Neonatal Phototherapy Devices Market Growth Drivers and Restraints:
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. 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 baby’s skin.
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.
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.
Neonatal Phototherapy Devices Market Segmentation:
Neonatal phototherapy devices market is segmented on the basis of product type and end user
Based on the product type, the market is segmented into the following:
- Flexible Phototherapy Lamps
- Traditional Phototherapy Lamps
- Phototherapy Beds
Based on the end user, the market is segmented into the following:
- Home Care Settings
Geographically, global neonatal phototherapy devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America market growth attributed to the innovation of newer technologies, high awareness about neonatal jaundice, and sophisticated healthcare infrastructure in the region. Europe market is growing due to adoption of newer technologies, government initiations for neonatal healthcare, and launching of modern devices by the market players in the region. Asia Pacific market expected to account for significant share owing to increase in the birth rate majorly in India and China, which in turn create demand for neonatal phototherapy devices, and advances in healthcare infrastructure in the region. Latin America market has a lucrative growth, which is attributed to acquisitions and collaborations by market players in Latin America region, adoption of newer technologies, and increase in healthcare expenditure. Middle East and Africa market is projected to grow at notable rate due to government supporting for children health in Africa region and increase in awareness about infant health among key stakeholders.
Some of the players in the global neonatal phototherapy devices market include:
- Koninklijke Philips N.V. (Netherlands)
- Medela AG (Switzerland)
- Novos Medical Systems (Turkey)
- Phoenix Medical Systems Pvt. Ltd (India)
- Dragerwerk AG & Co. KGaA (Germany)
- Weyer GmbH (Germany)
- General Electric Company (U.S.)
- BabyBloom Healthcare BV (Netherlands)
- Natus Medical Incorporated (U.S.)
- Atom Medical Corporation (Japan)
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015 to 2019) and forecast (2020 to 2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market