Albany, NY -- (SBWIRE) -- 05/17/2018 -- The global phototherapy equipment market is highly competitive in nature and is expected to witness an increased level of competition throughout the forecast period, states a new research report by Transparency Market Research. The leading players in the market, namely Drägerwerk AG & Co. KGaA, Herbert Waldmann GmBH & Co. KG, Phoenix Medical Systems Pvt. Ltd, Natus Medical Incorporated, GE Healthcare, Atom Medical Corporation, and The Daavlin Company are emphasizing on research and development activities in order to lunch new products in the coming years. In addition, these players are entering into collaborations with end users and provide them support in the form of insurance reimbursement, equipment refurbished services, and post-sale services in order to maintain their position and penetration in the phototherapy equipment market in the coming years.
According to the research study by Transparency Market Research, in 2015, the global market for phototherapy equipment was worth US$415.0 mn. The market is estimated to reach a value of US$603.2 mn by the end of 2024 and register a healthy growth of 4.40% CAGR between 2016 and 2024.
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Advanced Healthcare Infrastructure to Drive North America Market
Among the key segments, North America is expected to witness a high growth in the global phototherapy equipment market in the next few years. In 2015, North America held a share of 40% of the global market and is expected to maintain its dominance throughout the forecast period. The high growth of this region can be attributed to the increasing prevalence of neonatal jaundice and other skin diseases. In addition to this, the rising awareness among consumers regarding the availability of advanced treatments and improved healthcare services are estimated to accelerate the growth of the North America market in the next few years. Furthermore, Asia Pacific is likely to experience a significant growth in the coming years.
From the end user perspective, the hospital segment is estimated to register a progressive growth rate throughout the forecast period. In 2015, this segment held a share of 47% of the global market in terms of revenue and is likely to maintain its position in the coming years. The increasing consumer preference for hospitals and the favorable reimbursement policies are the key factors that are projected to encourage the growth of the hospital segment in the global phototherapy equipment market in the near future.
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Development of Low-cost Phototherapy Equipment Market to Boost Growth
The increasing cases of neonatal jaundice and the rising number of low-weight and preterm birth are projected to accelerate the market growth. In addition, the advent of technologically advanced phototherapy equipment and the spending capacity of patients are likely to offer promising growth opportunities for the market players. On the flip side, the stringent government regulations and the rising use of alternative treatments are estimated to restrict the growth of the overall market in the next few years. Nonetheless, the development of low-cost phototherapy equipment is expected to encourage the growth of the global market in the next few years.