Phototherapy Device Market Overview

According to Maximize Market Research, a renowned global business research and consultancy firm, the total global market for the "Phototherapy Device Market" size was valued at US$ 575.63 Mn in 2022 and the total revenue is expected to grow at CAGR 4.1 % through 2022 to 2029, reaching nearly US$ 762.61 Mn. This growth is attributed to various factors such as technological advancements, increasing demand for the product/service, expanding market penetration, and favorable industry trends.

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Phototherapy Device Market Drivers and Restraints

A rise in low birth weight and preterm birth rates, as well as an increase in the global prevalence of skin diseases including eczema and psoriasis. These are the primary elements propelling the market for phototherapy devices. According to the American Academy of Dermatology, 50 million people in the US suffer with acne each year. In addition, the demand for phototherapy treatments is anticipated to increase significantly throughout the forecast period due to the rising number of newborn cases. Constant technological progress will probably accelerate market expansion.

Phototherapy Device Market Regional Insights

The report presents a comprehensive Regional Analysis, covering the current status of the Phototherapy Device market in different countries. It includes a detailed examination of factors, market size, growth rate, and import-export dynamics within regions. The analysis is conducted at both local and country levels, encompassing North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa as the broad segments for the Phototherapy Device market.

Phototherapy Device Market Segmentation

by Types

Conventional Phototherapy Market
LED Based Phototherapy Market
Fiber Optic Phototherapy Market

The phototherapy device market is divided into three categories based on technology: conventional phototherapy, LED-based phototherapy, and fibre optic phototherapy. Because phototherapy reduces hyperbilirubin in newborns and skin illnesses, the conventional photography sector is expected to have the highest CAGR of 3.94% during the forecasting period. This segment currently dominates the market. In 2021, this segment brought in 184.00 Mn in sales.The second-largest segment, LED-based phototherapy, is anticipated to expand at a CAGR of 6.0% during the projection period.

by Application

Skin Disease Treatment
Psoriasis
Vitiligo
Eczema
Neonatal Jaundice Management

The Phototherapy Device Market is divided into two categories, Skin Disease Treatment and Neonatal Jaundice, based on Application. Treatment for skin conditions is further divided into psoriasis, vitiligo, and eczema. The greatest CAGR of 5.44% is predicted for the treatment of skin diseases during the forecasted period. People always favour phototherapy as a kind of treatment as the number of skin disorders increases. The most growth in Neonatal Jaundice is anticipated throughout the forecasted period. According to a recent estimate, the majority of newborn babies would have jaundice in 2022.

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Phototherapy Device Market Key Players

1. GE Healthcare
2. Atom Medical
3. Draeger
4. Herbert Waldmann
5. Natus Medical
6. Daavlin
7. Beurer
8. National Biological
9. David
10.Solarc Systems Inc.
11.UVBioTek
12.MTTS Asia
13.Nice Neotech
14.Signify Holding
15.Phoenix Medical Corporation
16.Strata Skin Sciences
17.National Biological Corporation
18.Hill-Rom
19.Medisana AG
20.Schulze & Böhm GmbH

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Key questions answered in the Phototherapy Device Market are:

What is Phototherapy Device?
What was the Phototherapy Device market size in 2022?
What are the different segments of the Phototherapy Device Market?
What growth strategies are the players considering to increase their presence in Phototherapy Device?
What are the upcoming industry applications and trends for the Phototherapy Device Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Phototherapy Device Market?
Who are the key players in the Phototherapy Device market?
What major challenges could the Phototherapy Device Market face in the future?
What segments are covered in the Phototherapy Device Market?
Who are the leading companies and what are their portfolios in Phototherapy Device Market?
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