Phototherapy Device Market: Rising prevalence of skin diseases is expected to drive the market
Phototherapy Device Market: Introduction
- Phototherapy devices are used for phototherapy, a form of medical treatment that includes exposure to fluorescent light bulbs or other light sources, such as halogen lamps and light emitting diodes (LEDs), for the treatment of certain medical conditions.
- Phototherapy devices are used in the treatment of various medical conditions such as Psoriasis, Jaundice, Vitiligo, Eczema, Lichen planus, etc.
- Phototherapy units are extensively employed to treat neonatal jaundice, which occurs in around 60% to 70% newborns. Phototherapy treatment is carried out to avoid the neurotoxic effects of elevated serum unconjugated bilirubin in jaundice. Phototherapy is a safe, efficient way to minimize or avoid a spike in serum unconjugated bilirubin levels and decrease the need for a transfusion exchange in neonates.
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Key Drivers, Restrains, and Opportunities of Global Phototherapy Device Market
- Increase in prevalence of neonatal jaundice is fueling the demand for phototherapy devices and subsequently, driving its market. Jaundice affects at least 60% of full-term and 80% of pre-term neonates, meaning that about 4–112 million of the 140 million children born worldwide are likely to suffer from this disease in the first two weeks of their lives. Approximately one in ten newborn babies is expected to experience clinically severe jaundice, or hyperbilirubinemia, which requires careful observation and care. Therefore, the prevalence of neonatal jaundice is rising as the number of newborns is increasing and consequently, the market for phototherapy device is also expected to expand in the near future.
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- Moreover, rising prevalence of skin diseases, such as psoriasis, dermatitis, and vitiligo, is also boosting the phototherapy device market. The Global Burden of Disease Project found that skin diseases are the fourth-leading cause of non-fatal disease burden globally. A serious skin issue among is psoriasis, which affects more than 100 million individuals globally. According to World Health Organization, the reported prevalence of psoriasis in countries is between 0.09% and 11.4%, making psoriasis a significant global issue. Phototherapy treatment is used in psoriasis management, which in turn drives the psoriasis device market.
- Apart from Psoriasis, the incidence of atopic dermatitis, a leading cause of skin-related disease burdens worldwide, is increasing in developing countries in Asia, Africa, Latin America, and the Middle East. This drives the market of phototherapy devices, as they are used in the treatment of atopic dermatitis.
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- Increase in launch of more technically advanced phototherapy devices for the treatment of various diseases and disorders is further propelling the market of phototherapy device. For instance, in April 2020, PhotoPharmics, a leader in advanced phototherapy, received FDA approval for non-invasive, in-home care phototherapy device treatment of Parkinson's disease.
- Alternative treatments, such as drugs, which are available in the market, restrain the phototherapy device market. Furthermore, increasing acceptance of home phototherapy devices is estimated to offer significant opportunity for the market.
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North America to Capture Major Share of Global Phototherapy Device Market
- North America is expected to account for a major share of the global phototherapy device market due to the high prevalence of skin disease among the population. As per the Journal of the American Academy of Dermatology, in 2015, more than 85 million people in the U.S. have been treated by a physician for at least one skin disorder. Moreover, well- established healthcare infrastructure and hub for key industry players are major drivers of the phototherapy device market in North America region. The market for phototherapy device in Europe is expected to expand at a notable pace during the forecast period due to an increase in the prevalence of skin disorders, such as psoriasis, acne, and vitiligo, in the region.
- The market in Asia Pacific is projected to expand at a prominent growth rate during the forecast period due to rising awareness about advanced phototherapy and the advancement of healthcare infrastructure in countries in Asia such as China and India. Moreover, increase in number of newborns in Asia, rise in the occurrence of neonatal jaundice, and the need for cost-effective devices are key factors that are projected to further boost the demand for phototherapy in Asia Pacific.
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Key Players Operating in Global Phototherapy Device Market
The global phototherapy device market is highly consolidated due to the presence of key players. A large number of manufacturers hold a major share in their respective regions. Demand for products to treat diseases is increasing in emerging as well as developed markets. Growth strategies adopted by leading players are likely to drive the global phototherapy device market.
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