The global phototherapy treatment market is expected to witness substantial growth over the next decade. According to a new market research report, the market is projected to be valued at USD 1,948.90 million in 2023 and is anticipated to reach a valuation of USD 3,230.90 million by 2033, growing at a compound annual growth rate (CAGR) of 5.20% during the forecast period.
Phototherapy treatment, which utilizes light to treat various medical conditions such as skin disorders and neonatal jaundice, is gaining traction worldwide. The rise in skin conditions like psoriasis and eczema, along with advancements in medical technologies, are key factors driving market growth.
The surge in demand for phototherapy treatments is largely attributed to the growing incidence of skin conditions such as psoriasis, eczema, vitiligo, and atopic dermatitis. As these conditions become more common, both patients and healthcare providers are seeking effective, non-invasive treatment options. Phototherapy has emerged as a preferred solution due to its proven efficacy in managing these conditions.
Key Factors Driving Market Growth:
- Rising Skin Disorder Incidence: The global increase in skin disorders has substantially boosted the demand for phototherapy treatments. With conditions like psoriasis and acne becoming more widespread, the effectiveness of phototherapy in providing relief has led to higher adoption rates among patients.
- Technological Advancements: Continuous innovations in phototherapy devices are enhancing both treatment efficiency and the patient experience. These technological advancements are expected to play a pivotal role in driving the market forward, offering more precise and effective treatment options.
- Aging Population: As the global population continues to age, the prevalence of age-related skin disorders is on the rise, further fueling the demand for phototherapy treatments. This demographic shift is anticipated to contribute significantly to the market’s sustained growth over the next decade.
- Increasing Awareness and Accessibility: Growing awareness of the benefits of phototherapy, combined with increased healthcare spending, has expanded access to these treatments. Additionally, enhanced insurance coverage for phototherapy services has made it easier for patients to receive treatment, further propelling market growth.
- Emerging Economies: Improvements in healthcare infrastructure in emerging markets are fostering a growing demand for phototherapy treatments. These regions are expected to be key contributors to the global expansion of the market as access to advanced medical treatments increases.
Market Outlook:
The convergence of these factors is set to accelerate the growth of the global phototherapy treatment market, presenting new opportunities for industry stakeholders. With a focus on innovation and improved accessibility, the landscape of skin disorder management is undergoing a transformation, promising better outcomes for patients worldwide.
Market Insights:
- In 2022, the phototherapy treatment market was valued at USD 1,838.10 million.
- The acne segment is projected to dominate the market, accounting for 60.4% in 2023.
- Blue light therapy is expected to capture 42.20% of the market share in 2023.
- China is anticipated to witness a CAGR of 6.70% through 2033, while India is expected to record a CAGR of 7.80% during the forecast period.
- The United States and Germany are also expected to see significant market growth with CAGRs of 2.30% and 3.10%, respectively.
Full Report on Phototherapy Treatment: Explore the Latest Trends and Insights in Our Detailed Analysis!
Industry Expert Opinion:
“The increasing number of individuals suffering from acne and psoriasis, coupled with advancements in healthcare technology, are expected to drive substantial growth in the phototherapy market throughout the forecast period,” states Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
The phototherapy treatment market features a competitive landscape with numerous key players adopting innovative strategies to enhance their market presence. Major companies in the market include:
- Lifespan
- UC Irvine Health
- Buffalo Medical Group
- Blackrock Clinic Limited
- The Private Phototherapy Clinic Ltd
- National Skin Centre Massachusetts General Hospital
- Signify Holding
- GE Healthcare
- Natus Medical Incorporated
Recent Developments:
- GE Healthcare offers a range of phototherapy equipment for neonatal jaundice care.
- Lumenis specializes in aesthetic and medical equipment, including advanced phototherapy devices for dermatological treatments.
- TheraLight focuses on light therapy technology for various medical and dermatological applications, including skin conditions and wound care.
Market Segmentation:
- By Disease Type: Psoriasis, Acne (including Acne Vulgaris, Acne Conglobata), and more.
- By Phototherapy Type: Blue Light, Red Light, Intense Pulsed Light (IPL), Narrowband UVB, and Psoralens+Ultravioletlight A (PUVA).
- By End User: Hospitals, Dermatology Clinics/Skin Care Centres, Wellness Centres, Home Care Settings.
- By Region: North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and The Middle East and Africa.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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