Nov 06, 2019- Million
Insights Market Research has published a new report titled ‘Phototherapy Equipment Market – Global Industry Analysis, Size, Share,
Growth, and Forecast, 2018–2026.’ Phototherapy Equipment market report
helps analyze trends and significant developments in the industry.
The global phototherapy equipment/device market value was
worth USD 481.5 million in 2016 which is anticipated to increase at a CAGR of
more than 5.8% over the forecast period. Growing incidence of skin diseases is
significantly boosting the phototherapy equipment market. Some of the most
prevalent skin diseases include eczema, psoriasis and acne related problems.
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Apart from chronic skin diseases, phototherapy equipment are
also used for treating neonatal jaundice. Exposure of fluorescent lights on
neonates helps in the treatment of this disease condition. According to WHO,
almost 60% of the new born suffer from jaundice within first week of their
birth. According to Scholars Journal of Applied Medical Sciences, almost 25-50%
of infants and premature neonates suffer from jaundice. Thus, increasing number
of neonates with jaundice is expected to support the demand for phototherapy
products.
Furthermore, with technological advancements in the field of
phototherapy, this market is witnessing a significant growth. For instance,
Nice4000 CFL- standalone CFL phototherapy, manufacutured by Nice Neotech
Medical Systems Pvt. Ltd. uses compact fluorescent tubes to deliver high
intensity phototherapy for the treatment of neonatal jaundice. Several bulb
configurations are also available Several bulb configurations are available for
phototherapy and diagnosis.
Product Insights
Based on product, the market is segmented into conventional,
fiberoptic, and LED equipment. In 2016, conventional equipment dominated the
market owing to is high usage in the treatment of eczema, psoriasis and other
skin diseases.
LED equipment is expected to witness an attractive growth
over the forecast period due to the availability of cost-effective devices.
These products are highly effective in treating neonatal jaundice. For
instance, IREX10, manufactured by Ibis Medical is highly efficient in treating
neonatal jaundice.
Application Insights
Based on application, the market is segmented into neonatal
jaundice management and skin disease treatment. In 2016, skin disease treatment
dominated the market due to increase in prevalence of skin disorders, like
eczema and psoriasis.
Neonatal jaundice management is projected to show lucrative
growth over the forecast period. This is due to the growing number of neonates
suffering from hyperbilirubinemia. Moreover, launch of technologically advanced
products for the treatment of the neonatal jaundice is also expected to
heighten the market growth.
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Some of the key players of the market comprise Nice Neotech
Medical Systems Pvt. Ltd.; GE Healthcare; Natus Medical Incorporated; Philips
Lighting Holding B.V.; Solarc Systems Inc.; Atom Medical Corporation; Phoenix
Medical Systems Pvt. Ltd.; and National Biological Corp.
In order to fulfil the unmet needs of the target population,
the major companies are undertaking regional expansion, development of new
products and mergers & acquisitions. For instance, in 2015, Brilliance Pro
was launched by Phoenix Market Systems. It SmartTilt feature provides
consistent intensity across a baby’s skin, suffering from jaundice regardless
of the angle at which the light head is oriented.
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