Phototherapy Market Size Poised to Reach USD 764.55 Million by 2027 Expanding at 4.61% CAGR, Estimates Market Research Future (MRFR)

Pune, India, June 07, 2021 (GLOBE NEWSWIRE) — Phototherapy Market Overview:

The phototherapy market is anticipated to Reach USD 764.55 Million by 2027 recording a 4.61% CAGR in the forecast period. Phototherapy is a kind of medical treatment that involves exposure to fluorescent light bulbs or other types of light like sunlight, halogen lights, and light-emitting diodes (LEDs) to heal certain medical conditions. Phototherapy is also referred to as light therapy and heliotherapy. The Global Phototherapy Market is expanding quickly due to the increasing frequency of severe skin diseases and the expanding number of preterm and low-weight births, which has directed the expansion of treatment possibilities to reduce fatality rates in infants’ jaundice after birth. Furthermore, the intensifying implementation of LED-based phototherapy equipment is also predicted to propel the phototherapy market’s development.

However, the agreement and availability between nations and alliances in the market are expected to deter the phototherapy market’s growth in the forecast period. The Food and Drug Administration lately bestowed a breakthrough device label for a phototherapy device envisioned to help patients with Parkinson’s Disease. The non-invasive machine is made by PhotoPharmics and is intended to be used at home. The company claims that this is a pioneering specialized light therapy device to obtain such an import title for the FDA reserved for new devices testing to fulfill an unmet patient requirement. A phase 2 trial led by the company presented that combining light therapy enhanced the non-motor and motor functions and the general quality of life in patients ailing from Parkinson’s.

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Phototherapy Market Insights

The Americas phototherapy market accounted for the chief market segment in 2019 and is anticipated to be the forecast period’s prime regional market. The regional market development is primarily driven by the superior demand for skin treatments in the US and Canada and the collective adoption of home phototherapy. Although the treatment inconvenience for phototherapy in the outpatient department is substantial and the prescription of home phototherapy has not been widely introduced.

Home phototherapy is estimated to be more patient-friendly in terms of reducing the weekly hospital visits as patients have to travel to the hospital several times a week, which is expensive and problematic to fit into daily life. Consequently, the Americas’ phototherapy market is expected to register a 4.63% CAGR during the forecast period. Little Sparrows Technologies, a medical startup that has launched a product to address this problem and to improve the care and comfort of babies, has announced the initial results of a home phototherapy test of bili-hut, a next-generation compact LED phototherapy device for neonatal jaundice therapy. In this first run involving three infants, bili-hut was positioned directly from a primary care pediatric office following outpatient analysis of considerable jaundice. The infants were successfully treated at home in an average of 16 overall phototherapy treatment hours and did not need clinic readmission.   

In psoriasis treatment, home phototherapy is also as effective and safe as phototherapy in an outpatient department, and patients were more assured with home phototherapy. Home phototherapy is often an exceptionally cost-effective treatment choice for patients with moderate-to-severe psoriasis. It has been found to show steadily excellent outcomes without the risky and usual side effects of biologics. Based on the product, the conventional phototherapy equipment segment is expected to dominate the market with an estimated USD 184.0 million valuations in 2019. The segment is also anticipated to record a higher 3.94% CAGR in the forecast period. By radiation, The UVB segment is projected to show the highest 5.26% CAGR during the forecast period. The neonatal jaundice management segment is anticipated to exhibit the highest CAGR of 5.44% throughout the forecast period by application. Based on end-user, the hospital & clinic segment is anticipated to hold a greater market share and was assessed at USD 378.0 Million in 2019.

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Key Players:

The notable companies profiled in the phototherapy market are:

• The Daavlin Company (US)
• Phoenix Medical Systems (P) Ltd (India)
• GE Healthcare (US)
• Natus Medical Incorporated (US),
• Signify Holding (Netherlands)
• Herbert Waldmann GmbH & Co. KG (Germany)
• National Biological Corporation (US)
• Solarc Systems Inc. (Canada)
• Atom Medical Corporation (Japan)
• Strata Skin Sciences, Inc. (US)

Xiaomi has lately filed a novel patent suggesting that the brand will make its own smart glasses soon. The novel glasses may integrate some new features in addition to the typical characteristics of smart glasses. These consist of 4D detection and an innovative therapeutic signal emitter. The novel therapeutic emitter function will be capable of phototherapy, letting the glasses remedy brain diseases and mental ailments such as anxiety, depression, and eye fatigue.

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The Road Ahead

The market breakthroughs are estimated to open up new avenues for application for phototherapy in the future. The improvement in medical knowledge about disorders and better funding availability is estimated to advance the mart growth considerably in the future. During the pandemic, it had become more critical than ever to have access to effective and appropriate outpatient phototherapy treatment of several ailments, which is estimated to be a key trend in the next phase of developments that will be seen in the global phototherapy market. Researchers in South Korea have advanced a phototherapy technology that can meaningfully increase efficiency while lowering chemotherapy’s pain and decreasing side effects after treatment. It includes only one injection and recurrent phototherapy. Since the standard photosensitizers’ effect only persists for one session, photosensitizers have to be dispensed each time the treatment procedure is done. Furthermore, after treatment, the residual photosensitizer accrues in the skin or eyes initiating side effects due to light; therefore, it is suggested to isolate the patient from indoor lighting and sunlight for some time after therapy.

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