Phototherapy Equipment Market Size and Share Analysis: 2030 Trends
The global phototherapy equipment market is witnessing significant growth, projected to expand at a CAGR of 4.3 percent throughout the forecast period. Valued at USD 342.8 million in 2021, the market's surge is driven by the increasing prevalence of psoriasis cases. According to the International Federation of Psoriasis Associations (IFPA), the United States alone reports 150,000 new cases of psoriasis annually, affecting approximately 3% of the global population.
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LED-based phototherapy equipment is gaining prominence in the market due to its efficacy in treating psoriasis, acne, and fine wrinkles. As the number of individuals affected by such skin conditions rises, the adoption of LED phototherapy is expected to increase, further fueling market growth.
The market is also witnessing growth in response to the escalating rates of skin ailments, preterm deliveries, and low birth weight babies. With neonatal jaundice being a common condition among newborns, phototherapy equipment is in high demand to facilitate their recovery.
Furthermore, technological advancements and increased awareness of sophisticated phototherapy treatments are contributing to market expansion. LED devices, known for their energy efficiency, longer lifespan, and cost-effectiveness compared to conventional equipment, are finding widespread adoption in regions with evolving healthcare infrastructure.
The COVID-19 pandemic had a slight adverse impact on phototherapy equipment demand, but the market is expected to rebound post-pandemic, driven by strategic initiatives by market participants.
North America currently dominates the global phototherapy equipment market due to a higher prevalence of skin disorders and favorable reimbursement policies. However, the Asia-Pacific region is projected to witness rapid growth during the forecast period, driven by an increase in preterm births and skin conditions.
Key players in the phototherapy equipment market include GE Healthcare, Philips Lighting Holding B.V., Natus Medical Incorporated, and others.
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