NEWARK, Del, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The phototherapy treatment market is estimated to be worth US$ 1,948.90 million in 2023 and is projected to be valued at US$ 3,230.90 million by 2033. Between 2023 and 2033, the industry is expected to register a CAGR of 5.20%.
The increasing prevalence of skin ailments such as psoriasis and eczema across the globe and the advancement of phototherapy technology are expected to influence the global market for phototherapy treatment over the forecast period. The aging population is more prone to skin disorders, and this demographic trend has boosted the demand for phototherapy services. With a larger aging population, there is a higher need for phototherapy treatment options.
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The increasing incidence of skin disorders such as psoriasis, eczema, vitiligo, and atopic dermatitis has been a significant driver. Phototherapy is a well-established and effective treatment for many of these conditions. Ongoing advancements in phototherapy technology have led to the development of more efficient and patient-friendly devices.
As awareness of the effectiveness of phototherapy as a treatment option for various skin disorders increases, more patients and healthcare providers are opting for this non-invasive treatment. The growing acceptance of phototherapy is contributing to market growth.
Increased healthcare spending by both governments and individuals has allowed for greater access to phototherapy treatments. Health insurance coverage for phototherapy services has also made the treatment more accessible to patients.
The phototherapy treatment market is expanding in emerging economies as healthcare infrastructure improves and more people seek treatment for skin disorders. The market is growing not only in developed countries but also in regions with a rising middle-class population.
Key Takeaways:
- In 2022, the phototherapy treatment market was valued at US$ 1,838.10 billion.
- Based on disease type, the acne segment is expected to account for a share of 60.4% in 2023.
- Based on phototherapy, the blue light therapy segment is expected to account for a share of 42.20% in 2023.
- Global phototherapy treatment demand in China is predicted to account for a CAGR of 6.70% through 2033.
- Phototherapy treatment in the United States is expected to account for a CAGR of 2.30% between 2023 and 2033.
- Germany is projected to expand by a value CAGR of 3.10% between 2023 and 2033.
- By 2033, the phototherapy treatment market in India is anticipated to record a CAGR of 7.80% during the forecast period.
“The increasing number of people suffering from acne and psoriasis and growing technological advances in healthcare are anticipated to drive the market growth during the forecast period," opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI) analyst.
Phototherapy Treatment Market Report Scope:
| Attributes | Details | |
| Estimated Market Size in 2023 | US$ 1,948.90 million | |
| Projected Market Valuation in 2033 | US$ 3,230.90 million | |
| Value-based CAGR 2023 to 2033 | 5.20 | % |
| Forecast Period | 2023 to 2033 | |
| Historical Data Available for | 2018 to 2022 | |
| Market Analysis | Value in US$ million | |
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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Competitive Landscape:
The global phototherapy treatment market depicts a fragmented competitive landscape due to numerous players in the market. The key players in the market have adopted innovative strategies like mergers, partnerships, and acquisitions to enhance their market presence and strengthen their market hold.
- GE Healthcare provides a wide range of healthcare solutions, including phototherapy equipment used in neonatal care for conditions like jaundice.
- Lumenis is a global medical technology company known for its aesthetic and medical equipment, including phototherapy devices for dermatological treatments.
- TheraLight is a company specializing in light therapy technology for various medical and dermatological applications, including skin conditions and wound care.
Phototherapy Treatment Market - Key Segments:
By Disease Type:
- Psoriasis
- Guttate Psoriasis
- Inverse Psoriasis
- Pustular Psoriasis
- Erythrodermic Psoriasis
- Plaque Psoriasis
- Acne
- Acne Vulgaris
- Acne Conglobata
- Acne Fulminans
- Gram-Negative Folliculitis
- Acne Rosacea
- Pyoderma Faciale
By Phototherapy Type:
- Blue Light Phototherapy
- Red Light Phototherapy
- Intense Pulsed Light (IPL) Phototherapy
- Narrowband UVB Phototherapy
- Psoralens+Ultravioletlight A (PUVA) Phototherapy
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
- The Middle East and Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Explore FMI’s related ongoing Coverage in the Healthcare Market Insights Domain:
Phototherapy Equipment Market Size: Global market sales were valued at around US$ 571.8 Million at the end of 2021. The market is projected to register a 5.8% CAGR and top a valuation of US$ 1109.6 Million by 2032.
Phototherapy Lamps Market Share: The global market size is poised to surpass a valuation of US$ 6,551.8 million by 2033. Phototherapy lamp manufacturers expect the market to progress at a modest CAGR of 6.8% through 2033. The current valuation for the market is US$ 3,381.4 million in 2023.
Disposable Negative Pressure Wound Therapy Devices Market Demand: Global market size is set to experience significant growth of 10.7% CAGR from 2022 to 2028, with an estimated market value of around US$ 461.3 Million in 2028.
Single Dose Radiotherapy Services Market Growth: The global market is expected to attain a valuation of US$ 7.88 billion in 2023 and is projected to reach US$ 16 billion by 2033, expanding at a CAGR of 7.3% during the forecast period.
Wound Debridement Products Market Outlook: The market is anticipated to flourish at a healthy CAGR of 5.2% between 2023 and 2033. The market is expected to hold a share of US$ 7.52 billion by 2033, while the market is likely to reach a value of US$ 4.54 billion in 2023.
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