Market Forecast By Types (Conventional Phototherapy Device (Fluorescent Lamps & Compact Fluorescent Lamps), Fiber Optic Phototherapy Device and LED Phototherapy Device), By Applications (Skin Disease Treatment (Psoriasis, Eczema, Vitiligo & Others), Neonatal Jaundice Management, Cancers & Pre-Cancers and Other Diseases), By End Users (Hospitals, Clinics, and Homecare), By Countries (Brazil, Mexico, Argentina and Rest of Latin America) and Competitive Landscape.
Product Code: ETC000858 | Publication Date: Jan 1970 | Updated Date: Jul 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 | |
Report Name | Latin America Phototherapy Device Market |
Forecast period | 2024-2030 |
CAGR | 7% |
Growing Sector | Healthcare |
The Latin America Phototherapy Device Market report thoroughly covers the market by Countries, Types, End Users, and Applications. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The Latin America Phototherapy Device Market is expected to witness rapid growth from 2024 to 2030. Factors driving this growth include the rising prevalence of skin diseases and the increasing demand for aesthetic procedures. This market offers potential opportunities for companies operating in the phototherapy device industry.
According to 6Wresearch, the Latin America Phototherapy Device Market size is expected to grow at a significant CAGR of 7% during 2024-2030. One of the major drivers for this growth is the increasing prevalence of skin disorders such as psoriasis, eczema, and vitiligo among the population. Phototherapy has proven to be an effective treatment option for these conditions, thereby fueling the demand for phototherapy devices in the region. Additionally, advancements in technology have led to the development of more efficient and user-friendly phototherapy devices, making them more accessible to a wider range of healthcare facilities and providers. This has further contributed to the market growth.
However, there are some challenges that may hinder the growth of the Latin America phototherapy device market. One of them is the high cost associated with these devices, which can be a barrier for smaller healthcare facilities and patients who cannot afford the treatment. Moreover, strict regulations and guidelines for the use of phototherapy devices in medical settings also pose challenges for manufacturers looking to enter or expand in this market.
One of the key players in the Latin American phototherapy device market is Philips Lighting, a subsidiary of the Dutch multinational conglomerate company, Royal Philips. The company offers a wide range of phototherapy devices for various medical conditions such as jaundice and psoriasis. Another significant player in the market is GE Healthcare, a division of General Electric Company, which provides advanced phototherapy devices for neonatal care. Other prominent players include Atom Medical Corporation, Natus Medical Incorporated,
Herbert Waldmann GmbH & Co. KG, and National Biological Corporation. The competition among these leading players in the market drives innovation and technological advancements, resulting in a diverse range of products catering to different medical needs. Moreover, these companies have a strong distribution network and collaborations with healthcare institutions, contributing to their dominating presence in the Latin American phototherapy device market.
The governments in Latin America have been implementing various initiatives to promote the use of phototherapy devices for treating medical conditions effectively. For instance, Brazil's Ministry of Health has launched a national program called Stork Network that provides free access to neonatal phototherapy treatment for newborns with jaundice. Similarly, Argentina's Ministry of Health has implemented a national strategy for the prevention and treatment of psoriasis, which includes the provision of phototherapy devices in public healthcare facilities. These government initiatives aim to improve the accessibility and affordability of phototherapy devices, especially for low-income families. They also play a crucial role in raising awareness about the benefits of this treatment method, ultimately driving the growth of the phototherapy device market in Latin America.
The future outlook for the Latin American phototherapy device market is positive. The increasing prevalence of skin diseases and rising healthcare expenditure in the region are major factors driving market growth. Additionally, the adoption of advanced phototherapy devices with improved efficiency and safety features is also expected to contribute to market expansion. Another significant trend in the market is the rising demand for home-based phototherapy devices due to their convenience and cost-effectiveness.
According to Ravi Bhandari, Research Head, 6Wresearch, LED phototherapy devices are expected to experience the highest increase in demand due to their efficiency and versatility. LED devices have a longer lifespan compared to conventional phototherapy devices and offer better control over light wavelengths, making them highly effective in treating various skin diseases and neonatal jaundice. Additionally, the increasing popularity of LED devices in homecare settings is expected to contribute to their growth.
