The phototherapy equipment market is projected to reach USD 583.4 million by 2021 from USD 468.2 million in 2016, at a CAGR of 4.5%. Growth in the phototherapy equipment market is mainly driven by rising incidences of neonatal jaundice in both developed and developing markets, rising number of people suffering from skin diseases, inflow of technologically advanced products, and rising adoption of LED-based phototherapy equipment. On the other hand, high use of alternative mode of treatments and stringent regulatory policies for the approval of new devices are expected to restrain market growth during the forecast period.
In this report, the global phototherapy equipment market has been segmented into, type, application, end-user and region. Based on type, phototherapy equipment is classified into conventional, LED, and fiberoptic phototherapy equipment. Conventional phototherapy equipment are further classified in two segments on the basis of type of lamp installed—equipment with fluorescent lamps and equipment with compact fluorescent lamps. The LED-based phototherapy equipment segment is expected to witness the highest growth during the forecast period, primarily due to procedural benefits such as better efficacy, affordability, and safety.
On the basis of applications, the global phototherapy equipment market is segmented into skin disease treatment and neonatal jaundice management. The skin disease treatment application segment is further segmented, on the basis of disease types, into psoriasis, vitiligo, eczema, and other skin diseases. Neonatal jaundice management is expected to be the fastest-growing application segment in the global phototherapy equipment market. Market growth for neonatal jaundice management applications can be attributed to factors such as increasing incidences of neonatal jaundice as well as the development of technologically advanced and cost-effective phototherapy products.
On the basis of end-user global phototherapy equipment market is segmented into hospitals & clinics and home users. The home users segment is expected to grow at the highest CAGR during the forecast period. The growth in this segment is driven by the factors such as cost-efficiency and efficacy of home phototherapy, in addition to the high patient convenience of this treatment option. The development of technologically sophisticated phototherapy equipment is expected to further fuel the growth of the home users segment.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. The high growth in this regional segment can be attributed to the rising birthrate, large number of preterm and low-weight births, inflow of technologically advanced products, and rising initiatives by various public and private organizations for improving neonatal care in this region.
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