The global Phototherapy Equipment Market is expected to reach a value of USD 788.7
million by 2025, according to a new report by Grand View Research, Inc. Rising
prevalence of skin diseases has led to huge growth of phototherapy equipment
market. According to healthline data, nearly 150,000 new psoriasis cases
develop each year among the U.S. population. With such huge population
developing psoriasis, there is a growing need for phototherapy devices in the
near future. Eczema, one of the severe skin diseases also has contributed
towards the growth of the market.
Neonatal jaundice is another
disease that require phototherapy treatment. This kind of treatment is very
common among newborns suffering from jaundice in order to reduce high
bilirubin levels. According to National Center for Biotechnology
Information (NCBI), around 60% to 80% of healthy newborns are likely to
develop neonatal jaundice. Hence, demand for phototherapy equipment is expected
to rise with growing prevalence of neonatal jaundice.
Furthermore, technological
advancements are continuously rising pertaining to this market. LED-based
devices are being highly adopted, which has further accelerated the growth of
the market. The LED lights are cheaper as compared to conventional phototherapy
equipment and has a long-lasting effect. These lights also have been proved to
be very effective for treating neonatal jaundice. Hence, improvement in
technology has impacted the growth of the market.
Further key findings from the study suggest:
- In 2016, amongst the product segment,
conventional phototherapy equipment held the largest market share due to
its wide usage for skin disease treatment
- LED equipment are expected to show attractive
growth over the forecast period due to its cost-effectiveness and
long-lasting effect
- Amongst the application segment, skin disease
treatment accounted for the largest revenue share in 2016 owing to rising
prevalence of psoriasis and eczema
- Neonatal jaundice management is anticipated to
witness significant growth over the forecast period due to increasing
incidence of newborn jaundice
- North America dominated the market in 2016
owing to penetration of advanced technology in the field of phototherapy
treatment in this region
- Some of the key players are GE Healthcare;
Philips Lighting Holding B.V.; Nice Neotech Medical Systems Pvt. Ltd.;
Natus Medical Incorporated; Phoenix Medical Systems Pvt. Ltd.; and Herbert
Waldmann GmbH & Co. KG.
Browse Details of Report @ http://www.grandviewresearch.com/industry-analysis/phototherapy-equipment-market
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