What are the Global Growth Factors of Phototherapy Equipment Market?

 A number of factors, such as the rising incidence of neonatal jaundice across developed and developing markets, rising number of people suffering from skin diseases, inflow of technologically advanced products, and rising adoption of LED-based phototherapy equipment are driving the growth of Phototherapy Equipment Market.

What The Experts Says about the Market Growth?

The market is expected to reach $583.4 Million by 2021, at a CAGR of 4.5% from 2016 to 2021.

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Browse and in-depth TOC on "Phototherapy Equipment Market"

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Based on the type of equipment, the global phototherapy equipment market is divided into three segments, namely, conventional phototherapy equipment, LED phototherapy equipment, and fiberoptic phototherapy equipment. Based on the type of lamp installed in conventional phototherapy equipment, they are further segmented into equipment with fluorescent lamps and equipment with compact fluorescent lamps. Conventional phototherapy equipment with fluorescent lamps come in two different sizes, namely, full body phototherapy equipment and partial body phototherapy equipment.

On the basis of applications, the global phototherapy equipment market is segmented into skin disease treatment and neonatal jaundice treatment. The skin disease treatment segment is further divided into psoriasis treatment, vitiligo treatment, eczema treatment, and other disease treatment. On the basis of end user, the global phototherapy equipment industry is segmented into hospitals & clinics and home users.

Geographical Analysis:

North America held the largest share of the global phototherapy equipment market, followed by Europe. However, the Asia-Pacific market is expected to register the highest CAGR of 6.1% from 2016 to 2021. Factors such as strategic expansions by key market players in emerging Asian countries; growing adoption of low cost phototherapy equipment in India and China; and rising number of people suffering from skin diseases are responsible for the growth of the phototherapy equipment market in the Asia-Pacific region.

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Key Market Players:

GE Healthcare (U.K.), Philips Lighting Holding B.V. (Netherlands), Natus Medical Incorporated (U.S.), Phoenix Medical Systems Pvt. Ltd. (India), Herbert Waldmann GmbH & Co. KG (Germany), Atom Medical Corporation (Japan), nice Neotech Medical Systems Pvt. Ltd. (India), National Biological Corp. (U.S.), and Solarc Systems Inc. (Canada) are some of the key players operating in the global phototherapy equipment market.

GE is one of the key global manufacturers of phototherapy equipment products. It sells its phototherapy equipment under the fetal and neonatal care segment. In order to sustain its leadership and ensure its future growth, the company has focused on both organic (new product launches and expansion) and inorganic growth strategies (such as collaboration and agreements).

By pursuing collaboration and agreements, the company has increased its customer base and sales & distribution networks across major markets. For example, in 2013, GE Healthcare signed an agreement with HealthTrust (U.S.) and collaborated with Perkumpulan Obstetri dan Ginekologi Indonesia (POGI, Indonesia). Furthermore, the company also focuses on strengthening its market presence in high-growth regions such as in Asia and Africa to compensate for revenue losses incurred in developed markets (such as the U.S. and Europe)

Over the last decade, the phototherapy equipment industry has witnessed significant technological advancements and robust product developments. The global phototherapy equipment market is projected to grow at a CAGR of 4.5% during the forecast period. Geographically, this market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

As of 2016, North America and Europe are expected to dominate the phototherapy equipment market. The dominant position of North America in this market can be attributed to the presence of a large end-user base, significant availability of public-private funding for research activities, faster adoption of advanced technologies, and growing number of phototherapy-based researches in the U.S. However, the Asia-Pacific phototherapy equipment market is expected to witness higher growth during the forecast period, majorly due to the strategic expansion of key players in emerging Asian countries, growing prevalence of skin diseases & neonatal jaundice, ongoing expansion of healthcare infrastructure by emerging countries (especially India and China), increasing medical tourism, and evolving regulatory scenario.

Due to the significant growth opportunities offered by emerging countries (India, China, Malaysia, and Taiwan), a number of vendors operating in the market have been focusing on expanding their presence in the Asia-Pacific region. Market players are also continuously focusing on the launch and promotion of products in these regions to gain a competitive advantage.

Where will all these developments take the industry in the mid to long term?
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Phototherapy equipment are being used in hospitals and clinics; home-use equipment have also been launched in the market. Hospitals & clinics account for a major share in the end-user market, whereas the home-use segment is expected to witness higher growth. In recent years, many companies have developed phototherapy equipment offering features such as integrated timers and automated calibration, which ensure the safety of patients. The launch of such advanced phototherapy equipment is expected to result in more number of prescriptions from doctors for home phototherapy.

A number of players operating in the phototherapy equipment market are focusing on product launches and enhancements as their key growth strategy to expand their product portfolios and revenues. As of 2015, key players operating in the phototherapy equipment market include GE Healthcare (U.K.), Philips Lighting Holding B.V. (Netherlands), Natus Medical Incorporated (U.S.), Phoenix Medical Systems Pvt. Ltd. (India), Herbert Waldmann GmbH & Co. KG (Germany), Atom Medical Corporation (Japan), nice Neotech Medical Systems Pvt. Ltd. (India), National Biological Corp. (U.S.), and Solarc Systems Inc. (Canada), among others.

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