Transparency Market Research Report Added "Phototherapy Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"
Albany, NY -- (SBWIRE) -- 06/13/2017 -- Use of specific wavelengths of light which are very effective in the treatment of medical conditions such as neonatal jaundice and skin diseases is known as phototherapy. Phototherapy is performed by exposing surface of skin to specific range of wavelength lights using light emitted diode (LED) lamps or fluorescent lamps or incandescent lamp such as halogen. The process is used in the treatment of neonatal jaundice and skin diseases. Psoriasis, eczema, vitiligo, and acne are the most common skin diseases treated using phototherapy treatment.
The demand for phototherapy equipment has significantly risen in the last few years in response to the increasing incidence of the aforementioned skin diseases. Besides this, the increasing incidence of neonatal jaundice, advent of new technology by key players are factors driving the growth of phototherapy equipment market. Use of alternative mode of treatment such as topical and systemic therapy for skin diseases and exchange blood transfusion for neonatal jaundice are the restraining factor for growth of phototherapy equipment market.
The global phototherapy equipment market is forecast to exhibit a CAGR of 4.4% between 2016 and 2024. At this pace, the market's valuation will reach US$603.2 mn by the end of 2024, from US$415.0 mn in 2015.
Hospitals Segment to Rake in High Profit as Leading End User
The phototherapy equipment market is segmented based on product type, modality, diseases indication, end users, and regions. Based on product type, the phototherapy equipment market is segmented into CFL (Compact Fluorescent Lamps) phototherapy, light emitted diode (LED) phototherapy and others. The CFL phototherapy segment emerged dominant with a share of 49.6% in the market in 2015. The effective use of CFL in the treatment of psoriasis, eczema, and in combined therapy for other diseases such as cancer has aided in the expansion of the segment.
Based on modality, the phototherapy equipment market is segmented into full body phototherapy and partial body phototherapy. Of these, the full body phototherapy segment accounted for the leading market share of 57.5% in 2015. The rising incidence of neonatal jaundice and advent of advanced technologies enabling the development of cost effective devices have enabled growth in the segment. In terms of disease indication, the neonatal jaundice segment emerged dominant in the market. The increasing incidence of preterm birth, augmenting the cases of glucose-6-phosphate deficiency has fuelled the demand for phototherapy equipment.
By end user, hospitals constituted the leading segment with a share of 47.4% in the market in 2015. Through the course of the forecast period, the segment's dominance in the market is expected to remain intact as people prefer the organized hospital setting more for treatment and surgical purposes. Also favorable reimbursement policies for hospital treatments also encourage patients to choose hospitals over other end users.
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High Degree of Awareness to Seal North America's Lead in Global Market
Regionally, the global phototherapy equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2015, North America emerged as the leading regional segment holding nearly 40% of the global phototherapy equipment market. The dominance of the region is attributed by several factors such as the rising prevalence of neonatal jaundice and skin diseases. Besides this, overall the region boasts high level of awareness and sophisticated healthcare infrastructure. These, coupled with various initiatives by governments to ensure better health in new born, have tipped the scales in favor of the phototherapy equipment market in North America.
Besides this, the market players are also expected to witness lucrative opportunities in Asia Pacific. The rising preterm birth in developing nations and investment in upgrading distribution channels provide attractive opportunities for the phototherapy equipment market in the region.
On account of its diverse product portfolio and extensive global presence, GE Healthcare emerged dominant the global phototherapy equipment market in 2015. The other major players in the phototherapy equipment market are – Atom Medical Corporation, Herbert Waldmann GmbH & Co. KG, Drägerwerk AG & Co. KGaA, National Biological Corp., Solarc Systems Inc., The Daavlin Company, and Phoenix Medical Systems Pvt. Ltd, nice Neotech Medical Systems Pvt. Ltd., Natus Medical Incorporated and others.
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