October 04, 2022 07:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.

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NEWARK, Del, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The global phototherapy lamps market is anticipated to reach a valuation of US$ 5.6 Bn in 2032, with demand growing at a standard CAGR of 5.8% from 2022 to 2032. Valued at US$ 3.0 Bn in 2021, the target market is expected to reach an estimated US$ 3.2 Bn by the end of 2022. Owing to the rising use of phototherapy lamps in the treatment of medical conditions like psoriasis and neonatal jaundice, the market for the same is predicted to grow at a steady pace over the forecast period.

Phototherapy lamps are used in the treatment of medical conditions like psoriasis, vitiligo, eczema, and various other skin diseases. In recent years, these devices have gained immense popularity in the field of aesthetic medicine because of their simplistic nature and better efficacy in easing different symptoms related to skin disorders. This aspect is likely to aid in the expansion of the phototherapy lamps during the projected period.

With advancing demand in dermatology along with the constant innovations occurring in phototherapy, manufacturers are offered many lucrative opportunities for expansion and growth. These lamps can treat a variety of skin disorders and neonatal jaundice with relatively incomparable safety and effectiveness.

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Thus, manufacturers are keen on increasing investment and releasing novel models in this market. This innovation in phototherapy products is expected to foster an environment of growth for the target market in the upcoming years. 

The most popular types of lamps in medicine are either solid or gaseous emitters. For instance, solid-state lasers and semiconductor-based devices like OLEDs, LEDs, and diode lasers are solid emitters while gas-based sources comprise gas-discharge lamps and lasers such as CO2 and excimer. Solid or gaseous sources are improvised on the basis of wavelengths covered or wavelength ranges such as mid-infrared or far-ultraviolet C [far-UVC].

In the case of liquid emitters, liquid-dye lasers are possibly the most advanced liquid source presently available. However,  liquid-dye lasers have their own set of challenges that diminish their popularity.

In the recent past, unique but easy-to-use optoelectronic devices based on liquid materials, like liquid OLEDs, and light-emitting electrochemical cells (ECLs), have been gaining traction. Thus, enhancements in phototherapy solutions will presumably generate new growth opportunities for the phototherapy lamp market in the forthcoming decade.

“Escalating demand for better treatment methods for skin conditions is propelling the market growth of the phototherapy lamps over the forecast period,” says an FMI analyst.  

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General Electric Company, Koninklijke Philips N.V., Dragerwerk AG & Co. KGaA, Natus Medical Incorporated, Bistos Co. Ltd., Fanem Ltda., Herbert Waldmann GmbH & Co. KG, The Daavlin Distributing Co, Schulze & Bohm GmbH, TSE spol. S R.O. and LightStim among others are some of the major players in the phototherapy lamps market profiled in the full version of the report.

Leading market players are keen on product launches and approvals to expand their market presence. These businesses are adopting tactics like increasing investments in research and development activities, mergers, acquisitions, partnerships, and collaborations to gain a competitive advantage. 

More Insights into Phototherapy Lamps Market Report

In its latest report, FMI offers an unbiased analysis of the global phototherapy lamps market, providing historical data from 2012 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (LED, UV light, halogen lamps), application (psoriasis, vitiligo, acne, neonatal jaundice, others), end user (hospital, skin care clinics, home care settings, others), and region.

According to the latest FMI reports, based on segmentation, LED-based phototherapy lamps will likely record a surge in demand while the psoriasis segment is expected to contribute the most to the target market. In terms of end-user, skin care clinics are dominating the global market space.

Based on region, the phototherapy lamps market in Germany is anticipated to exhibit substantial growth during 2022-2032. Growing at a 5.3% CAGR, the market in this country is driven by increasing medical tourism, a rise in cases of skin disorders, and the easy availability of advanced treatment technologies. Apart from Germany, the U.S. and China will also undergo notable growth over the forecast period.

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Key Market Segments Covered in Phototherapy Lamps Industry Research

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    3.1. Key Trends Impacting the Market

    4.1. Promotional Strategies, By Key Manufacturers

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