In terms of end-users, the homecare segment is anticipated to experience the fastest growth due to the convenience and cost-effectiveness of receiving treatments at home. More patients are opting for home phototherapy devices as they offer greater comfort and flexibility compared to hospital or clinic visits.
In the applications segment, skin disease treatment is projected to hold the largest market share, fueled by rising incidences of conditions such as psoriasis, eczema, and vitiligo. Skin diseases affect a large portion of the population in Latin American countries, making this application segment a key driver for the phototherapy device market.
Brazil is projected to hold the largest market share among Latin American countries due to its high population and increasing awareness about advanced medical treatments.
The report provides a detailed analysis of the following market segments
1. Executive Summary |
2. Introduction |
2.1 Report Description |
2.2 Key Highlights of The Report |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3. Latin America Phototherapy Device Market Overview |
3.1 Latin America Phototherapy Device Market Revenues, 2020-2030F |
3.2 Latin America Phototherapy Device Market Revenue Share, By Product Types, 2020 & 2030F |
3.3 Latin America Phototherapy Device Market Revenue Share, By Applications, 2020 & 2030F |
3.4 Latin America Phototherapy Device Market Revenue Share, By End Users, 2020 & 2030F |
3.5 Latin America Phototherapy Device Market Revenue Share, By Regions, 2020 & 2030F |
3.6 Latin America Phototherapy Device Market Industry Life Cycle |
3.7 Latin America Phototherapy Device Market- Porter’s Five Forces |
4. Latin America Phototherapy Device Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5. Latin America Phototherapy Device Market Trends |
6. Latin America Phototherapy Device Market Overview, By Product Types |
6.1 Latin America Conventional Phototherapy Device Market Revenues, 2020-2030F |
6.1.1 Latin America Conventional Phototherapy Equipment With Fluorescent Lamp Market Revenues 2020-2030F |
6.1.2 Latin America Conventional Phototherapy Equipment With Compact Fluorescent Lamp Market Revenues, 2020-2030F |
6.2 Latin America LED Phototherapy Device Market Revenues, 2020-2030F |
6.3 Latin America Fiberoptic Phototherapy Device Market Revenues, 2020-2030F |
7. Latin America Phototherapy Device Market Overview, By Applications |
7.1 Latin America Skin Disease Treatment Market Revenues, 2020-2030F |
7.1.1 Latin America Skin Disease Treatment Market Revenues, By Vitiligo, 2020-2030F |
7.1.2 Latin America Skin Disease Treatment Market Revenues, By Eczema, 2020-2030F |
7.1.3 Latin America Skin Disease Treatment Market Revenues, By Psoriasis, 2020-2030F |
7.1.4 Latin America Skin Disease Treatment Market Revenues, By Others, 2020-2030F |
7.2 Latin America Neonatal Jaundice Management Market Revenues, 2020-2030F |
7.3 Latin America Cancer and Pre-cancer Treatment Market Revenues, 2020-2030F |
7.4 Latin America Other Diseases Treatment Market Revenues, 2020-2030F |
8. Latin America Phototherapy Device Market Overview, By End-Users |
8.1 Latin America Phototherapy Device Market Revenues, By Hospitals & Clinics, 2020-2030F |
8.2 Latin America Phototherapy Device Market Revenues, By Homecare, 2020-2030F |
8.3 Latin America Phototherapy Device Market Revenues, By Clinics, 2020-2030F |
9. Brazil Phototherapy Device Market Overview |
9.1 Brazil Phototherapy Device Market Revenues, 2020-2030F |
9.2 Brazil Phototherapy Device Market Revenues, By Product Types, 2020-2030F |
9.3 Brazil Phototherapy Device Market Revenues, By Applications, 2020-2030F |
9.4 Brazil Phototherapy Device Market Revenues, By End Users, 2020-2030F |
10. Mexico Phototherapy Device Market Overview |
10.1 Mexico Phototherapy Device Market Revenues, 2020-2030F |
10.2 Mexico Phototherapy Device Market Revenues, By Product Types, 2020-2030F |
10.3 Mexico Phototherapy Device Market Revenues, By Applications, 2020-2030F |
10.4 Mexico Phototherapy Device Market Revenues, By End Users, 2020-2030F |
11. Argentina Phototherapy Device Market Overview |
11.1 Argentina Phototherapy Device Market Revenues, 2020-2030F |
11.2 Argentina Phototherapy Device Market Revenues, By Product Types, 2020-2030F |
11.3 Argentina Phototherapy Device Market Revenues, By Applications, 2020-2030F |
11.4 Argentina Phototherapy Device Market Revenues, By End Users, 2020-2030F |
12. Rest of Europe Phototherapy Device Market Overview |
12.1 Rest of Europe Phototherapy Device Market Revenues, 2020-2030F |
