Market Overview
Global Phototherapy Market is expected to reach USD 764.5 Million by 2027, growing with a CAGR of 4.61% during the forecast period. Market Research Future (MRFR), in its report, offers an in-depth look into the market during the review period.
Regional Analysis
Global Phototherapy Market has been studied in five key regions— Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Americas is expected to lead the market with a valuation of USD 227.1 million in 2019. The regional market value is projected to reach USD 326.3 million by 2027 at a 4.63% CAGR during the forecast period. The US and Canada are the key country-level markets in the Americas. The regional market growth is primarily driven by the high demand for phototherapy treatments in the region, which is likely to create additional opportunities for service providers operating in the phototherapy market in the Americas.
Europe is expected to be the second-largest market with an estimated value of USD 203.8 million in 2019 and a projected value of USD 298.8 million by 2027, registering a 4.90% CAGR during the forecast period. The European phototherapy market includes the UK, Germany, France, Italy, and the rest of Europe. The presence of prominent players such as Signify Holding and Herbert Waldmann GmbH & Co. KG are driving market growth in the region. Moreover, due to the increasing number of skin disease treatments, there will likely be an increased requirement for phototherapy in the region.
Asia-Pacific accounted for the third-largest market share in 2019. The region is expected to be the fastest-growing market for phototherapy during the review period. The Asia-Pacific phototherapy market covers China, Japan, India, Australia, and the rest of Asia-Pacific. The region is gaining prominence in the global healthcare industry and is projected to become the world’s leading market. Additionally, the increasing demand for skin treatments in the region is expected to drive the growth of the regional market. The regional phototherapy market is expected to reach USD 101.9 million by 2027.
The phototherapy market in the Middle East & Africa is expected to reach a valuation of USD 37.5 million by 2027. The regional market growth is significantly driven by the presence of major countries, such as the UAE, Saudi Arabia, and Israel. The region has witnessed notable economic growth in the past few years. One of the major factors driving the economy in the region is enhanced healthcare facilities. The demand for phototherapy is expected to increase due to the rapid increase in the number of skin treatments in the region.
Segmental Analysis
Extensive research has been conducted on the Global Phototherapy Market, which has been segmented by Product, Radiation, Application, and End User.
Based on product, the global phototherapy market has been segmented into conventional phototherapy equipment, LED phototherapy equipment, fiberoptic phototherapy equipment, germicidal lamps, and accessories. The conventional phototherapy equipment segment is expected to dominate the market with an estimated valuation of USD 184.0 million in 2019, and the segment is also expected to register a higher CAGR of 3.94% during the forecast period.
By radiation, the global phototherapy market has been classified into UVA, UVB, and UVC. The UVB segment is expected to exhibit the highest CAGR of 5.26% during the forecast period.
By application, the global phototherapy market has been classified into skin disease treatment, neonatal jaundice management, and sterilization. The neonatal jaundice management segment is likely to exhibit the highest CAGR of 5.44% during the forecast period.
Based on end-user, the global phototherapy market has been segmented into hospital & clinic, dermatology center, and homecare. The hospital & clinic segment is expected to hold a larger market share and was valued at USD 378.0 Million in 2019.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/phototherapy-market-1844
Competitive Analysis
The Prominent Players profiled in the Global Phototherapy Market are Signify Holding (Netherlands), GE Healthcare (US), Natus Medical Incorporated (US), Herbert Waldmann GmbH & Co. KG (Germany), Phoenix Medical Systems (P) Ltd (India), Atom Medical Corporation (Japan), National Biological Corporation (US), Solarc Systems Inc. (Canada), The Daavlin Company (US), and Strata Skin Sciences, Inc. (US).
Mergers, acquisitions, and collaborations are a few of the key growth strategies adopted by these companies to compete in the global market.
Key Developments
In July 2019, Strata Skin signed a contract with Kosmo Meditech, a distributor of medical devices based in South Korea. Under the contract, Kosmo Meditech will distribute Strata Skin Sciences, Inc.’s XTRAC in South Korea. The contract enabled the company to strengthen its position in the South Korean phototherapy market.
In August 2018, Strata Skin signed a marketing agreement with one of the US’s largest private equity-backed dermatology groups. Under the agreement, Strata Skin will provide XTRAC to the latter’s clinics. The agreement helped the company to strengthen its position in the market.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: [email protected]
Blog: https://healthcarenews12.blogspot.com/
