Global Phototherapy Equipment Market Set to Illuminate with a 6.3% CAGR, Reaching $1.9 Billion by 2030
According to a new report published by MarkWide Research, titled, “Global Phototherapy Equipment Market,” the worldwide market for phototherapy equipment is poised for substantial growth over the forecast period. With a projected compound annual growth rate (CAGR) of 6.3%, the market is anticipated to reach $1.9 billion by 2030.
The phototherapy equipment market’s growth can be attributed to several key factors:
1. Rising Incidence of Skin Conditions: Skin disorders, such as psoriasis, eczema, and vitiligo, are becoming increasingly prevalent globally. Phototherapy is a proven and effective treatment method for these conditions, driving market demand.
2. Advancements in Phototherapy Technologies: Ongoing advancements in phototherapy equipment, including the development of UV LED technology and targeted light therapy, are expanding the range of treatable conditions and improving treatment outcomes.
3. Growing Awareness of Non-Invasive Treatments: Patients are increasingly seeking non-invasive treatment options, and phototherapy fits this demand perfectly. It offers an alternative to medications and surgical procedures for various skin conditions.
4. Pediatric Applications: Phototherapy is widely used to treat neonatal jaundice in infants. As the global birth rate remains steady, the demand for neonatal phototherapy equipment continues to grow.
5. Expanding Aesthetic Dermatology Market: The aesthetic dermatology market is flourishing, with consumers seeking various skin treatments for cosmetic purposes. Phototherapy equipment is employed for procedures such as skin rejuvenation and acne treatment.
6. Technological Advancements: Ongoing research and development efforts are leading to more efficient and user-friendly phototherapy equipment, further fueling market growth.
In conclusion, the global phototherapy equipment market is set to illuminate, driven by the rising prevalence of skin conditions, technological advancements, and the growing preference for non-invasive treatments. As healthcare practices and consumer preferences evolve, the phototherapy equipment market is expected to thrive.