The Global Neonatal Phototherapy Equipment Market size was around USD 475 million in 2017. It is expected to grow at a CAGR of 4.5% to reach USD 591.94 million by 2022.
Babies with neonatal jaundice are far more likely to develop hyperbilirubinemia that can lead to neurological damage or even premature death. Therefore, Neonatal Phototherapy treatment is the need of the hour.
Commonly occurring neonatal jaundice, growing demand for effective neonatal jaundice treatment and management conjoined with rising awareness are the primary drivers of market growth.
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The uptake of neonatal phototherapy devices is minimal in low and medium income countries. It is the primary restraint of this market. Device failures are the secondary factors hampering the growth of this market.
The market is segmented into by type, end user and application. By type the market is segmented into Convectional Phototherapy Equipment, LED Phototherapy Equipment, and Fiberoptic Phototherapy Equipment. By end user the market is segmented into Hospital & Clinics and Home Users. By application the market is segmented into Skin disease treatment, Neonatal Jaundice Management. The largest end-user in the neonatal phototherapy devices market is undoubtedly hospitals and NICU’s. On the other hand, hefty treatment cost and inadequate phototherapy units at the vast majority of neonatal phototherapy centres have aided the growth of home-based phototherapy units. Home-based phototherapy units have many advantages like reduced patient hassle, transportation cost, and hospital waiting time. Furthermore, home-based phototherapy reduces both direct and indirect healthcare costs and improves the mother-infant bonding.
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By geography the market is segregate into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. North America is the market leader and is expected to remain so in the aforementioned forecast period. US are the market leader in this market. Europe is the second largest market. It is likely to experience sluggish growth in the forecast period. UK leads the market in Europe. Asia Pacific is the third largest market. It is estimated to be the fastest growing market in the aforementioned forecast period. China is the leading market in this region. Latin America is set on a high growth trajectory in the forecast period.
Key players in the market are GE Healthcare (U.S.), Philips Lighting Holding B.V. (Netherlands), Natus Medical Incorporated (U.S.), Phoenix Medical Systems Pvt. Ltd. (India). Other players in the market are 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).
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