The global phototherapy equipment market is witnessing considerable growth due to the increasing incidence of neonatal jaundice and increasing prevalence of skin problems including psoriasis, eczema and vitiligo. Moreover, the increasing adoption of LED-based phototherapy equipment and launch of technologically advanced products are further supporting the growth of the market. Among the various equipment types, the conventional phototherapy equipment segment lead the market in terms of size. The phototherapy equipment for treating skin diseases contributed largest revenue to the global market in 2015 and it is expected to grow at the fastest rate during the forecast period. Hospitals are the largest end user of these equipment as most of these treatments are performed in hospitals for increased patient safety.
Phototherapy is a light therapy, which involves exposing skin to ultraviolet light for a regular duration under the medical supervision for treating neonatal jaundice and treating psoriasis, and eczema globally. Phototherapy helps in reducing itching, increases vitamin D production, and calms inflammation.
The growing health care industry in emerging economies, development of low cost phototherapy equipment and increasing adoption of at home phototherapy treatment is creating ample revenue generation opportunities for the manufacturers of phototherapy equipment. However, high cost of these equipments and procedures and dearth of skilled professionals are the key factors hampering the growth of the global phototherapy equipment market.
Geographically, North America has been the largest market for phototherapy equipment. The major factors fueling the growth of the North American market are increasing prevalence of skin diseases, technological advancements and high healthcare expenditure in the region. The U.S. contributed largest revenue to the North American as well as global phototherapy equipment market.
Europe has been the second largest market for phototherapy equipment, where the market is driven by the presence of a large pool of patients, increasing healthcare expenditure and rapidly developing healthcare infrastructure. The phototherapy equipment market in Asia-Pacific would witness the highest growth during the forecast period. The highest growth in the region is attributed to the growing healthcare industry, increasing prevalence of neonatal jaundice, and penetration of key players into the untapped market. China and India offer immense growth opportunities in the Asia-Pacific phototherapy market. The rapidly growing medical tourism in India leads to awareness about the phototherapy equipment supporting the growth of market in the country.
The key players operating in the global phototherapy equipment market are Philips Lighting Holding B.V., GE Healthcare, Natus Medical Incorporated, Phoenix Medical Systems Pvt. Ltd., Atom Medical Corporation, National Biological Corporation, Solarc Systems Inc., The Daavlin Company, and Nice Neotech Medical Systems Pvt. Ltd.