Neonatal Phototherapy Equipment Market is poised to cross USD 591.94 million in 2022
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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