The global phototherapy lamps market is anticipated to grow by 5.8% year on year and reach £5bn by 2032, according to a new report.
Valued at £2.7 in 2021, the market is expected to reach £2.8bn by the end of 2022, with growth predicted to continue at a steady pace.
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.
According to the report by Future Market Insights, advancing demand in dermatology, along with the constant innovations occurring in phototherapy, give manufacturers many opportunities for expansion and growth, as the lamps can treat a variety of skin disorders and neonatal jaundice with high safety and effectiveness. Thus, manufacturers are keen on increasing investment and releasing improved models, so market growth is predicted in the upcoming years.
“Escalating demand for better treatment methods for skin conditions is propelling the market growth of phototherapy lamps over the forecast period,” an FMI analyst said.
The report showed that, 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.
Other key takeaways from the report are:
- Limitations like lack of effective compensation and inability to control the equipment hamper market growth.
- Sharp incline in psoriasis cases is driving the target market growth in the U.S.
- The phototherapy lamps market in Germany will register a CAGR of 5.3%.
- LED segment will notice a spike in demand over the forecast period.
- In terms of application, the psoriasis segment is anticipated to contribute most to the market.
