- Flexible Phototherapy Lamps
- Traditional Phototherapy Lamps
- Phototherapy Beds
The global neonatal phototherapy devices market size valued at USD 512 million in 2021 and is anticipated to grow at USD 683 million by 2028 recording a CAGR of 4.2% during the forecast period 2022-2028. Neonatal phototherapy devices market growth driven by technological advancements in phototherapy devices. Most of the non-profit organizations and market players are collaborating to develop the cost-effective neonatal therapy devices that can treat the neonatal jaundice at minimal cost. Every year, roughly 25-40% of newborn babies are diagnosed with jaundice, according to the Scholars Journal of Medical Sciences. In comparison to fluorescent lamps, D-Rev has invented LEDs for the treatment of jaundice. These LEDs consume the least amount of energy and last for a long time. Moreover, government initiations in various countries to provide better treatment for newborn babies and children, high frequency of neonatal jaundice, and increase in awareness about the treatment are anticippated to propel the market. Furthermore, launching of newer products anticipated to bolster the market revenue. For instance, in January 2015, Phoenix Medical Systems launched Brilliance Pro, neonatal phototherapy device with special features such as smarttilt to provide constant intensity across the babyâ€™s skin. Neonatal phototherapy devices are the medical devices used in the treatment of neonatal jaundice. Neonatal jaundice occurs in majority of newborn babies and if untreated, it may cause severe hyperbilirubinemia that leads to neurological damage or death. Traditional phototherapy devices are commonly used in the phototherapy due to their relative affordability. These devices have improved lifespan and easily connected to the incubator.
Fastest Growing Market
Increase in the prevalence and incidence of neonatal jaundice, technological advancements in the phototherapy devices, government initiations for new-born and childcare, and rise in demand for effective treatment for neonatal jaundice are anticipated to fuel the neonatal phototherapy devices market. However, stringent regulatory policies for product approval, lack of skilled professionals, and unavailability of devices in rural areas are expected to restrain the growth of neonatal phototherapy devices market over the forecast period.
The Neonatal Phototherapy Devices Market is projected to expand at a CAGR of 4.2% during the forecast period.
Koninklijke Philips, Medela AG, Novos Medical Systems, Phoenix Medical Systems, Dragerwerk AG & Co, Weyer GmbH, General Electric Company
Asia-Pacific is the fastest-growing region for Neonatal Phototherapy Devices Market