Phototherapy Market

Growing Awareness among the population about phototherapy to boost the market growth

As skin diseases are considered extremely serious non-fatal diseases, the demand for phototherapy has increased substantially recently. The rising skin problems are one of the major factors which enhance the growth of the market CAGR for the forecast period.

Furthermore, the rising number of newborns is expected to drive the demand for phototherapy devices. For example, the number of births in the United States in 2021 will increase for the first time in the past seven years, according to the Centers for Disease Control and Prevention. 

The report shows that the number of births in 2021 will increase by 1% to 3,659,289. Hence, this is expected to aid the market growth over the forecast period.

Multiple factors may contribute to the superior market performance, such as the prevalence of various photosensitive skin diseases such as Vitiligo and Skin Cell Lymphoma. These factors played a significant role and augmented the phototherapy market revenue at the time.

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Phototherapy market accounted for USD 0.2 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The United States has been dominating the market landscape and has played an important role in influencing the overall market. The major reason for the outstanding performance of this Region is the high demand for phototherapy solutions for skin treatments.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  PHOTOTHERAPY MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe's market of phototherapy accounts for the second-largest share owing to technological advancements and various financial aids, encouraging opting for this treatment. In 2020, the market was valued at approximately USD 56 Billion, while the French were valued at USD 34 Billion. One of the big opportunities for medical device manufacturers is the creation and expansion of 40 major hospitals across England by 2030, according to HospeTrack UK hospital intelligence. 

At this point, another eight items may be added to the pipeline. The government's strong interest in improving its healthcare system is expected to boost the development of phototherapy treatments. Further, the Germany market of phototherapy held the largest market share, and the UK market of phototherapy was the fastest-growing market in the region.

The Asia Pacific Phototherapy Market is expected to grow at the fastest CAGR from 2022 to 2030. An increasing number of premature births and an increasing number of people suffering from skin diseases can be attributed to the high growth rate. For example, according to The Lancet, approximately 85% of preterm births occur late preterm, and 80% of these occur in Asia and South Asia. 

Moreover, according to the Narayan Health Organization, India alone accounts for one-fifth of the 15 billion preterm births worldwide. Moreover, people in the Asia Pacific are prone to acne, which is expected to drive phototherapy use further. Further, the India market of phototherapy held the largest market share, and the China market of phototherapy was the fastest-growing in the region.

Major market players are investing heavily in research and development to increase their product lines, which will help the market for Phototherapy to grow further. The market players have also undertaken several strategic initiatives to expand their footprints, including key market developments such as new product launches, contractual agreements, mergers and acquisitions, increasing investments, and collaborations with other organizations. Competitors in the Phototherapy industry must offer cost-effective products to expand and survive in the increasingly competitive and rising market environment.

One of the key business strategies adopted by the manufacturers in the Phototherapy industry to benefit their customers and expand their market segment is to manufacture locally to reduce operating costs. In recent years, the Phototherapy industry has provided some of the most significant medical benefits. Major players in the Phototherapy market, such as Signify Holding (Netherlands), G.E. Healthcare (U.S.), Natus Medical Incorporated (U.S.), Herbert Waldmann GmbH & Co. K.G. (Germany), Phoenix Medical Systems (P) Ltd (India), Atom Medical Corporation (Japan), National Biological Corporation (U.S.) are focusing on expanding the market demand by investing in research and development activities.

Sewon Cellontech Co., Ltd. is engaged in the provision of mechatronics and regenerative medical system equipment. The company provides products such as petrochemical, refining, natural gas and power plant equipment, and exports plant equipment to countries such as the Middle East. On August 22, 2022, South Korea-based Sewon NC announced that it will commercialize organic light-emitting diode (OLED)-based phototherapy solutions for the treatment of pain and various skin conditions. The OLED optical patch developed by KAIST is a flexible platform that can be fixed on the body. 

It's less than 1mm thick and relies on a flexible OLED screen. Preclinical trials using the patch will take place in the first half of 2022 with promising results. Sewon intends to expand the use of the patch in more areas, including the treatment of skin conditions, including wrinkles, skin cancer, dementia and other skin conditions.

Also, GE HealthCare Technologies Inc., trading as GE Healthcare, is a medical technology company headquartered in Chicago, Illinois. It is a manufacturer and distributor of diagnostic imaging agents and radiopharmaceuticals for imaging modalities used in medical imaging procedures. It manufactures medical diagnostic equipment, including CT imaging machines; MRI, X-rays; ultrasound; cath labs; mammography; nuclear medicine cameras; and develops applications in medical imaging and information technology, medical diagnostics, patient monitoring systems, disease research, drug discovery, and health technologies for biopharmaceutical manufacturing. 

In November 2022, GE Healthcare and MediView XR Inc, announced their collaboration to integrate medical imaging into mixed reality solutions through the development of the OmnifyXRTM Interventional Suits System.