CAGR: 4.9%Current Market Size: USD 82 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The Global Neonatal Phototherapy Devices market is expected to grow from USD 82 billion in 2022 to USD 120.23 billion by 2030, at a CAGR of 4.9% during the Projection period 2023-2030. The growth of this market is mainly driven by an increase in the prevalence of neonatal jaundice.
Jaundice is one of the most dangerous conditions that may afflict babies and can have fatal consequences if neglected. Bilirubin levels in the blood are increased because the liver is unable to properly process bilirubin. One of the most widely used treatments for treating neonates with jaundice is phototherapy technology. A light wave is delivered to the skin using this technique, and the blood and skin subsequently absorb the light wave. The absorbed light wave breaks down the bilirubin in the blood, which is then removed by the liver and kidney. In order to cure hyperbilirubinemia, phototherapy devices expose the infant to light between the wavelengths of 420 and 500 nm, which is blue. This light causes the bilirubin in the blood to oxidise, producing chemicals that can be excreted from the body. A bank of 20-watt fluorescent lights that are positioned 30–40 cm above the child makes up the device. The lifespan of the lamps is a problem (typically averaging 1000 hours). Some phototherapy equipment includes an hour metre to track the life of the bulb and the amount of time spent treating babies. To maintain therapeutic levels of irradiance (measured in w/cm2/nm) at the baby's skin, frequent photometer measurements are done.
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Market Dynamics:
Drivers:
Rapid technical advancements is to benefit companies that invest in phototherapy systems with user-friendly control panels and blue spectrum radiation sources. The development of LED radiation sources is a top priority because of their ability to adjust radiation intensity optimally and low power consumption. The high prevalence of newborn jaundice, the growing need for efficient neonatal jaundice treatment and management, and increased awareness of such treatments are the main driving factors in the market for neonatal phototherapy equipment.
Restraints:
Many end users throughout the world, cannot afford the product's high cost of manufacturing which has propelled its Low penetration in the market. Because newborn phototherapy equipment is so expensive, access to it is a major problem in developing nations where hospitals sometimes lack the resources to maintain such expensive machinery. As a result, companies must work to make their neonatal phototherapy equipment affordable, and official backing will also help to improve the market's prospects in emerging nations.
Opportunities:
Hospitals and NICUs are without a doubt the major end-users of newborn phototherapy systems. The bulk of newborn phototherapy facilities, however, have inadequate phototherapy units and expensive treatment costs, which have facilitated the emergence of home-based phototherapy units. Home-based phototherapy systems provide a number of benefits, including lessening patient inconvenience, transportation expenses, and hospital wait times. Additionally, home-based phototherapy enhances mother-infant bonding while lowering direct and indirect healthcare expenditures.
Challenges:
Neonatal phototherapy equipment is not widely used in low- and middle-income nations. Despite their low birth rates, developed economies provide the majority of the income in the market for newborn phototherapy equipment. The main cause is the lack of product development in the neonatal phototherapy devices market. The FDA has issued a number of recalls of newborn phototherapy devices due to failure, which has slowed the rise of sales throughout the projection period. For instance, the FDA recalled the NeoBlue Blanket LED Phototherapy System in December 2016 due to device deterioration caused by the melting of its fiber optic ca ble.
Segmentation Analysis:
The global Neonatal Phototherapy Devices market has been segmented based on Light Source, Configuration, End User, and Regions.
By Light Source
The Light Source segment includes Light-emitting diodes (LEDs), Quartz halogen lamps, Gas discharge tubes, and Fluorescent lamps (FL). The Fluorescent lamps segment led the Neonatal Phototherapy Devices market with a market share of around 60% in 2022. The fluorescent lamps segment held the major revenue contributor in 2022. This is because fluorescent lights have the best ability to degrade bilirubin into its simplest forms. However, it is projected that the demand for quartz halogen lights will increase at the quickest pace throughout the projection period since more people are utilising them.
