Global Phototherapy Equipment Market to Reach 8.7 Million by 2025

Posted by Marsh William on June 10th, 2019

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