Phototherapy devices are used for treating neonatal jaundice and various skin conditions. These devices are extensively used in procedures such as reducing of bilirubin serum concentration or curing bilirubin toxicity. Phototherapy devices are also used in treating hyperbilirubinemia in both haemolytic and non-hemolytic conditions.
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These devises can effectively reduce the need for frequent blood transfusion. Phototherapy devices are facilitating greater patient convenience and hence witnessing widespread adoption in hospitals and clinics.
Increasing prevalence of skin ailments such as psoriasis and eczema across the globe and advancement of phototherapy technology is expected to influence the global phototherapy devices market over the next couple of years. As the number of patients with skin conditions continue to soar, urgency of developing advance treatment modules also grows in parallel. The introduction of cost-effective phototherapy devices based on LED technology that are more efficient than the conventional devices is bringing hope to patients. Over the years, phototherapy treatment has continuously evolved due to the arrival of new technological peripherals. Factors as such, have been instrumental in driving the adoption of phototherapy devices. Phototherapy devices are being increasingly used in treating neonatal jaundice, which is common among new born babies with high amount of bilirubinlevels. However, the introduction of alternative mode of treatments and potential risks of side-effects coupled with stringent regulations on product approval remain a major challenge for manufacturers of phototherapy devices. As per the latest report published by Fact.MR, the global phototherapy devices market will expand at 4.7% CAGR over the forecast period (2017-2022).
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North America to Lead the Global Phototherapy Devices Market
In terms of revenue, the phototherapy devices market in North America is expected to remain highly attractive throughout the forecast period. In addition, the region’s market is projected to expand at little under 4% CAGR over 2022. Meanwhile, the markets in Asia-Pacific excluding Japan (APEJ) and Europe are also projected to register a steady growth over the next five years.
On the basis of product type, adoption of the conventional phototherapy devices is significantly high. Global sales of conventional phototherapy devices currently accounts for close to 55% revenue share of the market and this trend is likely to continue in 2017 and beyond.
By end use, the hospitals segment currently accounts for more than 60% market share in terms of revenue. Towards the end of the forecast period, more than US$ 395 Mn worth phototherapy devices are estimated to be installed in hospitals across the globe.
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