By Configuration
The Configuration segment includes Mobile device and Fixed device. The Mobile device segment led the Neonatal Phototherapy Devices market with a market share of around 60% in 2022. The market is dominated by the mobile device category, and this trend is anticipated to continue over the projection period. Mobile devices can properly measure total serum bilirubin (TSB) values, indicating a low-cost technique that uses common cellphones to successfully screen neonates for jaundice. As a result, this industry is expected to expand quickly.
By End-User
The End User Light Source segment includes Hospitals and Neonatal clinics. The Neonatal clinics segment led the Neonatal Phototherapy Devices market with a market share of around 56% in 2022. Due to a growth in the number of jaundice treatments provided at hospitals, the hospital segment currently controls the majority of the market and is anticipated to do so during the projected period. The development of the middle class and the adoption of government initiatives to improve the healthcare infrastructure in emerging nations like India result in a rise in demand for high-quality medical services supplied by hospitals, which supports sector growth.
Global Neonatal Phototherapy Devices Market- Sales Analysis
The sale of Neonatal Phototherapy Devices Light Sources expanded at a CAGR of 3.2% from 2016 to 2022.
Newborn phototherapy equipment is so expensive, access to it is a major problem in developing nations where hospitals sometimes lack the resources to maintain such expensive machinery. As a result, companies must work to make their neonatal phototherapy equipment affordable, and official backing will also help to improve the market's prospects in emerging nations.
The high prevalence of newborn jaundice, the growing need for efficient neonatal jaundice treatment and management, and increased awareness of such treatments are the main driving factors in the market for neonatal phototherapy equipment.
This market will expand as governments increasingly take steps to enhance the health care provided to infants and children. The demand for newborn phototherapy equipment will also increase due to the growing need for efficient neonatal jaundice treatments.
Thus, owing to the aforementioned factors, the global Neonatal Phototherapy Devices Market is expected to grow at a CAGR of 4.9% during the Projection period from 2022 to 2030.
By Regional Analysis:
The regions analyzed for the Neonatal Phototherapy Devices market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region dominated the Neonatal Phototherapy Devices market and held a 35% share of the market revenue in 2022.
Global Neonatal Phototherapy Devices Market- Country Analysis:
Germany’s Neonatal Phototherapy Devices market size was valued at USD 3.69 billion in 2022 and is expected to reach USD 9.13 billion by 2030, at a CAGR of 3.5% from 2023 to 2030. Germany is another important market for Neonatal Phototherapy Devices as a result of several government efforts and the introduction of significant Innovative products by Germany manufacturers led to dominate the Germany market in the European region.
China’s Neonatal Phototherapy Devices market size was valued at USD 4.18 billion in 2022 and is expected to reach USD 14.67 billion by 2030, at a CAGR of 3.7% from 2023 to 2030. Sales of phototherapy equipment are increasing in China due to increased consumer knowledge of contemporary phototherapy, high per-capita disposable income, and the development of healthcare infrastructure. Additionally, it is anticipated that an increase in neonatal jaundice prevalence, a rise in the proportion of newborns in China, and the need for affordable devices would all contribute to the market's expansion.
India's Neonatal Phototherapy Devices market size was valued at USD 2.95 billion in 2022 and is expected to reach USD 7.30 billion by 2030, at a CAGR of 3.2% from 2023 to 2030. The presence of producers of phototherapy equipment in India and the country's well-developed healthcare infrastructure are the main factors driving the market expansion there.
Key Industry Players Analysis:
To increase their market position in the global Neonatal Phototherapy Devices business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
4.9% |
Market Size |
82 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Light Source, By Configuration, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Philips Lighting Holding B.V (Signify Holdings), GE Healthcare, Natus Medical Incorporated, Hebert Waldmann GmbH & Co. KG, Nice Neotech Medical Systems Pvt. Ltd, Phoenix Medical Systems Pvt. Ltd, Atom Medical Corporation, National Biological Corp, Solarc Systems Inc, and The Daavlin Company. |
By Light Source |
|
By Configuration |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Neonatal Phototherapy Devices Market by Light Source:
Global Neonatal Phototherapy Devices Market by Configuration:
Global Neonatal Phototherapy Devices Market by End-User:
Global Neonatal Phototherapy Devices Market by Region:
The global Neonatal Phototherapy Devices market is expected to grow with a 4.9% CAGR during the Projection period.
