Global Phototherapy Equipment Market to grow with a CAGR of 3.30 %
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Global Phototherapy Equipment Market.
According
to TechSci Research report, “Global Phototherapy Equipment Market Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Phototherapy Equipment
Market has valued at USD 374.60 million in 2022 and is anticipated to witness
an impressive growth in the forecast period with a CAGR of 3.30% through 2028. This
can be due to collaborations and partnerships among leading companies with a
diverse approach to merge the expertise of individual companies and to
strengthen their position in the market. Environmental considerations play a
role in driving the demand for phototherapy equipment. Many modern phototherapy
devices, particularly LED-based equipment, are energy-efficient. They consume
less power while delivering high-intensity light. This reduces energy
consumption and operational costs, making phototherapy more cost-effective for
healthcare facilities and environmentally friendly. The energy-efficient and
eco-friendly nature of LED-based phototherapy equipment aligns with
sustainability goals. Reducing energy consumption and minimizing environmental
impact are crucial considerations for healthcare facilities and institutions
seeking to minimize their carbon footprint. LED lights in phototherapy devices
produce significantly less heat compared to traditional lamps, such as
fluorescent or incandescent bulbs. This feature reduces the risk of overheating
during treatment, enhances patient comfort, and minimizes the need for cooling
systems, further contributing to energy efficiency. LED bulbs have a longer
lifespan and are more durable than traditional bulbs. This longevity reduces
the frequency of replacements, thereby minimizing waste and the environmental
impact of disposing of used bulbs.
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In September 2022, Bristol Myers Squibb has
received approval from the U.S. Food and Drug Administration (FDA) for Sotyktu (deucravacitinib),
an innovative oral medication. It is a selective allosteric tyrosine kinase 2
(TYK2) inhibitor, making it a first-in-class drug for the treatment of adults
dealing with moderate-to-severe plaque psoriasis who are suitable candidates for
systemic therapy or phototherapy. It's important to note that Sotyktu is not
recommended for use alongside other potent immunosuppressants. This approval is
based on the positive outcomes from the pivotal Phase 3 POETYK PSO-1 and POETYK
PSO-2 clinical trials, where Sotyktu, administered once daily, demonstrated
superior effectiveness compared to both a placebo and Otezla (apremilast) given
twice daily. The trials involved 1,684 patients aged 18 and above who were
dealing with moderate-to-severe plaque psoriasis. The superior effectiveness of
Sotyktu compared to both the placebo and Otezla was consistently observed at
the 16-week, 24-week, and 52-week marks. Psoriasis is a prevalent and chronic
immune-mediated disease with systemic effects, affecting around 7.5 million
individuals in the United States. Plaque psoriasis, characterized by distinct
round or oval plaques usually covered by silvery white scales, is the most
common form, impacting up to 90% of psoriasis patients. Of these, approximately
one-quarter, or about two million people in the U.S., have cases classified as
moderate-to-severe.
Device
maintenance and calibration pose significant challenges in the Global
Phototherapy Equipment Market. To ensure the effectiveness and safety of
phototherapy, equipment must be properly maintained and calibrated. Regular
maintenance is essential to prevent equipment malfunctions that can compromise
patient treatment. Healthcare facilities must adhere to regulatory requirements
and quality standards. Proper maintenance and calibration are necessary to
maintain compliance and prevent potential legal and regulatory issues. Routine
maintenance and calibration may require temporary equipment downtime. This can
disrupt treatment schedules and impact patient access to phototherapy,
potentially affecting the patient's condition. Routine maintenance and
calibration can be costly, including expenses related to technician visits,
replacement parts, and service contracts. These costs can strain the budgets of
healthcare facilities.
Global Phototherapy Equipment Market is segmented based
on Product, Application, End-use, and by region.
Based on the Product, Global Phototherapy Equipment
Market is segmented into Conventional
Phototherapy Equipment, LED Phototherapy Equipment, Fiber Optic Phototherapy
Equipment. Fiber optic phototherapy equipment is a specialized medical
technology used in the treatment of neonatal jaundice, a condition that results
from elevated levels of bilirubin in the blood. This equipment employs fiber
optic technology to deliver targeted light therapy to newborns, specifically to
the skin to reduce the levels of bilirubin, thus mitigating the effects of
jaundice. The core component of fiber optic phototherapy equipment is the use
of optical fibers or flexible light guides. These fibers are thin and flexible,
allowing for the precise delivery of light to the affected areas of the
newborn's skin. The equipment includes a light source that emits a specific
wavelength of light, typically in the blue or green spectrum. These wavelengths
are effective at breaking down bilirubin in the skin, making it easier for the
body to eliminate the excess bilirubin through urine and feces. Optical fibers
or light guides are connected to the light source and extend to the patient's
area of treatment. The cables are typically designed to be gentle on the
newborn's skin and flexible to ensure comfort and mobility.
Based on Region, North America held the largest share in the Global Phototherapy
Equipment Market. Many residents in North America have health insurance
coverage, which can facilitate access to medical treatments, including
phototherapy. Insurance plans often cover a portion of the costs associated
with these treatments, making them more accessible to patients. The region
conducts numerous clinical trials and research studies related to phototherapy
and dermatological conditions. These trials contribute to the development and
validation of new treatment methods and equipment. The presence of a robust pharmaceutical
industry in North America means that phototherapy can be used in conjunction
with pharmaceutical treatments for skin disorders, further boosting the demand
for phototherapy equipment. North American healthcare providers and patients
are generally well-informed about the benefits and efficacy of phototherapy for
skin conditions. This awareness leads to a greater willingness to adopt
phototherapy as a treatment option. In some cases, government healthcare
programs and institutions support the use of phototherapy equipment for
specific medical conditions, further driving the demand.
Some of the major companies
operating in the Global Phototherapy
Equipment Market include:
- Signify
Holding
- GE
Healthcare
- Natus
Medical Incorporated
- Hebert
Waldmann GmbH & Co. KG
- Nice
Neotech Medical Systems Pvt. Ltd.
- Atom
Medical Corporation
- Phoenix
Medical Systems Pvt. Ltd.
- National
Biological Corp.
- Solarc
Systems Inc.
- The
Daavlin Company
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“Certain areas, particularly in North
America, are projected to exert significant demand for Phototherapy Equipment.
The growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhance the overall wellbeing of people each
year, are expected to contribute to a remarkable growth of the Global Phototherapy
Equipment Market in the forecast period," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
Global Phototherapy
Equipment Market by
Product (Conventional Phototherapy Equipment, LED Phototherapy Equipment, Fiber
Optic Phototherapy Equipment), By Application (Skin Diseases Treatment, Psoriasis,
Vitiligo, Eczema, others), By End-use (Hospitals & Clinics, Homecare,
Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F has
evaluated the future growth potential of Global Phototherapy Equipment
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Phototherapy
Equipment Market.
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