4 Predictions on How Phototherapy Devices Market will Expand Through 2022
Increasing occurrence of skin disorders such as eczema and psoriasis across the globe coupled with technological advancement in phototherapy is projected to impact the overall sales of phototherapy devices in the near future. With the rise in number of patients having severe skin conditions, there has been a greater urgency of more advanced treatment modules. The arrival of cost-efficient and superior phototherapy equipment that run on LED technology is encouraging patients to opt for phototherapy treatment. In recent years, phototherapy treatment has undergone immense transformation owing to the development of new technological peripherals.
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The aforementioned factors are anticipated to further propel the adoption of phototherapy devices. Moreover, phototherapy devices are quite efficient when it comes to treating neonatal jaundice, a condition common among new born babies who have high bilirubin levels. On the flip side, high risk of adverse side-effects and increasing availability of alternative mode of treatments along with strict regulatory norms on new product approvals are some of the major growth deterrent of the global phototherapy devices market, which is set to expand at over 4.7% CAGR over the forecast period (2017-2022)
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- Among regions, the market in North America is expected to stay highly lucrative over the next five years. The region’s market is expected to increase at a steady CAGR over 2022. During the same time, the markets in Europe and Asia-Pacific excluding Japan (APEJ) are also expected to witness a considerable growth.
- Based on product type, conventional phototherapy will continue to witness robust adoption in 2017 and beyond. In terms of revenue, the conventional phototherapy devices segments currently holds around 55% share of the market and is expected to remain dominant during the forecast period.
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- On the basis of end-use, adoption of phototherapy devices is projected to remain relatively high in hospitals. Currently, this segment command for over 60% revenue share of the market. By the 2022-end, over US$ 395 Mn worth phototherapy devices are likely to be sold globally only for hospital use.
- By light type, the white light segment is expected to reach valuation of around US$ 281 Mn by 2022-end. This segments is projected to represent a CAGR of 4.7% during the assessment period. Currently, this segment accounts for around largest revenue share of the market.
Medela AG, Natus Medical Incorporated, ALFAMEDIC S.R.O., Nice Neotech Medical Systems Pvt. Ltd., Herbert Waldmann GmbH & Co. KG, The Daavlin Company, Heal Force Bio-Meditech Holdings Limited, Drägerwerk AG & Co. KGaA, General Electric Company, Hill-Rom, Medisana AG, Natus Medical Incorporated, Solarc Systems Inc., National Biological Corp., NINGBO DAVID MEDICAL DEVICE CO., LTD., Schulze & Böhm GmbH, Guangzhou Beautylife Electronic Technology co.,Ltd., Philips Lighting Holding B.V., DIXION and Phoenix Medical Systems Pvt. Ltd. are among the key companies partaking in the growth of global phototherapy devices market through 2022.
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