The global market for phototherapy equipment is projected to experience substantial growth in the coming years, driven by the increasing prevalence of skin diseases. According to recent data from the American Academy of Dermatology Association, approximately 84.5 million Americans, or nearly one in every four individuals, suffer from some form of skin ailment. This surge in skin conditions, coupled with a rise in preterm deliveries and low birth weight babies, is expected to propel the market, which was valued at USD 342.8 million in 2021.
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One of the key factors driving the market expansion is the successful treatment of neonatal jaundice with phototherapy. A significant percentage of newborns experience jaundice, making phototherapy equipment essential for their treatment and recovery. The effectiveness of phototherapy in treating neonatal jaundice has been demonstrated in studies conducted by reputable institutions, such as Stanford Medical School.
Moreover, the introduction of technologically sophisticated phototherapy equipment and the widespread adoption of LED-based devices are anticipated to further boost market growth. LED phototherapy equipment offers advantages such as energy efficiency, longer lifespan, and cost-effectiveness compared to conventional devices. This has led to increased awareness and adoption of sophisticated phototherapy solutions, particularly in regions with evolving healthcare infrastructure.
Despite a slight adverse impact from the COVID-19 pandemic on phototherapy equipment demand, the market is expected to rebound post-pandemic, driven by strategic initiatives adopted by market participants. Product launches, geographic expansions, and mergers and acquisitions are among the measures undertaken by industry players to stimulate growth.
North America currently leads the global phototherapy equipment market due to a higher prevalence of skin disorders and a favorable healthcare infrastructure. However, the Asia-Pacific region is expected to witness faster 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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