Global LED phototherapy market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 6% during the forecast period.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Light emitting diode, abbreviated as LED, is a semiconductor device that emits light, when an electric current flow through it, with diverse wavelengths. LED phototherapy is a non-thermal and non-invasive process, which involves the use of LEDs for a variety of aesthetic and medical applications.
An increasing use of LED phototherapy method for non-invasive skin treatment for wounds, sun damage, acne and other skin problems is the major driving factor behind the growth of the market. A growing demand of non-invasive treatment method from individuals, an increasing use of LED phototherapy process for neonatal jaundice management, rising commonness of various skin disorders and other skin related diseases, growing concerns regarding skin problems among young age population, rapidly increasing incidences of newborns suffering from jaundice and continuous technological innovations and introduction of LED phototherapy related products are expected to expand growth of the market during the forecast period.
However, the short-term side effects of LED phototherapy method, such as rashes and skin redness and high costs related with LED phototherapy equipment are the major restraining factors that could hamper the growth of the market.
Global LED Phototherapy Market: Segmentation Analysis
By application, skin disease treatment segment dominated the market in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. A rising awareness about skincare treatment methods and increasing adoption of various skincare methods is attributed to the growth of the market. A growing use of LED phototherapy method to treat skin problems such as acne, dull skin, dermatitis, eczema, rosacea, psoriasis, wrinkles and age spots, scarring, wound healing, sun damage and many other skin conditions is likely to improve the growth of the market during the forecast period. Increasing spending by individuals on skincare treatment methods, rising old age population and growing demand for effective and safe skin treatment methods is escalating demand for LED phototherapy equipment in the market, which will further expand the market growth.
However, neonatal jaundice management segment is projected to witness fast growth at a CAGR of XX% during the forecast period. A rising use of LED phototherapy technique for treatment of neonatal jaundice, a common condition in newborn infants, is attributed to the growth of the market. This condition occurs in more than 70% of the newborns. An LED phototherapy treatment method is the technically superior & clinically proven process of treating jaundice in infants, which is propelling the growth of the market.
Global LED Phototherapy Market: Regional Analysis
Region-wise, North America held the largest market share in 2019 and is expected to continue its dominance at a CAGR of XX% during the forecast period. The US and Canada are dominating the market. The growth is attributed to the high scale adoption of LED phototherapy method by clinics and hospitals to treat various skin disorders.
Increasing incidence of skin disease in the US, rising demand for non-thermal and non-invasive treatment methods, growing technological advancements in phototherapy process and rising adoption of advanced treatment methods in various end-user applications are driving the growth of the market.
MMR study found that, NA based, the North American Association for Photobiomodulation Therapy (NAALT) is continuously promoting LED phototherapy as a valid treatment method by various organizations conferences and campaigns and the association also aims to improve understanding of basic therapeutic light physics, photobiological mechanisms, treatment parameters, safety, techniques and regulatory issues, which is ultimately improving the growth of the market in NA region.
The objective of the report is to present a comprehensive analysis of the Global LED Phototherapy Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global LED Phototherapy Market dynamics, structure by analyzing the market segments and projects the Global LED Phototherapy Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global LED Phototherapy Market make the report investor’s guide.
Scope of Global LED Phototherapy Market
Global LED Phototherapy Market, By Product Type
• Portable LED Lamps
• Bed Type LED Lamps
• Neonatal Incubators with LED Lamps
Global LED Phototherapy Market, By Application
• Skin Disease Treatment
o Eczema/Atopic Dermatitis
• Neonatal Jaundice Management
Global LED Phototherapy Market, By End-User
Global LED Phototherapy Market, By Region
• North America
• Asia Pacific
• South America
• Middle East and Africa
Global LED Phototherapy Market, Key Players
• Signify Holding
• GE Healthcare
• Natus Medical Incorporated
• H. Waldmann GmbH & Co. KG
• Nice Neotech Medical Systems Pvt. Ltd
• Phoenix Medical Systems (P) Ltd
• Atom Medical Corp
• National Biological Corp
• Solarc Systems Inc
• Meditrin Instruments
• S S TECHNOMED(P)LTD
• Dermalux LED
• Ibis Medical
• The Daavlin Company
• Drägerwerk AG & Co. KGaA
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