The global phototherapy market is growing rapidly and is expected to continue over the review period. The demand for phototherapy is high across the globe. Increasing ratio of death in infants due to jaundice and increasing population with disease such as psoriasis, vitiligo are driving the market growth. According to CDC, The most common type of phototherapy used to treat skin diseases are narrowband ultraviolet B (UVB) light. This uses a special machine to emit UVB light, which is the best part of natural sunlight for treating skin diseases. Moreover the device firefly is in huge demand that maintains the bilirubin rate in the infants. Firefly a device that uses less energy and growing its popularity with its flexibility that can be also be used anywhere.
The global phototherapy market is expected to grow at a CAGR of 4.6% during the forecast period 2017-2023.
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The Americas dominate the global phototherapy market owing to the presence of huge patient population with jaundice, psoriasis, vitiligo, and others skin disease. Moreover high healthcare spending and increasing government support for research & development leads the growth of the market.
Europe holds the second largest share of the global phototherapy market as result of increasing focus of various government agencies on the treatment of skin disease. The focus of various government agencies is increasing for treating various skin diseases. According to the report published by the WHO, in 2014, around 28 regional psoriasis networks were established in Germany throughout the country to coordinate high-level health care for psoriasis patients by dermatological experts.
Asia Pacific is the fastest growing phototherapy market across the globe. Rapidly developing economy, increasing healthcare expenditure, and the government’s initiatives for research & development are projected to drive the market in China and India over the forecasted period. Most of the Pacific region countries have believe in tanning body and sun bath, which are the measure causes of skin diseases.
The Middle East and Africa holds the least share of the global market due to limited availability of medical facilities. Along with unavailability of skin specialists and referral is difficult due to geographic distance and availability of travel funds.
The global phototherapy market is segmented on the basis of devices, indication, and end user. On the basis of the devices, it is segmented into firefly, fiber-optic blanket, fiber-optic band, and others. On the basis of the indication, it is segmented into skin diseases, jaundice, and others. Furthermore, the skin diseases are segmented into psoriasis, vitiligo, and other skin diseases. On the basis of the end user, it is segmented into hospitals & clinics, dermatology center, homecare, and others.
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Europe holds the second largest phototherapy market, which is followed by Asia Pacific. Availability of funds for research & development and strong government support drive the market growth. For instance, countries like Germany and France are increasing investment in the healthcare domain
Asia Pacific is the fastest growing phototherapy market owing to the increasing healthcare awareness, rapidly developing the economy and increasing government support. Moreover, increasing demand for new treatment methods in countries like India and South Korea is likely to emerge as the fastest growing market across the globe.
On the other hand, the Middle East & Africa holds the least share of the market due to poor political conditions in Africa and limited availability of funds and availability of medical facilities. The Middle East is leading the Middle East & African phototherapy market due to the presence of well-developed countries like Kuwait, Qatar, Oman, and South Arabia. Whereas, Africa region is expecting a healthy growth due to the presence of a huge opportunity for the development of the market.
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