Over the last decade, the Phototherapy Equipment industry has witnessed significant technological advancements and robust product developments. The global Phototherapy Equipment Market is projected to grow at a CAGR of 4.5% during the forecast period. Geographically, this market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Due to the significant growth opportunities offered by emerging countries (India, China, Malaysia, and Taiwan), a number of vendors operating in the market have been focusing on expanding their presence in the Asia-Pacific region. Market players are also continuously focusing on the launch and promotion of products in these regions to gain a competitive advantage.
Where will all these developments take the industry in the mid to long term?
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Phototherapy equipment are being used in hospitals and clinics; home-use equipment have also been launched in the market. Hospitals & clinics account for a major share in the end-user market, whereas the home-use segment is expected to witness higher growth. In recent years, many companies have developed phototherapy equipment offering features such as integrated timers and automated calibration, which ensure the safety of patients. The launch of such advanced phototherapy equipment is expected to result in more number of prescriptions from doctors for home phototherapy.
A number of players operating in the phototherapy equipment market are focusing on product launches and enhancements as their key growth strategy to expand their product portfolios and revenues. As of 2015, key players operating in the phototherapy equipment market include GE Healthcare (U.K.), Philips Lighting Holding B.V. (Netherlands), Natus Medical Incorporated (U.S.), Phoenix Medical Systems Pvt. Ltd. (India), Herbert Waldmann GmbH & Co. KG (Germany), Atom Medical Corporation (Japan), nice Neotech Medical Systems Pvt. Ltd. (India), National Biological Corp. (U.S.), and Solarc Systems Inc. (Canada), among others.
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