The global Phototherapy Equipment Market size is expected to reach at USD 845.7 million by 2026 registering a CAGR of 6.3%, according to a new report by Grand View Research, Inc. Rising prevalence of skin diseases across the globe has led to an increased demand for phototherapy equipment. According to healthline data, nearly 150,000 new psoriasis cases develop each year in U.S. Thus, rising cases of psoriasis is expected to boost the demand for these devices in near future. Eczema, one of the severe skin diseases, has also contributed to the market growth. Neonatal jaundice is another disease that requires phototherapy treatment to reduce high bilirubin levels.
According to the National Center for Biotechnology Information (NCBI), around 60 to 80% of healthy newborns are likely to develop neonatal jaundice. Furthermore, constant technological advancements pertaining to these will boost the market growth. LED-based devices are being highly adopted, which has further accelerated the growth of the market. The LED lights are cheaper as compared to conventional equipment and has a long-lasting effect. These lights also have been proved to be very effective for treating neonatal jaundice. Hence, improvement in technology has impacted the growth of the market.
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Further key findings from the study suggest:
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Grand View Research has segmented the global phototherapy equipment market on the basis of product, application, end use, and region:
Phototherapy Equipment Product Outlook (Revenue, USD Million, 2014 – 2026)
Phototherapy Equipment Application Outlook (Revenue, USD Million, 2014 – 2026)
Phototherapy Equipment End Use Outlook (Revenue, USD Million, 2014 – 2026)
Phototherapy Equipment Regional Outlook (Revenue, USD Million, 2014 – 2026)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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