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The global phototherapy market size was USD 389.5 Million in 2021 and is expected to register a revenue CAGR of 4.8% during the forecast period.

NEW YORK CITY, NY, UNITED STATES, June 27, 2023/EINPresswire.com/ -- The global Phototherapy Market, which refers to the use of Ultraviolet (UV) lights for healing effects, reached a size of USD 389.5 Million in 2021. It is projected to experience a revenue compound annual growth rate (CAGR) of 4.8% during the forecast period. The growth in phototherapy market revenue is primarily driven by factors such as the increasing adoption of Light-emitting Diode (LED)-based phototherapy, growing awareness of skin diseases, and the introduction of technologically advanced phototherapy equipment.

Phototherapy, also known as light therapy, is widely employed worldwide for the treatment of chronic skin conditions like eczema, vitiligo, and severe psoriasis. Unlike many medical treatments that affect the entire immune system, UV radiation utilized in phototherapy specifically targets the immune system of the skin. For conditions such as psoriasis, phototherapy can also delay the development of thick, scaly skin. Additionally, phototherapy is utilized to treat vitiligo by stimulating the activation of melanocytes, which are pigment-producing cells in the skin. This makes phototherapy an excellent treatment option for individuals who prefer natural remedies without the use of creams or steroids and who desire greater control over their treatment by combining different therapies.

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In dermatology, phototherapy has a significant impact on the management of various skin conditions and is considered a highly effective therapeutic technique. It involves the careful administration of non-ionizing radiation from the UV region of the electromagnetic spectrum to treat different dermatoses.

Segments Covered in the Report –

The market for phototherapy can be categorized based on different factors. Firstly, by device type, it includes CFL (Compact Fluorescent Lamp), LED (Light-emitting Diode), and lamps. These different types of devices are utilized in phototherapy treatments.

Secondly, phototherapy applications can be classified into various categories. These include the treatment of skin diseases, mood and sleep disorders, cancers and pre-cancers, neonatal jaundice, and other diseases. Phototherapy is employed in a wide range of medical conditions for therapeutic purposes.

Thirdly, phototherapy can be differentiated based on therapy type. This encompasses Ultraviolet B (UVB) therapy, broadband UVB therapy, narrowband UVB therapy, and Psoralen Ultraviolet A (PUVA) therapy. These different therapy types involve the utilization of specific wavelengths of light for targeted treatment.

Lastly, the end-use of phototherapy can be categorized into clinics, hospitals, dermatology centers, and homecare settings. These different settings indicate where phototherapy treatments are administered, whether in specialized clinics, healthcare facilities, or within the comfort of one's own home.

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Strategic development:

On November 16, 2021, Little Sparrows Technologies, a technology company based in the United States, received FDA approval for their bili-hut device. This device is designed for home-based phototherapy treatment of newborn babies with jaundice, offering several benefits such as cost reduction in healthcare and allowing newborns to stay with their families during treatment. The bili-hut delivers high-intensity phototherapy comparable to therapies provided in Neonatal Intensive Care Units (NICUs). Furthermore, it is portable, foldable, lightweight, and energy-efficient, capable of operating on batteries. The versatility of the bili-hut allows for its use in hospitals, homes, and various settings, including rural areas and places with limited resources. Additionally, the device can be easily cleaned using standard hospital sanitizing chemicals.

Competitive Landscape:

The global phototherapy market exhibits a moderately consolidated competitive landscape, with a limited number of major companies operating at both global and regional levels. These companies play a significant role in driving the market's growth and shaping its dynamics. To strengthen their market presence and expand their product portfolios, these key players are actively involved in product development initiatives and strategic alliances.

General Electric Company, Signify Holding, Natus Medical Incorporated, Phoenix Medical System (P) Ltd, Herbert Waldmann GmbH & Co. KG, Atom Medical Corp., The Daavlin Company, Little Sparrows Technologies, and nice Neotech Medical Systems Pvt. Ltd. are among the prominent companies operating in the phototherapy market. These companies have established themselves as key players by offering innovative and technologically advanced phototherapy solutions.

By investing in research and development activities, these market players strive to introduce new products that cater to the evolving needs and preferences of healthcare professionals and patients. Moreover, they actively seek strategic collaborations, partnerships, and acquisitions to expand their market reach and gain a competitive edge.

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The competitive landscape of the global phototherapy market is driven by intense competition among these major players, as they vie for market share and seek to differentiate themselves through product quality, performance, and customer service. As the market continues to grow, these companies are expected to remain at the forefront of advancements in phototherapy technology, ensuring a robust and competitive market environment.

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