Market
Some of the key players profiled in the report are GE Healthcare (UK), Natus Medical Incorporated (U.S.), MTTS ASIA (Vietnam), Beurer GmbH (Germany), Herbert Waldmann GmbH & Co. KG (Germany), Koninklijke Philips N.V. (Netherlands), PhotoMedex, Inc (U.S.), and VIA Global Health (U.S.).
Market Segmentation:
On the basis of devices, the global phototherapy market has been segmented into Firefly, fiber-optic blanket, fiber-optic band, and others.
On the basis of indication, the phototherapy market has been segmented into skin diseases, jaundice, and others. Furthermore, the skin diseases segment has been sub-segmented into psoriasis, vitiligo, and others.
On the basis of the end-user, the global phototherapy market has been segmented into hospitals & clinics, dermatology center, home care, and others.
Regional Analysis for Global Phototherapy Market
The Global Phototherapy Market, on the basis of region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas account for the maximum share of the global market and is expected to retain its market position through the forecast period. The rising burden of diseases such as jaundice, psoriasis, vitiligo, etc. is primarily driving the expansion of the phototherapy market in the region. In addition, other factors that are benefitting the healthcare sector such as the presence of developed healthcare infrastructure, rising healthcare expenditure, changing lifestyle and growing government support are expected to propel the proliferation of the market in the forthcoming years. Also, the consolidation of the key players in the region is likely to boost the growth trajectory of the phototherapy market.
Europe, which is expected to secure the second spot in the global phototherapy market, is expected to exhibit healthy opportunities for growth through the assessment period. Investments are likely to flow towards the development of the market in developed economies such as Germany and France. This, in turn, has been prognosticated to augment the regional phototherapy market over the next few years. In addition, the accelerated research & development activities backed by the governments for the development of highly precise and effective treatments are poised to fuel demand for phototherapy in the region.
Asia Pacific is a prominent regional market and is set to exhibit the steepest rise in the growth. The factors favoring the expansion of the phototherapy market include rising healthcare awareness, the presence of fast-developing economies, growing government support, and high demand for developed treatment methods.
The Middle East & Africa is estimated to hold the least share of the global phototherapy market through the forecast period. The Middle East is expected to lead the regional market; however, the poor socio-economic conditions of the African regions remain the main laggard.
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