13. Latin America Phototherapy Device Market Opportunity Assessment |
13.1 Latin America Phototherapy Device Market Opportunity Assessment, By Product Types, 2030F |
13.2 Latin America Phototherapy Device Market Opportunity Assessment, By Applications, 2030F |
13.3 Latin America Phototherapy Device Market Opportunity Assessment, By End Users, 2030F |
13.4 Latin America Phototherapy Device Market Opportunity Assessment, By Regions, 2030F |
14. Latin America Phototherapy Device Market Competitive Landscape |
14.1 Latin America Phototherapy Device Market Revenue Share, By Companies, 2023 |
14.1.1 Brazil Phototherapy Device Market Revenue Share, By Companies, 2023 |
14.1.2 Mexico Phototherapy Device Market Revenue Share, By Companies, 2023 |
14.1.3 Argentina Phototherapy Device Market Revenue Share, By Companies, 2023 |
14.2 Latin America Phototherapy Device Market Competitive Benchmarking, By Operating Parameters |
15. Company Profiles |
16. Strategic Recommendations |
17. Disclaimer |
Market Forecast By Types (Conventional Phototherapy Device (Fluorescent Lamps & Compact Fluorescent Lamps), Fiber Optic Phototherapy Device and LED Phototherapy Device), By Applications (Skin Disease Treatment (Psoriasis, Eczema, Vitiligo & Others), Neonatal Jaundice Management, Cancers & Pre-Cancers and Other Diseases), By End Users (Hospitals, Clinics, and Homecare), By Countries (Brazil, Mexico, Argentina and Rest of Latin America) and Competitive Landscape.
Product Code: ETC000858 | Publication Date: Sep 2021 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 |
Latin America Phototherapy Device Market has seen the latest developments which include the introduction of LED-based phototherapy devices. LED-based phototherapy devices use LEDs as a source of light to focus the wavelength light precisely on the affected area. The time associated with these devices for treatment is much lesser than the conventional phototherapy devices. Additionally, there have been other developments like effective phototherapy treatment, and technological advancements in the field of infant phototherapy. Moreover, assertions made by the Neonatal Biology Department of Latin America regarding the rising levels of bilirubin in infants post 5 days of birth have further paced the adoption and development of more efficient phototherapy devices.
Rising risks of neonatal jaundice amongst infants are shifting the focus of many surgical operators towards the deployment of phototherapy devices across Latin America. A phototherapy device reduces the level of bilirubin, a yellow compound that occurs in the normal human body promoting pale skin and the hands of newborn babies. Additionally, assertions made by the Neonatal Biology Department of Latin America regarding the rising levels of bilirubin in infants post 5 days of birth are further anticipated to support the market progression of the Latin America phototherapy device market over the coming years.
According to 6Wresearch, the Latin America phototherapy device market size is projected to record progressing growth during 2019-2025. Latin America has been rewarded as an emerging ground for various multinational biotech companies. The biotechnology industry is a vital component in Latin America and acknowledges innovative technologies that may tend to bring advancement in the industry. Additionally, the region has been observed as the fourth largest in the world to commercialize various biotech products. These factors would strengthen the Latin America phototherapy device market over the coming years.
In terms of end-users, the hospitals dominate the overall Latin America phototherapy device market primarily due to the preference of patients towards hospitals for treatment. Whereas, in terms of countries, Brazil accounts for the majority of the market share as the country is supporting a vivacious ground for the growth of the biotechnology industry, which would further support the growth of the Latin America phototherapy device market over the coming years.
The Latin America phototherapy device market report thoroughly covers the market by product types, applications, end-users, and countries including Brazil, Mexico, Argentina, and the Rest of Latin America. The phototherapy device market outlook report provides an unbiased and detailed analysis of the ongoing Latin America phototherapy device market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The Latin America phototherapy device market report provides a detailed analysis of the following market segments: