Neonatal phototherapy devices are medicinal equipment utilized in the therapy of neonatal jaundice. It mainly happens in new born babies and if untreated, it’s going to cause severe hyperbilirubinemia that results in neurological damage or death. Neonatal phototherapy devices use various kinds of light sources for therapy of neonatal jaundice. These light sources are classified as fluorescent lamps, light-emitting diodes (LEDs), quartz halogen lamps, and gas discharge tubes. Fluorescent lamps are long tubes and folded tubes that emit white and blue light. They function an economical possibility to be used in phototherapy devices. The various sorts of neonatal phototherapy devices available within the markets these days are traditional phototherapy lamps, flexible phototherapy lamps, and phototherapy beds.
According to the report analysis of,’ Global Neonatal Phototherapy Devices Market to reach USD XX billion by 2026.’ many players are working in developing cost-effective neonatal phototherapy devices specially for cost-sensitive markets. To this end, several players have conjointly entered into collaborations, notably incubation programs, and taking mergers and acquisitions. Leading names within the neonatal phototherapy market include Koninklijke Philips N.V., Dragerwerk AG & Co. KGaA, Weyer GmbH, Medela AG, Novos Medical Systems, Phoenix Medical Systems Pvt. Ltd, General Electric Company, Baby Bloom Healthcare BV, Natus Medical Incorporated and Atom Medical Corporation. Technological advances have targeted on developing easy phototherapy devices and technologies which utilize blue spectrum radiation sources. This has been a key technological trend within the neonatal phototherapy market. The increase in government plans, regulations, and interventions aimed at establishing advanced healthcare infrastructure along with rising adoption of technologically advanced neonatal phototherapy devices are some factors liable for growth of the market over the forecast amount. For instance, according to Indian Brand Equity Foundation, The Government of India is planning to increase public health spending to 2.5 per cent of the country’s GDP by 2025. Additionally, there has been seen rise in Government expenditure on the health sector 1.4 per cent in 2018 from 1.2 per cent in 2014. However, lack of skilled professionals, and unavailability of devices in rural areas are the major factor restraining the growth of global Neonatal Phototherapy Devices market throughout the forecast amount.
Geographically, the global neonatal phototherapy devices Market is divided into Asia Pacific, North America, Europe, Latin America and Rest of the World. On the regional front, North America has accounted as a market with large moneymaking opportunities. A part of the expansion is drived by constantly updating guidelines and recommendations on screening for hyperbilirubinemia. Further, increasing awareness of the effectiveness of recently launched neonatal phototherapy is also spicing the regional market. Asia pacific is also anticipated to be growing market during the forecast amount. It is calculable to be the quickest growing market within the forecast amount. China is that the leading market in this region. The market is additionally segmented on the basis of type and application. On the basis of type segmented into Flexible Phototherapy Lamps, Traditional Phototherapy Lamps and Phototherapy Beds. On the basis of application segmented into Hospitals and Home Care Settings.
Moreover, growing prevalence of neonatal jaundice is one amongst key factors propelling the demand for neonatal phototherapy devices. Also, the rising adoption of technology advanced medical devices together with rising expenditure on Healthcare are some of the other factors that are helping the neonatal phototherapy devices market to expand around the world. Thus, it is expected that the market will boost up throughout the forecast amount.
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Ankur Gupta, Head Marketing & Communications