Phototherapy Equipment Market Expected to Reach US$ 603.2 Million in 2024

Phototherapy is noninvasive and most efficacious mode of treatment for neonatal jaundice. Phototherapy uses visible light for treatment of severe jaundice in the newborn. Around 60% of term babies and 80% preterm babies develop jaundice. Phototherapy treatment is the most widely used therapy to prevent severe neurotoxic effects due to high bilirubin level in blood. Phototherapy is effective and safe method for controlling the rise of serum bilirubin levels and best alternative for invasive treatment such as exchange transfusion in neonates. Increase in prevalence of neonatal jaundice, skin diseases and rising awareness of use of phototherapy in treatment of other diseases such as cancer is anticipated to drive the growth of phototherapy equipment market. High cost of phototherapy equipment and availability of alternative therapy are factors responsible for restraining the growth of phototherapy market.

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The global phototherapy equipment market is segmented into product type, modality, disease indication, end users and regions. Based on product, the phototherapy equipment market is segmented as CFL (Compact Fluorescent Lamps) phototherapy, LED (light emitted diode) phototherapy and others. CFL phototherapy is the major segment of product type in the phototherapy equipment market, attributed to novel technology development by key players, increase in prevalence of psoriasis and other skin diseases. LED phototherapy segment is anticipated to witness significant growth during forecast period. Cost effective, less power consumption, low maintenance cost are factors augmented to propel the growth of LED phototherapy segment. Based on modality, the market is segmented into full body phototherapy and partial body phototherapy. Full body phototherapy accounted for the largest market share in 2015, due to constant rise in prevalence of neonatal jaundice worldwide. The partial body phototherapy segment is expected to grow by 2024 due to increase in prevalence of skin diseases, introduction of new devices with advance technology and increase in demand for partial body phototherapy devices by home care settings.

Based on disease indication, the market is segmented into neonatal jaundice, skin diseases, and others. Skin diseases segment is further segmented into psoriasis, eczema and other skin diseases. Neonatal jaundice accounted to hold the largest market share in 2015, due to constant rise in prevalence of neonatal jaundice worldwide owing to increase in incidence of preterm birth. The skin diseases segment is expected to grow by 2024 due to increase in prevalence of psoriasis among all age group and rise in awareness programs by government and non-profit organization on control and treatment of psoriasis, eczema and other skin diseases.

By end-user, the phototherapy equipment market is segmented into hospitals, clinics, and home care settings. The hospital segment dominated the phototherapy equipment market in 2015, and is expected to continue to dominate the market by 2024. Increasing investments by major key players for the development of novel phototherapy equipment in order to cater the needs and demands of patients, favorable reimbursement policy, and rise in rate of admission of infants owing to increase in prevalence of neonatal jaundice are the drivers responsible for market growth of the hospital segment.

The major players in the phototherapy equipment market are – Atom Medical Corporation, Herbert Waldmann GmbH & Co. KG, Drägerwerk AG & Co. KGaA, National Biological Corp., Solarc Systems Inc., The Daavlin Company, and Phoenix Medical Systems Pvt. Ltd, nice Neotech Medical Systems Pvt. Ltd., Natus Medical Incorporated and others.

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