The global phototherapy lamps market has shown remarkable growth, reaching a size of US$ 3.0 Bn in 2021, according to a comprehensive market study. The market is projected to further expand, reaching a valuation of US$ 3.2 Bn by the end of 2022.
The growing utilization of phototherapy lamps for the treatment of various medical conditions such as psoriasis and neonatal jaundice is driving the demand for these lamps. As a result, the market is expected to witness a healthy CAGR of 5.8% between 2022 and 2032, culminating in a total valuation of approximately US$ 5.6 Bn by 2032.
Phototherapy lamps have emerged as a crucial tool in medical settings for the treatment of several ailments. Conditions like psoriasis and neonatal jaundice require specialized phototherapy lamps to provide effective treatment. The rising prevalence of these medical conditions, coupled with advancements in phototherapy lamp technology, is contributing to the growth of the market.
By the end of 2022, the market for phototherapy lamps is projected to be worth US$ 3.2 Billion, up from US$ 3.0 Billion in 2021. The overall demand for phototherapy lamps is also anticipated to increase at a CAGR of 5.8% between 2022 and 2032, reaching an estimated value of US$ 5.6 Bn by 2032, due to the growing use of phototherapy lamps for treating a variety of medical conditions, including psoriasis and neonatal jaundice.
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The increasing adoption of phototherapy as a safer option for the treatment of skin disorders has propelled the sales of phototherapy lamps across the globe. According to a recent research report by Future Market Insights, the global phototherapy lamps market is anticipated to expand robustly at a CAGR of 6.8% during the forecast period. The report projects that by the end of 2026, more than US$ 4.1 Bn worth of phototherapy lamps will be sold across the globe.
Regional insights from the report reveal that North America will dominate the global phototherapy lamps market in terms of revenues throughout the forecast period. The healthcare marketplace in the US and Canada has shown considerable rise in adoption of phototherapy as a safer treatment option for skin disorders. Consumer lifestyles in North America will continue to propel the incidence of common skin diseases, which will be mostly treated by the use of phototherapy lamps. In addition, robust infrastructure for adoption of phototherapy lamps has also supported the dominance of North America in the global market. The report reveals that in 2017, phototherapy lamps sold in the US and Canada will bring in nearly US$ 700 Mn in revenues.
Skin care clinics to emerge as the largest end-user of phototherapy lamps
The report further reveals that hospitals will initially witness high traction in terms of end-users, but skin care clinics are projected to record the highest revenue share in the global market. By the end of 2026, phototherapy lamps used in skin care clinics is expected to bring in more than US$ 1.6 Bn revenues.
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LED-based phototherapy lamps to register highest sales
The study reveals that LED-based phototherapy lamps are the top-selling products in the global market. Low risk of burns, cost-effective production, and easy installation will continue to drive the demand for LED-based phototherapy lamps in the foreseeable future. By the end of 2026, nearly US$ 1.6 Bn worth of revenues procured in the global phototherapy lamps market will be accounted by the LED segment. The study also reveals that the demand for UV-based phototherapy lamps will be impressive, while halogen lamps will lose traction towards the end of the forecast period.
Growing effectiveness of phototherapy in psoriasis treatment to drive the sales of phototherapy lamps
On the basis of their applications, phototherapy lamps will be predominantly used in the treatment of psoriasis. In 2017, phototherapy lamps sold for treatment of psoriasis across the globe are expected to bring in over half a billion dollars. Over the forecast period, the applications of phototherapy lamps in treatment of neonatal jaundice are likely to register fastest CAGR of 8.1%.
Leading manufacturers of phototherapy lamps have been profiled in the report. Koninklijke Philips N.V., General Electric Company, Drägerwerk AG & Co. KGaA, Bistos Co. Ltd., TSE SPOL. S. R. O., The Daavlin Company, Fanem Ltda., Herbert Waldmann GmbH & Co. KG, Natus Medical Incorporated, and Schulze & Bohm GmbH are expected to actively partake in the expansion of the global phototherapy lamps market through 2026.
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Key Segments:Product Type
- LED
- UV LIGHT
- Halogen Lamps
End User
- Hospital
- Skin care clinics
- Home care Setting
- Other End Users
Application
- Psoriasis
- Vitiligo
- Acne
- Neonatal Jaundice
- Other Application
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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