PORTLAND, Oregon and PUNE, India, March 22, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Infant Phototherapy Devices Market, by Light Source, Configuration, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global infant phototherapy devices market was valued at $71,730 thousand in 2016, and is expected to reach $103,745 thousand by 2023, growing at a CAGR of 5.3% from 2017 to 2023.
Phototherapy is the use of light to treat neonatal jaundice. During this process, an infant's body is exposed to light for a certain period of time in controlled conditions. This light is absorbed by the neonates skin and breaks down complex bilirubin into water-soluble simple compound, which can be excreted out of the body through urine or stool.
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Rise in prevalence of jaundice in infants, effectiveness of phototherapy over other treatment methods, and technological advancements in the field of infant phototherapy drive the market growth. However, side effects of phototherapy treatment are expected to restrain the market growth. Moreover, huge market potential in the developing regions is expected to offer several opportunities for market growth during the forecast period.
Based on light source, LED garnered more than four-fifths of the market share in 2016, and is expected to maintain its dominant position during the analysis period, as it has proved to be the most effective light in the breakdown of bilirubin into simpler forms.
Based on configuration, the mobile device segment held the major share (more than four-fifths) in 2016, and is expected this trend throughout the forecast period.
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Key Findings of the Infant Phototherapy Devices Market:
- The LED segment is expected to grow with a CAGR of 5.5% from 2017 to 2023.
- Mobile device is expected to grow at the highest CAGR of 5.4%.
- The hospitals segment held a major share (two-thirds) in the global market in 2016, and is expected to retain it throughout the forecast period.
- Asia-Pacific is expected to register the highest growth, growing at a CAGR of 6.7% during the forecast period.
North America accounted for one-third share of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to high adoption rate of technologically advanced devices, and presence of highly sophisticated healthcare infrastructure in the region.
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SOURCE Allied Market Research