Infant Phototherapy Devices Market to Reach $132.1 Mn, Globally, by 2030 at 3.7% CAGR: Allied Market Research
Rise in prevalence of neonatal jaundice and effectiveness of phototherapy over other treatment methods drive the growth of the global infant phototherapy devices market.
PORTLAND, Ore., March 28, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Infant Phototherapy Device Market by Light Source (Fluorescent Lamps, Light-emitting Diodes (LEDs), Quartz Halogen Lamps, and Gas Discharge Tubes), Configuration (Mobile Device and Fixed Device), and End User (Hospitals and Neonatal Clinics): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global infant phototherapy devices industry generated $91.9 million in 2020, and is anticipated to generate $132.1 million by 2030, witnessing a CAGR of 3.7% from 2021 to 2030.
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Prime determinants of growth
Rise in prevalence of neonatal jaundice and effectiveness of phototherapy over other treatment methods drive the growth of the global infant phototherapy devices market. However, side effects of phototherapy treatment hinder the market growth. On the other hand, huge market potential in developing countries presents new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global infant phototherapy devices market.
- Decline in number birth rate and reduction in the number of visits of a baby suffering from jaundice decreased the demand for infant phototherapy devices, thereby hampered the market growth.
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The mobile device segment to maintain its leadership status throughout the forecast period
Based on configuration, the mobile device segment held the highest market share in 2020, accounting for more than three-fourths of the global infant phototherapy devices market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 3.9% from 2021 to 2030, owing to the fact that mobile device provides accurate estimates of Total Serum Bilirubin (TSB) values. The other segment included in the report is fixed device.
The hospital segment to maintain its lead position during the forecast period
Based on end user, the hospital segment accounted for the largest share in 2020, contributing to more than three-fifths of the global infant phototherapy devices market, and is projected to maintain its lead position during the forecast period. This is owing to increase in the number of jaundice treatments performed at hospitals. However, the neonatal clinics segment is expected to portray the largest CAGR of 4.1% from 2021 to 2030.
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North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global infant phototherapy devices market, due to significant infrastructure for developmental research, availability of substantial research funds. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 4.8% during the forecast period, owing to increase in the number of premature births along with increase in the prevalence of neonatal jaundice.
Leading Market Players
- Atom Medical Corporation
- AVI Healthcare Pvt. Ltd.
- Equalize Health, Inc.
- General Electric Company
- Ibis Medical Equipment & Systems Pvt. Ltd.
- Natus Medical Incorporated
- Ningbo David Medical Device Co., LTD.
- Novos Medical Devices San. Tic. Imp. & Ihr. Ltd. Sti.
- Weyer GmbH
- Zhengzhou Dison Instrument and Meter Co., Ltd.
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