Acumen Research and Consulting, Recently Published Report On “Phototherapy Equipment Market Pipeline Review, Size, Share, Growth and Forecast 2019-2026”.
LOS ANGELES, June 26, 2019 (GLOBE NEWSWIRE) -- The global phototherapy equipment market is estimated to grow at CAGR above 5.9 % over the forecast time frame 2019 to 2026 and reach the market value around USD 800 million by 2026.
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The increasing incidence of skin illnesses worldwide has resulted to increasing demand for equipment for phototherapy. Nearly 150,000 fresh instances of psoriasis grow in the United States annually, according to the healthline information. In the near future, therefore, growing psoriasis will increase demand for these appliances. Eczema has also led to business development as one of the most serious skin conditions. Jaundice is another condition which needs phototherapy to lower elevated concentrations of bilirubin.
Around 60 to 80 percent of healthy newborns will probably develop neonatal jaundice, says the national Center for Information Biotechnology (NCBI). In addition, the market will grow steadily as a result of steady technological advances. Highly adopted LED-based devices have further accelerated market expansion. The LED lights have a long-lasting impact, are cheaper than standard ones. These lights have also been shown to be extremely efficient in neonatal jaundice treatment. Therefore, technological improvements have affected market growth.
Moreover, factors that will be expected to lead the market in the near future include the fast increase of Neonatal jaundice and other skin diseases due to unhealthy worldwide circumstances, technological improvements and enhanced preference for use of LEDs based phototherapy. The neonatal jaundice products are anticipated to grow comparatively greater, due to the reality that about 50% of preterm infants and about 80% of preterm children develop yellowing within 2-4 days of birth and the demand for effective therapy is high.
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Awareness of sophisticated therapy alternatives and better healthcare and facilities among patients is expected to contribute to market development. Patients with skin conditions also have anticipated the implementation of phototherapy devices for home use to increase demand.
In turn, strict rules linked to device approvals by the government as well as intensive competition with alternative therapy alternatives for skin ailments, such as 21CFR Part 807 of the FDA, or the Central Drug Standards Control Organization, CDSCO of India are expected to behave as restricting factors for the market for phototherapy equipment.
The second largest share of the market in conventional phototherapy equipment was the broad use of such equipment in the therapy of skin diseases. Due to its cost-effectiveness and durable impact, LED machinery is anticipated to experience the greatest CAGR over the projected era.
Due to increasing incidence of psoriasis and eczema, the segments of skin cancer applications represented the biggest share of income in 2018.
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The peak development at CAGR is projected to be around 6.5 percent during the prediction era owing to the growing occurrence of the condition in neonatal jaundice management.
Due to rapid use of sophisticated technology in the field of phototherapy in this area, North America resulted the phototherapy market in 2018.
Key Players & Strategies
Natus Medical, Inc.; Philips Lighting Holding B.V., Herbert Waldmann GmbH & Co., are some of the leading businesses available on the market. Other includes KG; Nice Neotech Medical Systems Pvt. Ltd.; NBC; Solarc Systems, Inc. and Atom Medical Corp.
Companies have adopted multiple policies to enhance their worldwide presence, such as mergers and acquisitions. In March 2017 for example, Monica Healthcare, a UK-based firm, was purchased by GE Healthcare to expand its maternal childcare enterprise. The purchase merged Monica Healthcare's expertise and digital innovation with the maternal and infant care company of GE Healthcares.
Due to its broad and varied product range combined with its international presence, GE Healthcare became a worldwide market leader in phototherapy equipment in 2015.
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