Neonatal Phototherapy Devices Market will reach to USD 120.23 billion by 2030 : GreyViews

Neonatal Phototherapy Devices Market Size By Light Source (Light-emitting diodes (LEDs), Quartz halogen lamps, Gas discharge tubes, and Fluorescent lamps (FL)), By Configuration (Mobile device and Fixed device), By End User (Hospitals and Neonatal clinics), Regions, Segmentation, and forecast till 2030.

Pune, India, Jan. 05, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the Neonatal Phototherapy Devices Market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the Neonatal Phototherapy Devices Market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the Light Source, End User, Configuration, and Regions. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global Neonatal Phototherapy Devices Market are Philips Lighting Holding B.V, GE Healthcare, Natus Medical Incorporated, Hebert Waldmann GmbH & Co. KG, Nice Neotech Medical Systems Pvt. Ltd, Phoenix Medical Systems Pvt. Ltd, Atom Medical Corporation, National Biological Corp, Solarc Systems Inc, The Daavlin Company among others. To achieve a substantial market share in the worldwide Neonatal Phototherapy Devices Market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

The primary reasons driving the market for neonatal phototherapy equipment are the increasing prevalence of infant jaundice, the expanding demand for effective neonatal jaundice treatment and management, and the raising awareness of such therapies.The product’s low market penetration is a result of the high production costs, which many end customers throughout the world cannot pay. Due to the high cost of neonatal phototherapy equipment, access to it is a significant issue in underdeveloped countries where hospitals occasionally lack the funding to maintain such pricey equipment. In low- and middle-income countries, there is a lack of widespread usage of neonatal phototherapy equipment. Despite having low birth rates, industrialized nations dominate the market for infant phototherapy equipment in terms of revenue. The neonatal phototherapy devices market’s dearth of new product development is the primary contributor. Due to failure, the FDA has recalled some neonatal phototherapy devices, which has hindered the growth of sales throughout the course of the projected period.

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Scope of Neonatal Phototherapy Devices Market Report

Report Metric Information
Study Period 2022-2030
Base Year           2022
Forecast Period 2023-2030
Market Share Unit USD Billion
Segments Covered Light Source, Configuration, End User, and Regions
Regions Covered North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players Philips Lighting Holding B.V, GE Healthcare, Natus Medical Incorporated, Hebert Waldmann GmbH & Co. KG, Nice Neotech Medical Systems Pvt. Ltd, Phoenix Medical Systems Pvt. Ltd, Atom Medical Corporation, National Biological Corp, Solarc Systems Inc, The Daavlin Company among other.

Segmentation Analysis

The Fluorescent lamps segment is expected to be the fastest-growing segment in 2022. 

The Light Source segment includes Light-emitting diodes (LEDs), Quartz halogen lamps, Gas discharge tubes, and Fluorescent lamps (FL). The Fluorescent lamps segment is expected to be the fastest-growing segment in 2022The segment that contributed the most to revenue was fluorescent lights. This is due to the superior capacity of fluorescent lights to break down bilirubin into its most basic forms. However, because more people are using them, it is anticipated that demand for quartz halogen lights would grow at the fastest rate during the forecast period.

The Mobile device segment is expected to be the fastest-growing segment in 2022. 

The Configuration segment includes Mobile device and Fixed device. The Mobile device segment is expected to be the fastest-growing segment in 2022. Total serum bilirubin (TSB) readings may be accurately measured by mobile devices, indicating a low-cost method that employs regular smartphones to successfully screen newborns for jaundice. This sector is thus anticipated to grow fast.

The hospital segment is expected to be the fastest-growing segment in 2022. 

The End-User segment includes Hospitals and Neonatal clinics. The hospital segment is expected to be the fastest-growing segment in 2022. The hospital sector now holds the bulk of the market due to an increase in the number of jaundice treatments offered at hospitals, and it is predicted that this will continue over the anticipated period. In expanding nations like India, where the middle class is growing and the government is implementing policies to upgrade the healthcare system, there is an increase in demand for the high-quality medical services provided by hospitals, which fosters sector growth.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the Neonatal Phototherapy Devices include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

  • The North America region witnessed a major share. he market for neonatal phototherapy devices will be dominated by North America throughout the forecast period. This is caused by a variety of factors, including the well-established medical device industry, the high incidence of diagnosing and treating jaundice, increased consumer awareness, and the availability of technologically advanced treatment options.

Country Analysis

  • Germany

Germany’s Neonatal Phototherapy Devices market size was valued at USD 3.69 billion in 2022 and is expected to reach USD 9.13 billion by 2030, at a CAGR of 3.5% from 2023 to 2030. As a consequence of several government initiatives and the launch of key Innovative products by German manufacturers, Germany is another large market for Neonatal Phototherapy Devices in the European area. Germany manufacturers now have a dominant position in this market.

  • China

China’s Neonatal Phototherapy Devices market size was valued at USD 4.18 billion in 2022 and is expected to reach USD 14.67 billion by 2030, at a CAGR of 3.7% from 2023 to 2030.  Due to rising consumer awareness of modern phototherapy, high per-capita disposable income, and expanding healthcare infrastructure, the sale of phototherapy equipment is rising in China.

  • India

India’s Neonatal Phototherapy Devices market size was valued at USD 2.95 billion in 2022 and is expected to reach USD 7.30 billion by 2030, at a CAGR of 3.2% from 2023 to 2030.  The key drivers of market development in India are the existence of manufacturers of phototherapy equipment and the country’s highly developed healthcare system.

Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven by an increase in the prevalence of neonatal jaundice.

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GreyViews

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