June 26, 2020
According to a recent study titled ‘Global Neonatal Phototherapy Devices Market Size study with COVID-19 Impact, by Type (Flexible Phototherapy Lamps, Traditional Phototherapy Lamps and Phototherapy Beds), by Application (Hospitals and Home Care Settings) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global neonatal phototherapy devices market is expected to witness remunerative growth through 2026.
Increasing government initiatives towards development of an improved healthcare infrastructure, coupled with growing adoption of advanced phototherapy devices are projected to drive the global neonatal phototherapy market over the forecast period. As per the Indian Brand Equity Foundation, the government is planning to raise public health expenditure to 2.5% of the nation’s GDP by the year 2025. Moreover, government spending in health sector surged to 1.4% in 2018, as compared to 1.2% in 2014.
For the uninitiated, neonatal phototherapy devices are medical equipment used for treating neonatal jaundice which mainly occurs in newborn infants. If left untreated, may cause severe hyperbilirubinemia which is a predisposition to neurological damage or death. Hence, increasing birth rate across the globe is likely to increase the usage of these devices.
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On the contrary, dearth of skilled professionals and unavailability of these devices in rural areas will hinder the industry growth over the analysis period.
Additionally, COVID-19 pandemic has posed a major challenge for neonatal phototherapy devices industry as manufacturing facilities and distribution channels are inactive across the globe, cites the report.
Based on the type terrain, the market is classified into phototherapy beds, traditional phototherapy lamps, and flexible phototherapy lamps. While speaking of application spectrum, the industry is segmented into home care settings and hospitals.
From a regional perspective, global neonatal phototherapy devices market is divided into North America, Europe, Asia Pacific, Latin America and Rest of the World. North America is reckoned to hold a significant market share by the year 2026. However, Asia Pacific market is expected to exhibit strong CAGR through 2026.
Key players operating in global neonatal phototherapy devices market are Atom Medical Corporation, Natus Medical Incorporated, BabyBloom Healthcare BV, General Electric Company, Weyer GmbH, Dragerwerk AG & Co. KGaA, Phoenix Medical Systems Pvt. Ltd., Novos Medical Systems, Medela AG, and Koninklijke Philips N.V.