Phototherapy Equipment Market New Business Opportunities
Major players in the global phototherapy equipment market include Atom Medical Corporation, Natus Medical Incorporated, Daavlin, Phoenix Medical Systems Pvt. Ltd, Philips Lighting Holding B.V., Solarc Systems, Inc., and GE Healthcare, Inc. The key players are focusing on strategic mergers and acquisitions and development of innovative products. For instance, Philips received FDA clearance for a new phototherapy device known as BlueControl 2.0 in July 2017, to treat psoriasis. Bluecontrol 2.0 is an innovative wearable medical device that involves UV-free blue LED light to control symptoms of psoriasis, and had exhibited 84% improvement in plaque symptoms during its clinical trials conducted in 2015.
Rising prevalence of psoriasis is expected to accelerate growth of the phototherapy equipment market
Rising number of psoriasis cases are expected to boost growth of the phototherapy equipment market in the near future. For instance, according to the International Federation of Psoriasis Associations (IFPA), around 150,000 new cases are reported in the U.S every year and 3% of people are affected with some form of psoriasis around the world. Furthermore, increasing number of other skin diseases is increasing the demand for LED-based phototherapy equipment such as high intensity gallium nitric blue light emitting diode, which is very effective in lowering bilirubin by providing much higher irradiance for intensive phototherapy in the treatment of neonatal jaundice. According to the National Center for Biotechnology Information (NCBI), around 13 million babies are afflicted with jaundice globally, each year. This in turn is expected to boost growth of the phototherapy equipment market. However, high cost of the equipment is hindering growth of the market.
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On the basis of region, the global phototherapy equipment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global market, owing to the rising demand for blue light therapy technology for the treatment of acne. For instance, according to the American Academy of Dermatology acne is the most common skin condition in the U.S., affecting around 50 million people in the country each year. Furthermore, Asia Pacific is expected to be the key region in the global phototherapy equipment market, owing to the launch of an innovative phototherapy device known as Brilliance, which is a blue light used in the treatment of severely jaundiced babies.
Innovative product launches are expected to propel growth of the phototherapy equipment market
Phototherapy, also known as light therapy, involves exposing the skin to ultraviolet light under medical supervision. Narrow-band UVB (NBUVB), Ultraviolet A (UVA)/NBUVB (in combination), and PUVA (psoralen + UVA) are the common types of phototherapy used. The choice of the type of phototherapy is dependent on the type of skin condition. However, narrow-band UVB is most widely opted due to its versatility and effectiveness for treating psoriasis, eczema, and mycosis fungoides patients across the world. Furthermore, narrow-band UVB removes redundant and harmful UV rays by emitting wavelengths of 311-312 nm. Phototherapy equipment includes LED phototherapy equipment, fiber-optic phototherapy equipment, and conventional phototherapy equipment.
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