The high prices of phototherapy equipment are limiting their widespread adoption, especially in developing and less developed countries.
Albany, NY -- (SBWIRE) -- 12/07/2017 -- The global phototherapy equipment market exhibits a high degree of competition. Nearly 80% of the overall market revenue in 2016 was contributed by seven players, finds Transparency Market Research (TMR) in a new study. These frontrunners are Herbert Waldmann GmBH & Co. KG, Drägerwerk AG & Co. KGaA, Phoenix Medical Systems Pvt. Ltd, GE Healthcare, Natus Medical Incorporated, Atom Medical Corporation, and The Daavlin Company.
These market players are entering into strategic collaborations with end users and offer them support in forms of equipment refurbished services, insurance reimbursement, and post-sale services, to strengthen their foothold. "These strategies are intensifying the competition prevailing in the global phototherapy equipment market, in order to sustain which key companies are focusing on pricing strategies and product upgradation with new technologies to stay ahead," says TMR's lead analyst. The global phototherapy equipment market was valued at US$415.0 mn in 2015 and is poised to rise to US$603.2 mn by 2024, progressing at a CAGR of 4.4% from 2016 to 2024.
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Presence of Advanced Healthcare Infrastructure to Fuel North America's Dominance
On the basis of end user, hospital was at the forefront of growth in 2015, representing over 47.0% of the overall market revenue. The high customer preference along with the presence of favorable reimbursement policies for hospital treatments will help the segment in retaining dominance until 2024.
Geographically, North America held a dominant share of about 40.0% in the global phototherapy equipment market in 2015. The growth of the segment can be attributed to the high levels of awareness and advanced healthcare infrastructure. Asia Pacific, on the other hand, is estimated to post a tremendous CAGR during the review period, thanks to the increasing investments in the upgradation of distribution channels.
Advent of Novel Technologies to Widen Scope of Applications of Phototherapy Equipment
The growing number of cases of neonatal jaundice worldwide is escalating the demand for effective phototherapy treatments. In some cases, it can lead to severe hyperbilirubinemia, acute bilirubin encephalopathy, and chronic bilirubin encephalopathy. "It is possible to prevent hyperbilirubinemia through early diagnosis and effective phototherapy, which has an important part to play in the growth of the global phototherapy equipment market," says a TMR analyst. Apart from this, the rising incidence of skin diseases such as eczema and psoriasis is stoking the growth the global market.
With the introduction of new and innovative technologies, the global phototherapy equipment market is anticipated to tread along a healthy growth track. The new designs available are cheaper and more advanced, which has stirred up the demand for phototherapy equipment in developing countries. Considering this, their increased use has been witnessed in alternative treatments as well. To put this in perspective, phototherapy, along with photosensitizing chemical substances, finds application in photodynamic therapy to treat cancer. Moreover, the spiraling demand for minimally invasive procedures is providing a fillip to the market.
Increasing Stringency in Regulations to Hamper Growth Prospects
The high prices of phototherapy equipment are limiting their widespread adoption, especially in developing and less developed countries. Besides this, the increasing stringency in regulations pertaining to their approval is rendering it difficult for new players to enter the arena, thus restricting the scope of expansion of the global phototherapy equipment market,
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Furthermore, rapid advancements and developments in the medical science sector have paved way for various alternative modes of treatment. The growing demand for alternative treatment such as systematic and topical therapies is, therefore, keeping the market from realizing its utmost potential. Nevertheless, the increasing initiatives by key players to promote phototherapy outreach and the presence of favorable reimbursement policies in emerging countries are offering immense growth opportunities to the global phototherapy equipment market.
This review is based on a TMR report, titled "Phototherapy Equipment Market (Product - CFL (Compact Fluorescent Lamps) Phototherapy and LED (Light Emitting Diode) Phototherapy; Modality - Full Body Phototherapy and Partial Body Phototherapy; Disease Indication - Neonatal Jaundice and Skin Diseases (Psoriasis and Eczema); End User - Hospitals, Clinics, and Home Care Settings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."