ALBANY, New York, April 26, 2017 /PRNewswire/ --
Competitive rivalry in the global phototherapy equipment market is quite high. Since the market comprises a few prominent companies, the price war is expected to continue between these equipment manufacturers. As per a new study by Transparency Market Research (TMR), the top seven players held nearly 80% of the global phototherapy equipment market in 2016. These companies were GE Healthcare, Drägerwerk AG & Co. KGaA, Natus Medical Incorporated, Herbert Waldmann GmBH & Co. KG, Atom Medical Corporation, Phoenix Medical Systems Pvt. Ltd, and The Daavlin Company.
These market players usually enter into strategic collaborations with end users and provide them support in forms of insurance reimbursement, equipment refurbished services, and post-sale services, to strengthen their foothold. These strategies would further intensify the competition prevailing in the market, in the wake of which the leading players are focusing on pricing strategies and product upgrade with novel technologies to emerge at the fore.
Overall, the global Phototherapy Equipment Market is forecast to exhibit a CAGR of 4.4% between 2016 and 2024. At this pace, the market's valuation is expected to reach US$603.2 mn by the end of 2024, from US$415.0 mn in 2015.
Hospitals to Constitute Leading Segment Based on End User
By end user, hospitals emerged as the leading segment holding a share of 47.4% in the global market in 2015. With robust growth on cards, the segment is forecast to remain dominant through the forecast period.
Regionally, North America emerged dominant in 2015 with an estimated share of 39.9% in the global market. While the region's dominance is expected to remain constant, it is Asia Pacific that is prophesized to exhibit the strongest growth in the forthcoming years.
Rising Incidence of Neonatal Jaundice Fuels Demand for Effective Phototherapy
The rising incidence of neonatal jaundice has created a huge demand for effective phototherapy treatments. In some cases it can lead to severe hyperbilirubinemia chronic bilirubin encephalopathy and acute bilirubin encephalopathy. However, it is possible to prevent hyperbilirubinemia through prompt treatment and effective phototherapy, which has an inevitable positive impact on the phototherapy equipment market. Besides this, phototherapy has proven helpful in the treatment of other skin diseases such as psoriasis, eczema, and others. The rising incidence of these diseases has fuelled the demand for effective treatment. As these diseases can have negative impact on life, the demand for safe and effective phototherapy has risen to counter their spread.
With the advent of novel technologies, the global phototherapy equipment market is forecast to scale higher in the coming years. New designs are recently introduced in the equipment, which has spurred the demand for phototherapy in developing nations as these innovations have made the phototherapy equipment cheaper and more advanced. Considering this, the spiraling use of phototherapy equipment is witnessed in alternative treatments as well. For instance, photodynamic therapy uses phototherapy with photosensitizing chemical substances to treat cancer. Also the increasing demand for minimally invasive procedures will pave way for the market's growth in the near future.
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High Price of Phototherapy Systems Limits Market's Scope for Expansion
On the flip side, phototherapy systems are yet to be available at their reduced price, which has somewhat restricted their penetration especially in developing and underdeveloped regions. Also with requirements for the approval from regulatory authorities escalating, it is likely to be more difficult for the new players to foray into the phototherapy equipment market, thus limiting its scope for expansion. Also recent developments in medical science have resulted in the advent of various alternative modes of treatment. The global phototherapy equipment market is facing challenges from the rising use of alternative treatment such as topical and systematic therapies.
Nevertheless, with the rising demand for cost-effective and advanced phototherapy units to counter the high prevalence of skin diseases, the market is expected to tread along a positive curve in the new future. With the latest technological advancements, manufacturers are now offering portable and wearable devices, which are easy to handle and lightweight. This, coupled with favorable reimbursement scenario in developing nations and initiatives by key players to promote phototherapy outreach programs, will give significant impetus to the market in the coming years.
This review is based on a TMR report, titled "Phototherapy Equipment Market (Product - CFL Phototherapy and LED Phototherapy; Modality - Full Body Phototherapy and Partial Body Phototherapy; Disease Indication - Neonatal Jaundice and Skin Diseases; End User - Hospitals, Clinics, and Home Care Settings) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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The report segments the global phototherapy market as:
Global Phototherapy Equipment Market, by Product
- CFL (Compact Fluorescent Lamps) phototherapy
- LED (light emitted diode) phototherapy
Global Phototherapy Equipment Market, by Modality
- Full body phototherapy
- Partial body phototherapy
Global Phototherapy Equipment Market, by Disease Indication
- Neonatal Jaundice
- Skin Diseases
- Other skin diseases
Global Phototherapy Equipment Market, by End-user
- Home Care Settings
Global Phototherapy Equipment Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa
Browse Related Research Report:
Prenatal, Fetal and Neonatal Equipment Market (Prenatal & Fetal Equipment: Ultrasound & Ultrasonography, Fetal Dopplers, Fetal MRI and Fetal Monitors; Neonatal Equipment: Infant Warmers & Incubators, Phototherapy Equipment, Neonatal Monitoring & Respiratory Assistance & Monitoring Devices; and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Skin Diseases Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Digital Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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