Global Phototherapy Equipment Market 2019-2023| Rising Prevalence of Skin Disorders to Boost Demand| Technavio
LONDON--(BUSINESS WIRE)--Nov 13, 2018-- analysts forecast the global phototherapy equipment market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181113005507/en/
Technavio analysts forecast the global phototherapy equipment market to grow at a CAGR of over 5% by 2023. (Graphic: Business Wire)
The growing use of phototherapy equipment in cancer treatment is one of the major trends being witnessed in the . Cancer is among the top five causes of death across the world. According to, Cancer Research UK, in 2012, 14.1 million new cases of cancer were recorded globally, with 8.2 million deaths due to the disease. Many early-stage cancers can be cured by surgery, but a major obstacle in the treatment of cancers is the delay in diagnosis in low and middle-income countries. However, doctors have analyzed the power of light as a tool in the treatment of cancer. Thus, the use of phototherapy is increasing its adoption in the treatment of cancer. This is expected to require phototherapy equipment, and in turn, is expected to drive the growth of the market during the forecast period.
According to Technavio analysts, one of the key factors contributing to the growth of the global phototherapy equipment market is the rising prevalence of skin disorders:
Global phototherapy equipment market: Rising prevalence of skin disorders
Skin acts as a barrier to the entry of contaminants such as chemicals, and skin disorders disturb this barrier function. Allergies, irritants, aberrations in the genetic makeup, and lack of immunity result in skin disorders. Phototherapy is one of the ways to treat skin disorders. The phototherapy equipment emits specific wavelengths of light such as narrow-band UVB to treat skin disease. It is the most common method of treatment and is highly effective. The rising prevalence of skin disorders leads to the increasing adoption of phototherapy, in turn, fostering the demand for phototherapy equipment.
According to a senior analyst at Technavio, “It is estimated that each day, approximately 9,500 people in the US are diagnosed with skin cancer. The most common type of skin diseases are eczema and psoriasis. These diseases cause skin irritation and inflammation, that produces thick red plaques covered with a silvery buildup of dead skin. In the Americas, 5%-6% of the population was diagnosed with psoriasis in 2016.”
Global phototherapy equipment market: Segmentation analysis
The global phototherapy equipment market research report provides market segmentation by end-user (healthcare and homecare), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for more than 41% share. It was followed by EMEA and APAC respectively. The dominance of the Americas can be attributed to the increased presence of vendors and end-users in the region. The colder areas of North America such as Alaska and North Dakota are the major revenue contributors to the market.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at .
View source version on businesswire.com:https://www.businesswire.com/news/home/20181113005507/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 11/13/2018 10:46 AM/DISC: 11/13/2018 10:46 AM