Neonatal Phototherapy Devices Market to Face a Significant Slowdown in 2020, as COVID-19 Sets a Negative Tone for Investors
VALLEY COTTAGE, N.Y. – Neonatal jaundice is a major concern amongst new-borns and is a common cause of morbidity in the crucial first few months of life. Approx. 80% of preterm new-borns can suffer from neonatal jaundice making its effective treatment a critical health issue. Future Market Insights has conducted an exhaustive study on the neonatal phototherapy devices market in its upcoming report titled ‘Neonatal Phototherapy Devices Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027’. The neonatal phototherapy devices market is anticipated to witness a CAGR of 5.3% for the period 2017-2027 and grow to more than US$ 140 million by then.
Product Type – Traditional Phototherapy Commonly Preferred by Hospitals
Traditional phototherapy devices are the most commonly used product type in the neonatal phototherapy devices market on account of their relative affordability – especially relevant in emerging economies. Traditional phototherapy devices have an improved lifespan and can easily be attached to an incubator. The National Institute of Health found that almost 15 million babies are born premature around the world with significantly increasing figures over the past few decades. This is the surest sign that the need for foetal, neonatal, and prenatal care equipment will skyrocket in the future, benefiting the neonatal phototherapy devices market.
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The development of advanced technologies in North America and Western Europe should propel the neonatal phototherapy devices market with a strong demand for products such as LED phototherapy units. Traditional phototherapy devices are primarily used by hospitals as they are easy to install, simple to use, and durable. Furthermore, the height of the phototherapy lamp can be easily adjusted. A number of non-profit organisations and large players in the neonatal phototherapy devices market are collaborating on the development of cost-effective phototherapy units that can treat neonatal jaundice at the minimal cost in emerging economies.
Product Type – Phototherapy Beds Better Suited to Home Care Settings
The phototherapy bed market is predicted to record a CAGR of 5.6% over the forecast period. Phototherapy beds are lightweight and portable and help maintain the vital bond between mothers and their babies. Phototherapy beds are efficient, low-cost, simple to use, and perfect in either home care or nursery ward settings.
Product Type – Flexible Phototherapy Devices Offer the Best of Both Worlds
Flexible phototherapy devices, as their name suggests, mould their shape according to that of the baby and are available in a range of sizes in the neonatal phototherapy devices market. Flexible phototherapy devices offer an extremely soothing healing environment for a new-born baby without hampering the benefits of Kangaroo Care (Mother – child bonding). The flexible phototherapy lamps market is projected to cross a value of US$ 11 million in 2017 alone.
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Region – APAC to Grab Maximum Attention in the Neonatal Phototherapy Devices Market
Emerging markets i.e. APAC, Latin America, and the MEA region account for the lion’s share of the global population and have half the neonatal phototherapy devices market to themselves. The APAC region spearheaded by China and India is making significant effort in trying to leverage the existing opportunities in the neonatal phototherapy devices market. Key stakeholders in the neonatal phototherapy devices market are focusing their energy on these regions because of the high birth rate and rising prevalence of diseases that thereby drives the APAC neonatal phototherapy devices market.
Competition Dashboard in the Neonatal Phototherapy Devices Market
The companies profiled by Future Market Insights in the neonatal phototherapy devices market report include Natus Medical Incorporated, General Electric Company, Ibis Medical Equipment and Systems, Atom Medical Corporation, Medela AG, D-Rev, Phoenix Medical Systems, Zhengzhou Dison Instrument And Meter, Fanem, Drägerwerk AG & Co., Novos Medical Systems, Weyer GmbH, BabyBloom Healthcare BV, Medical Technology Transfer and Services Asia, Koninklijke Philips N.V., and Medical Technology Transfer and Services Asia.
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Important Insights on the Neonatal Phototherapy Devices Market
Governments in several countries have begun programs that provide more facilities for new-born and childcare along with promotions through conferences and exhibitions. For e.g. – In African nations, communities have initiated programmes that have new-born health and safety as their primary objective.
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