Phototherapy Equipment Market 2018 – 2028 Analysis by Regional Outlook, Segmentation & Forecast
Increasing utility for treating skin disorders such as psoriasis, acne, neonatal jaundice, and eczema, the market of phototherapy equipment is anticipated to display numerous opportunities of growth for market players during the forecast period.
Cost Reduction of Products in the Phototherapy Equipment Market to Propel Growth
The rapid rise of neonatal jaundice and other skin diseases owing to unhealthy global environment conditions, technological improvements, and increased preference for the use of LED based phototherapy treatment equipment are factors that are anticipated to drive the market in the near future. The products for the treatment of neonatal jaundice is expected to see relatively higher growth owing to the fact that about 50% of term and 80% of preterm babies develop jaundice within 2-4 days of birth, which sets up a high demand for efficient treatment.
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Rising awareness among patients regarding advanced treatment options and improved healthcare service and infrastructure is anticipated to contribute to market growth. The introduction of phototherapy equipment for home use is also expected to boost demand among skin ailment patients.
On the other hand, stringent regulations related to the approval of devices by the governments such as the 21CFR Part 807 of the FDA, or the Central Drug Standards Control Organization (CDSCO) of India along with intense competition with alternative treatment options for skin ailments are anticipated to act as constraining factors for the phototherapy equipment market.
Phototherapy Equipment Market Players Emphasize on System Improvements to Attract Business
Major market players such as GE Healthcare, Daavlin, and Aeroflow Healthcare are putting efforts towards research and development activities to improve on safety and treatment efficiency. Aeroflow Healthcare has developed phototherapy blankets for hospital and home use to treat neonatal jaundice in infants. The product is a portable phototherapy device that consists a fiber optic band that emits white or blue light to eliminate bilirubin from the body to normal levels. It has a high success rate although the treatment process is relatively slower, while maintaining optimal comfort levels for the baby.
The 7 Series phototherapy product range from Daavlin provides healthcare providers with options to adjust height, lamps for either UVA and UVB rays, or a combination of both to provide added treatment functionality. The system also gives an integrated dosimetry meter to enable accurate output of light consistently thereby lowering energy consumption and improving on product longevity.
Products by GE Healthcare such as the Lullaby LED Phototherapy System is also bringing innovation to the table by bringing in the latest in LED technology that provides highly efficient, soundless breakdown of bilirubin in neonatal jaundice, through uniform distribution of light. The use of specialized LEDs give several thousand hours of operating capacity, which will last any healthcare facility for an average of 5 years.
North America Phototherapy Equipment Market to Maintain Dominance
North America is anticipated to hold control over a major amount of phototherapy equipment market share and also display a rapid increase in the yearly rate of growth. This can be largely attributed to the increasing incidences of neonatal jaundice and other ailments that affect the skin. Growing awareness among the public about the latest treatment methods and healthcare infrastructure is expected to give a boost to the phototherapy equipment market of the region during the forecast period.
In addition, the number of new hospital establishments has also increased significantly in the region in the past few years, numbering well over 5000 at the current time, equivalent to over 45 percent of the global market. Growing preference of hospital treatments for curing skin conditions and favorable policies of reimbursement such as the Medicaid reimbursement policy of the United States are anticipated to significantly contribute to the growth of the North America market.
The Asia Pacific region is also anticipated to show good growth arising from growing support of the government for healthcare initiatives, increasing popularity of the region for medical tourism, expansion of key market players in the region, and low cost phototherapy equipment in China and India.
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Segmentation of the Global Phototherapy Equipment Market
Phototherapy equipment can be broadly classified on the basis of products, application, and end user. On the terms of products, phototherapy equipment can be divided into portable LED lamps, bed type LED lamps, and neonatal incubators with LED lamps. On the terms of applications, phototherapy equipment can be used for cancer, psoriasis, acne, and neonatal jaundice. On the basis of the end user, phototherapy equipment can be categorized into diagnostic centers and hospitals.
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