The global Phototherapy Equipment Market experienced significant growth in 2020 and is projected to maintain a steep upward trajectory in revenue between 2021 and 2028. This growth can be attributed to two main factors: the increasing popularity of LED-based phototherapy equipment and a rise in the prevalence of skin diseases worldwide.
Phototherapy involves the use of light to treat various skin conditions, including psoriasis and vitiligo, among others. During the treatment, the skin is exposed to a specific type of light emitted by phototherapy equipment. These devices come in four sizes: handheld and tabletop devices designed for spot treatment of smaller areas, as well as cabinets and walk-in units.
Furthermore, the demand for phototherapy equipment is expected to be boosted by the growing incidence of neonatal jaundice. Additionally, the rising number of premature and low-weight births, along with an increase in skin diseases, will further contribute to the global market's expansion. Advancements in technology have also led to the introduction of more sophisticated phototherapy equipment, including LED-based systems, which have been widely adopted, further propelling market growth.
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Major Companies Profiled In The Report:
- General Electric
- Signify Holding
- Natus Medical Incorporated.
- Phoenix Medical Systems (P) Ltd.
- Atom Medical Corp.
- nice Neotech Medical Systems Pvt. Ltd.
- National Biological Corp.
- Solarc Systems Inc.
- Hospital Supply Company Pvt. Ltd.
- The Daavlin Company
- Endodoctor GmbH.
- Hospital and Homecare Medical Devices Co. LTD
- Shenzhen Mindray
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Driving Factors of the Phototherapy Equipment Market:
- Increasing Prevalence of Skin Diseases: The rising incidence of various skin conditions, such as psoriasis, vitiligo, eczema, and acne, is a significant driving factor for the phototherapy equipment market. As skin disorders become more common globally, the demand for effective and non-invasive treatment options like phototherapy rises.
- Growing Adoption of LED-Based Phototherapy Equipment: LED-based phototherapy equipment has gained popularity due to its effectiveness, safety, and energy efficiency compared to traditional UV-based systems. The increasing adoption of LED technology is propelling the growth of the market as healthcare providers and patients seek advanced and cost-effective treatment options.
- Expanding Geriatric Population: The aging population is more susceptible to various skin conditions and disorders, leading to a higher demand for phototherapy equipment. With an increasing number of elderly individuals worldwide, the market for phototherapy equipment is expected to experience substantial growth.
- Technological Advancements: Continuous advancements in phototherapy equipment, including improved efficiency, ease of use, and enhanced treatment outcomes, are driving market growth. Manufacturers are constantly innovating to offer more sophisticated and user-friendly devices, attracting healthcare professionals and patients alike.
Restraints of the Phototherapy Equipment Market:
- High Cost of Equipment: Phototherapy equipment can be relatively expensive, especially advanced LED-based systems. The high initial investment required for purchasing and maintaining these devices can act as a restraint for healthcare facilities with limited financial resources.
- Stringent Regulatory Requirements: The phototherapy equipment market is subject to strict regulations and standards to ensure patient safety and treatment efficacy. Compliance with these regulations can pose challenges for manufacturers, leading to slower product development and market entry.
- Limited Awareness in Developing Regions: In some developing regions, there might be limited awareness about phototherapy as a treatment option for skin conditions. This lack of awareness among both healthcare providers and patients could hinder the market's growth in these areas.
- Alternative Treatment Options: Although phototherapy is considered effective for various skin conditions, there are alternative treatment options available, such as topical medications and systemic therapies. The availability and preference for these alternatives can impact the adoption of phototherapy equipment.
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