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Phototherapy Equipment Market Technological Growth 2018-2026 with Types, Applications and Top Companies

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Rahul Sharma
Phototherapy Equipment Market Technological Growth 2018-2026 with Types, Applications and Top Companies

Nov 06, 2019- Million Insights Market Research has published a new report titledPhototherapy 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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