The North America Neonatal Phototherapy Devices market was projected to gain a global market share of 35% in 2022.
The growth of this market is mainly driven by an increase in the prevalence of neonatal jaundice.
Philips Lighting Holding B.V, GE Healthcare, Natus Medical Incorporated, Hebert Waldmann GmbH & Co. KG, Nice Neotech Medical Systems Pvt. Ltd, Phoenix Medical Systems Pvt. Ltd, Atom Medical Corporation, National Biological Corp, Solarc Systems Inc, The Daavlin Company among others.
The End User segment includes Hospitals and Neonatal clinics.
Political Factors- Business organizations need political stability because it affects investor and customer trust, which has a significant impact on the economy. High levels of political unrest have detrimental effects on consumer spending, company investment, and economic expansion. Political instability is currently evident in the region where the neonatal phototherapy devices market has an active presence due to internal and external conflicts. The corporation may only be able to meet its growth goals if management is able to comprehend and manage the current political upheaval, and they may be reluctant to spend additional funds.
Economic Factors- High financial market efficiency facilitates capital accumulation and the production of goods and services by sharing a strong positive relationship with overall economic growth. So that it may quickly amass financial and human resources, neonatal phototherapy devices market must select nations with highly efficient financial markets. neonatal phototherapy devices market can remain competitive by monitoring the effectiveness of the financial markets. When deciding whether to expand internationally, neonatal phototherapy devices market should consider the economic growth rates of the various nations. More options to pursue long-term growth goals exist in nations with high economic growth rates. Consumer spending becomes more conservative in times of poor economic growth, which has a direct impact on neonatal phototherapy devices market revenue growth.
Social Factors- Respect for hierarchy and social class stratification are two significant social elements that may have an impact on neonatal phototherapy devices market business, marketing, and human resource management initiatives. When entering nations with high power distance, neonatal phototherapy devices market prefers a hierarchical organization and formal work culture. The requirement for effective market segmentation techniques is also indicated by increased social stratification, as neonatal phototherapy devices market cannot target several categories from various social classes using the same marketing mix.
Technological Factors- The research and development trend in the selected industry or region shows how proactive businesses are in introducing cutting-edge solutions for customer needs. neonatal phototherapy devices market must improve its comprehension of how new technical advancements can help the company in addition to offering customers value. In markets defined by disruptive technology, significant investment in research and development efforts would be necessary. However, it is crucial for neonatal phototherapy devices market to have a long-term perspective and not anticipate a quick payoff from its R&D efforts.
Environmental Factors- The development of renewable technology to lessen reliance on natural resources has become a strong trend in many industries. To capitalise on this environmental trend, neonatal phototherapy devices market should assess how well a nation's technology infrastructure supports the adoption of renewable technologies. Governments in certain parts of the world provide enticing incentives for the use of renewable energy sources. By utilising the opportunity, neonatal phototherapy devices market can invest in renewable energy sources to meet its goals for sustainable economic growth.
Legal Factors- A broad category of laws protecting employees' rights, including those to a fair salary, equality, equity, inclusion, fairness, and their physical and mental safety, is known as employment law. While some nations lack efficient enforcement of employment laws, others have harsh penalties for violating any of the specified rights of employees. neonatal phototherapy devices market shall guarantee the security of the working environment while entering or operating in certain nations. There must be appropriate systems in place to prevent both direct and indirect discrimination. neonatal phototherapy devices market may improve its employer brand reputation by adhering to employment rules effectively. This is crucial for luring and keeping top personnel in the market during the current talent war.
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