7 Nov 2018 - The global Phototherapy Equipment/Device Market value was worth USD 481.5 million in 2016 which is anticipated to increase at a CAGR of more than 5.8% over the forecast period. Growing incidence of skin diseases is significantly boosting the phototherapy equipment market. Some of the most prevalent skin diseases include eczema, psoriasis and acne related problems.
Psoriasis is one of the most prevalent autoimmune diseases in the U.S. According to International Federation of Psoriasis Association (IFPA), nearly 150,000 new cases of psoriasis come up every year. Based on National Eczema Association statistics, 31.6 million people in US suffer from eczema. High pollution results into global warming and ultraviolet rays; this is another factor which contributes to the high prevalence of these skin disorders. According to American Academy of Dermatology, 50 million of the U.S. population suffer from acne problems every year. As a result, increasing incidence and prevalence of such skin diseases is projected to accelerate growth of the phototherapy equipment market.
Apart from chronic skin diseases, phototherapy equipment are also used for treating neonatal jaundice. Exposure of fluorescent lights on neonates helps in the treatment of this disease condition. According to WHO, almost 60% of the new born suffer from jaundice within first week of their birth. According to Scholars Journal of Applied Medical Sciences, almost 25-50% of infants and premature neonates suffer from jaundice. Thus, increasing number of neonates with jaundice is expected to support the demand for phototherapy products. Furthermore, with technological advancements in the field of phototherapy, this market is witnessing a significant growth. For instance, Nice4000 CFL- standalone CFL phototherapy, manufacutured by Nice Neotech Medical Systems Pvt. Ltd. uses compact fluorescent tubes to deliver high intensity phototherapy for the treatment of neonatal jaundice. Several bulb configurations are also available Several bulb configurations are available for phototherapy and diagnosis.
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Product Insights
Based on product, the market is segmented into conventional, fiberoptic, and LED equipment. In 2016, conventional equipment dominated the market owing to is high usage in the treatment of eczema, psoriasis and other skin diseases.
Browse Full Research Report @ https://www.millioninsights.com/industry-reports/phototherapy-equipment-market
LED equipment is expected to witness an attractive growth over the forecast period due to the availability of cost-effective devices. These products are highly effective in treating neonatal jaundice. For instance, IREX10, manufactured by Ibis Medical is highly efficient in treating neonatal jaundice.
Application Insights
Based on application, the market is segmented into neonatal jaundice management and skin disease treatment. In 2016, skin disease treatment dominated the market due to increase in prevalence of skin disorders, like eczema and psoriasis.
Neonatal jaundice management is projected to show lucrative growth over the forecast period. This is due to the growing number of neonates suffering from hyperbilirubinemia. Moreover, launch of technologically advanced products for the treatment of the neonatal jaundice is also expected to heighten the market growth.
End-use Insights
Based on end-use, hospitals and clinics held the largest market share in 2016. This is due to the increasing number of child births in hospitals. Availability and easy accessibility of clinics in both developing and developed regions also contributed to the growth of this segment.
Homecare segment is projected to witness attractive growth over the forecast period due to the easy applicability of phototherapy products at home. Cost-effectiveness of homecare phototherapy treatment is further anticipated to boost the segmental growth.
Regional Insights
On the basis of region, North America held the largest market share in 2016. This is due to the increasing number of acne disorders and people being more concerned about their esthetics in country like the U.S. Adoption of highly advanced devices is also expected to boost this regional segment growth.
Asia Pacific is projected to showcase attractive CAGR over the forecast period owing to the high prevalence of skin disease such as eczema and psoriasis among the Indian population. Moreover, increasing awareness in developing countries regarding advanced skin care treatments is further projected to boost the market growth.
Competitive Insights
Some of the key players of the market comprise Nice Neotech Medical Systems Pvt. Ltd.; GE Healthcare; Natus Medical Incorporated; Philips Lighting Holding B.V.; Solarc Systems Inc.; Atom Medical Corporation; Phoenix Medical Systems Pvt. Ltd.; and National Biological Corp.
In order to fulfil the unmet needs of the target population, the major companies are undertaking regional expansion, development of new products and mergers & acquisitions. For instance, in 2015, Brilliance Pro was launched by Phoenix Market Systems. It SmartTilt feature provides consistent intensity across a baby’s skin, suffering from jaundice regardless of the angle at which the light head is oriented.
