Market Analysis

Phototherapy Market Research Report - Global Forecast till 2023 is projected to have an impressive growth at a whopping CAGR over the forecast period (2017-2023). Phototherapy which is also popularly known as light therapy is a process that uses UV (ultraviolet) light for the healing effects.

This process is being used for a good number of years now and the world over for treating severe skin conditions namely eczema, vitiligo and psoriasis. It is a good option for people who are not in favour of a steroid treatment but on the lookout for something that is natural and sans side effects. Not only skin ailments, phototherapy is also used for treating jaundice in case of new-borns through the photo-oxidation process. Similarly, phototherapy is also used for increasing the production of vitamin D to ramp up the bacteria-fighting systems within the skin.

There are various factors that is driving the growth of the phototherapy market according to MRFR (Market Research Future) Report. These include rising concerns for environmental changes especially global warming, anthropogenic effects which are led by the leading industries, rapid increase in skin disorders and diseases, changing lifestyle, improved healthcare, improved economic conditions, improved skin treatment procedures, efficacies and awareness of phototherapy and environmental changes. Unfortunately, on the contrary, factors such as risks associated to phototherapy and unmet medical needs are likely to impede the growth of the phototherapy market. The risks related to phototherapy include increased danger of childhood seizures, cataracts from inadequate eyewear at the time of the treatment, nausea, headache, melanoma, skin aging and sunburn.

Competitive Analysis

The global phototherapy market is competitive and fragmented with a good number of players that are churning the competition. Lack of effective devices for treating skin issues and shortages of dermatologists have paved the way for phototherapy and opportunities both for leaders and new entrants alike. The increase in counterfeit and spurious equipment have cut down the market revenue thereby displacing off the standard devices from the market.

Key Players

Leading players profiled in the phototherapy market include MTTS ASIA (Vietnam), VIA Global Health (U.S.), PhotoMedex, Inc (U.S.), Beurer GmbH (Germany), Herbert Waldmann GmbH & Co. KG (Germany), Natus Medical Incorporated (U.S.), GE Healthcare (UK), and Koninklijke Philips N.V. (Netherlands).

Dec 2018- The Northwestern Engineering Students and Northwestern Medicine has introduced the smallest ever battery-free, wearable device that can help to treat skin cancer, sunburns, seasonal affective disorder, skin diseases and neonatal jaundice. This device is so small that can be glued to the watch or sunglass or mounted on the hat which means now people can do phototherapy at home. The best part is, this phototherapy machine is waterproof and also rugged.

Phototherapy Market Information: By Devices (Firefly, Fiber-Optic Blanket, Fiber-Optic Band and others) By Indication (Jaundice, Skin Disease, and others) By End Users (Hospitals & Clinics, Dermatology Center, Home Care, and others) - Forecast till 2023 : https://www.marketresearchfuture.com/reports/phototherapy-market-1844