Infant Phototherapy Device Market Expected to Reach $1,32,077.53 Thousands by 2030

According to a new report published by Allied Market Research, titled, “Infant Phototherapy Device Market by Product Type, Configuration, and end user: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the infant phototherapy device market was valued at $91,930.50 thousands in 2020, and is projected to reach $ 1,32,077.53  thousands by 2030, registering a CAGR of 3.7% from 2021 to 2030.

Increase in effectiveness of phototherapy over other treatment methods and rise in number of patients suffering from neonatal jaundice are expected to drive the market growth. In addition, technological advancements in the field of infant phototherapy drive the market growth. However, side effects of phototherapy treatment such as hypothermia, hyperthermia, and dehydration are expected to impede the market growth.

On the basis of product type, the global infant phototherapy device market is categorized as fluorescent lamps, light-emitting diodes (LEDs), quartz halogen lamps, and gas discharge tubes. Fluorescent lamps segment is expected to dominate the market, owing to increase in adoption of fluorescent lamps, low cost, and ease of the treatment.. Increase in awareness among patients toward the diagnosis and treatment options for neonatal jaundice is expected to increase the growth of the market. Moreover, several pharmaceutical companies focus on developing products for the infant phototherapy treatment which is expected to drive the growth of the market during the forecast period.

On the basis of configuration, the mobile device segment accounted for a major market share in 2020. Mobile device segment is expected to register a CAGR of 3.9% during the forecast period, owing to rise in prevalence of neonatal jaundice among preterm babies provide and accurate estimates of total serum bilirubin (TSB )values, demonstrating that an inexpensive technology could be used to effectively screen newborns for jaundice.

Depending on end user, the hospitals segment presently dominates the market, and is expected to remain dominant throughout the analysis period, owing to increase in number of jaundice treatment performed at hospitals. Increase in government initiatives to improve the healthcare infrastructure and expanding the middle-class population in developing nations such as India are resulting in increasing demand for quality healthcare services delivered by hospitals, thereby aiding segment growth.

North America accounted for more than 3.0% of the global market share in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to favorable healthcare policies coupled with high per capita healthcare spending have created a conducive environment for the adoption of neonatal infant care equipment in the U.S. In addition, the presence of leading players such as GE Healthcare, Becton, Dickinson and Company, and Natus Medical Inc. contributes to market growth in the region. Furthermore, increase in healthcare expenditure offers lucrative opportunity for the market growth.

This report provides comprehensive competitive analysis and profiles of prominent market players such as key players operating in 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.

Key Findings of the Study

• The fluorescent lamps segment is expected to grow with a CAGR of 2.8% from 2021 to 2030.
• Mobile device segment is expected to be the fastest growing configuration with a CAGR of 3.9%.
• The hospitals segment held a major share of 3.4% in the global market and is expected to retain it throughout the forecast period.
• Asia-Pacific is expected to be the fastest growing region, registering a CAGR of 4.8% during the forecast period.