Phototherapy Market Analysis

Global Phototherapy Market Overview

The phototherapy market size was valued at USD 0.4 billion in 2022 and is projected to grow from USD 0.41 Billion in 2023 to USD 0.61 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.4% during the forecast period (2024 - 2032). An increase in premature and low birth weight births and an increased prevalence of skin diseases are the key market drivers enhancing the market growth.Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Phototherapy Market Trends

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

Phototherapy refers to medical treatments in which individuals are exposed to fluorescent bulbs or other light sources, such as light-emitting diodes (LEDs) and halogen lights. The goal of therapy is to treat an individual's medical condition. The phototherapy market is one of the most promising as it provides effective and safe treatment solutions for people suffering from various skin diseases, such as psoriasis. 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.

Phototherapy Market Segment Insights

Phototherapy Product Insights

In the market segmentation of phototherapy by product is divided into conventional phototherapy equipment, LED phototherapy equipment, fiberoptic phototherapy equipment, germicidal lamps, accessories. Among these, LED phototherapy devices will dominate the product segment with a 48.2% phototherapy market revenue share by 2022. LED-based light therapy treats skin diseases and problems such as fine lines, psoriasis and acne. An increase in the number of people suffering from such skin diseases is expected to drive the usage of LED-based phototherapy devices. Additionally, studies have shown that infrared light therapy can improve and reduce fine lines and wrinkles. An increasing number of people suffering from fine lines and wrinkles is expected to aid the growth of this segment. For example, according to Pushups, LLC, approximately 60 percent of Americans feel uncomfortable with their skin due to wrinkles and other skin-related issues. This is likely to increase the usage of LED-based phototherapy devices, thereby driving segment growth over the forecast period.

Figure 2:  Phototherapy Market by Product, 2021 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Phototherapy Radiation Insights

The Phototherapy market segmentation is based on radiation is divided into ultraviolet B (UVB) and psoralen ultraviolet A (PUVA). The UVB segment accounted for the largest revenue share in 2022. The UVB segment is further divided into broadband UVB and narrowband UVB. Broadband UVB uses a wide range of UVB rays. These are usually present in the sun's rays and cannot be detected with open eyes. Narrowband UVB uses a smaller, more intense portion of UVB to treat skin conditions. This is the most common type of light therapy used these days. Broadband UVB has historically been used, but narrowband UVB phototherapy (311 nm) is becoming more common. With each exposure, more UVB doses are administered. The common inherited skin disorder psoriasis can vary widely in intensity and extent. There is no permanent effect of any treatment, including phototherapy. Most people with severe psoriasis can benefit from UVB. It may not be suitable for people with very pale skin or whose psoriasis has become worse in the sun. Thus, the market growth is anticipated to impact it positively.

Phototherapy Application Insights

The application-based Phototherapy market data include skin disease treatment, neonatal jaundice management, and sterilization. The dermatology application segment will dominate the market with a share in 2022. This can be attributed to increased skin diseases, such as acne and leukoplakia. For example, according to the British Journal of Dermatology, there were an estimated 117.4 billion cases of acne and 231.2 Billion cases of acne epidemics in 2019, an increase of approximately 48% compared to 1990 statistics.

Likewise, leukoplakia, a disease in which the skin loses pigmented cells, is dormant in several parts of the world. For example, India has an estimated incidence of 8.8%, while Mexico has an incidence of 2.6 - 4%, according to ResearchGate. As phototherapy has been shown to arrest/slow down the progression of leukoplakia, its use is expected to increase. Hence, the phototherapy devices market growth is positive over the forecast period owing to the abovementioned factors.

Phototherapy End User Insights

Based on end use, the phototherapy industry into clinics, hospitals, dermatology centers, and home care. The hospital segment will account for the largest revenue share in 2021. This can be attributed to the number of hospitals available across the globe. Disinfection is often used in hospitals to help treat skin diseases in patients. Hospitals have been using new digital technologies to improve treatment outcomes through high precision and better user safety. An updated study on NB-UVB, published in June 2022, found good efficacy and safety when used to treat non-segmented leukoplakia, although some patients were classified as non-responders. Studies have shown that systemic corticosteroids, topical calcineurin inhibitors, certain antioxidants, and combination therapies have all been found to improve outcomes over phototherapy alone.

September 2022: The U.S. Food and Drug Administration (FDA) approved deucravacitinib (Sotyktu, Bristol Myers Squibb) for treating adults with moderate to severe plaque psoriasis who are candidates for systemic therapy or phototherapy.

Phototherapy Regional Insights

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, MRFR 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.

Phototherapy Key Market Players & Competitive Insights

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.

Key Companies in the Phototherapy market include

• Signify Holding (Netherlands)


• 
  E. Healthcare (U.S.)


• Natus Medical Incorporated (U.S.)


• Herbert Waldmann GmbH & Co. KG (Germany)


• 
  Phoenix Medical Systems (P) Ltd (India)


• Atom Medical Corporation (Japan)


• National Biological Corporation (U.S.)

Phototherapy Industry Developments

November 2021: U.S.-based technology company Little Sparrows Technologies' bili-hut received FDA approval for home phototherapy treatment of newborns with jaundice, reducing medical costs and allowing newborns to recover during treatment. With their families. The device provides high-intensity light therapy comparable to NICU-intensity therapy. Plus, it's portable, foldable, lightweight, and energy-efficient enough to run on batteries. The bill-hut is ideal for use in hospitals, at home or in various settings, including rural and resource-limited settings, and can be cleaned using only typical hospital disinfection chemicals.

Phototherapy Market Segmentation

Phototherapy Product Outlook

• Conventional Phototherapy Equipment


• LED Phototherapy Equipment


• Fiberoptic Phototherapy Equipment


• Germicidal lamps


• Accessories

Phototherapy Radiation Outlook

• UVA


• UVB


• UVC

Phototherapy Application Outlook

• Skin Disease Treatment


• Neonatal Jaundice Management


• Sterilization

Phototherapy End User Outlook

• Hospital & Clinic


• Dermatology Center


• Homecare

Phototherapy Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America