See More Reports of this Category by Million Insights @ https://www.millioninsights.com/industry/medical-devices
Psoriasis is one of the most prevalent autoimmune diseases in the U.S. According to International Federation of Psoriasis Association (IFPA), nearly 150,000 new cases of psoriasis come up every year. Based on National Eczema Association statistics, 31.6 million people in US suffer from eczema. High pollution results into global warming and ultraviolet rays; this is another factor which contributes to the high prevalence of these skin disorders. According to American Academy of Dermatology, 50 million of the U.S. population suffer from acne problems every year. As a result, increasing incidence and prevalence of such skin diseases is projected to accelerate growth of the phototherapy equipment market.
Apart from chronic skin diseases, phototherapy equipment are also used for treating neonatal jaundice. Exposure of fluorescent lights on neonates helps in the treatment of this disease condition. According to WHO, almost 60% of the new born suffer from jaundice within first week of their birth. According to Scholars Journal of Applied Medical Sciences, almost 25-50% of infants and premature neonates suffer from jaundice. Thus, increasing number of neonates with jaundice is expected to support the demand for phototherapy products. Furthermore, with technological advancements in the field of phototherapy, this market is witnessing a significant growth. For instance, Nice4000 CFL- standalone CFL phototherapy, manufacutured by Nice Neotech Medical Systems Pvt. Ltd. uses compact fluorescent tubes to deliver high intensity phototherapy for the treatment of neonatal jaundice. Several bulb configurations are also available Several bulb configurations are available for phototherapy and diagnosis.
Request Sample Copy of this Market Research @ https://www.millioninsights.com/industry-reports/phototherapy-equipment-market/request-sample
Product Insights
Based on product, the market is segmented into conventional, fiberoptic, and LED equipment. In 2016, conventional equipment dominated the market owing to is high usage in the treatment of eczema, psoriasis and other skin diseases.
Browse Full Research Report @ https://www.millioninsights.com/industry-reports/phototherapy-equipment-market
LED equipment is expected to witness an attractive growth over the forecast period due to the availability of cost-effective devices. These products are highly effective in treating neonatal jaundice. For instance, IREX10, manufactured by Ibis Medical is highly efficient in treating neonatal jaundice.
Application Insights
Based on application, the market is segmented into neonatal jaundice management and skin disease treatment. In 2016, skin disease treatment dominated the market due to increase in prevalence of skin disorders, like eczema and psoriasis.
Neonatal jaundice management is projected to show lucrative growth over the forecast period. This is due to the growing number of neonates suffering from hyperbilirubinemia. Moreover, launch of technologically advanced products for the treatment of the neonatal jaundice is also expected to heighten the market growth.
End-use Insights
Based on end-use, hospitals and clinics held the largest market share in 2016. This is due to the increasing number of child births in hospitals. Availability and easy accessibility of clinics in both developing and developed regions also contributed to the growth of this segment.
Homecare segment is projected to witness attractive growth over the forecast period due to the easy applicability of phototherapy products at home. Cost-effectiveness of homecare phototherapy treatment is further anticipated to boost the segmental growth.
Regional Insights
On the basis of region, North America held the largest market share in 2016. This is due to the increasing number of acne disorders and people being more concerned about their esthetics in country like the U.S. Adoption of highly advanced devices is also expected to boost this regional segment growth.
Asia Pacific is projected to showcase attractive CAGR over the forecast period owing to the high prevalence of skin disease such as eczema and psoriasis among the Indian population. Moreover, increasing awareness in developing countries regarding advanced skin care treatments is further projected to boost the market growth.
Competitive Insights
Some of the key players of the market comprise Nice Neotech Medical Systems Pvt. Ltd.; GE Healthcare; Natus Medical Incorporated; Philips Lighting Holding B.V.; Solarc Systems Inc.; Atom Medical Corporation; Phoenix Medical Systems Pvt. Ltd.; and National Biological Corp.
In order to fulfil the unmet needs of the target population, the major companies are undertaking regional expansion, development of new products and mergers & acquisitions. For instance, in 2015, Brilliance Pro was launched by Phoenix Market Systems. It SmartTilt feature provides consistent intensity across a baby’s skin, suffering from jaundice regardless of the angle at which the light head is oriented.
See More Reports of this Category by Million Insights @ https://www.millioninsights.com/industry/medical-devices
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