The new report published by QY Research, titled “Global Neonatal Phototherapy Devices Market Report, History and Forecast 2014-2025”, provides forecast period of 2019-2025. This report provides valuable insight of the market. It includes an in-depth analysis of the key market insights, segment analysis, and competitive landscape to create value for the business.
The global neonatal phototherapy devices market is likely to reach US$260 mn by the end of 2025 from US$200 mn in the year 2018. The market is expected to register CAGR of 3.9% throughout the forecast period.
Global Neonatal Phototherapy Devices Market: Drivers and Restraints
Increasing occurrences of neonatal jaundice in the newborn babies are one of the primary factors that is boosting the demand for neonatal phototherapy devices. Rising advancements and technological innovations in the field of neonatal phototherapy are expected to drive the market growth in the near future. Growing government initiatives to improve healthcare for newborn babies is likely to fuel the demand as well. One of the latest trends such as the companies are focusing on the devices that can be mounted on an incubator to avoid ultraviolet and infrared radiation, which, in turn, is projected to provide lucrative growth opportunities for the market in the coming years.
However, the high cost of treatment and the lack of availability of the neonatal phototherapy devices will hamper the growth of the market over the forecast years.
Global Neonatal Phototherapy Devices Market: Forecast by Segments
The global neonatal phototherapy devices market is segmented into applications and the product type. The application segment is segmented into birthing centers, hospitals and clinics, and others. Based on the product type, the market is segmented into phototherapy blanket and phototherapy lamp.
Global Neonatal Phototherapy Devices Market: Regional Analysis
North America is expected to hold the largest share in the global market due to the steady adoption of innovative technologies and the presence of a large number of key players in the healthcare field. Europe is also likely to grab a remarkable market share due to the various initiatives that are taken up by the governments for the awareness of neonatal diseases. In addition, Asia Pacific is also anticipated to provide growth opportunities in emerging economies such as China and India due to the growing birth rates and rising healthcare expenditure in the region.
Global Neonatal Phototherapy Devices Market: Key Players
Novos Medical, GE Healthcare, D-Rev, Atom Medical, Weyer, Drager, Ningbo David Medical, Philips, and Natus are the top manufacturers that are operating in the market.
Global Neonatal Phototherapy Devices Market: Competitive Landscape
Companies are adopting the strategy for the research and development activities for the implementation of the cutting edge technologies to achieve competitive advantage. Certainly, new product innovation continues to play a significant role in the competitive business environment. For instance, one of the top players, GE Healthcare will join hands with Saudi University for the extensive research and development in the healthcare sector.