Phototherapy Equipment Market by Type (Long lamp, CFL, LED, Fiber optic), Application (Skin diseases (psoriasis, vitiligo, eczema), Neonatal Jaundice), End-user, Geography (North America (USA, Canada), Europe, Asia-Pacific) – Global Forecast to 2021
MarketsandMarkets: The phototherapy equipment market is projected to reach USD 583.4 million by 2021 from USD 468.2 million in 2016, at a CAGR of 4.5%.
Growth in the phototherapy equipment market is mainly driven by rising incidences of neonatal jaundice in both developed and developing markets, rising number of people suffering from skin diseases, inflow of technologically advanced products, and rising adoption of LED-based phototherapy equipment.
An analysis of the market developments (those undertaken during 2013-2016) reveals that product launches and enhancements was the most widely adopted growth strategy among the majority of market players. Leading players adopted this strategy to strengthen their product portfolios and maintain a competitive position in the market. During 2013-2016, Philips Lighting Holding B.V. (Netherlands), Phoenix Medical Systems Pvt. Ltd. (India), and Herbert Waldmann GmbH & Co. KG (Germany) were among the leading players that primarily adopted this growth strategy to strengthen their market position. Other strategies adopted by many prominent players include fund raising from private/government sources to enhance their research & development capabilities; initiatives to increase awareness about phototherapy treatment among patients; and geographic expansions.
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Philips Healthcare is one of the key players operating in the global phototherapy equipment market. The company has a wide range of phototherapy equipment and a market presence in more than 100 countries, including mature as well as emerging markets. With its technologically advanced product portfolio and wide geographic presence in key markets for phototherapy equipment, the company is expected to witness rapid market growth during the forecast period. As part of its growth strategy, the company launched two new phototherapy products during 2013-2016, namely, its first-generation of wearable phototherapy devices in September 2014 and the second-generation devices in October 2015.
Phoenix Medical Systems, a manufacturer and supplier of cost-effective and innovative solutions for the care of neonates, launched ‘Brilliance Pro’ (an innovative medical device) in its Jaundice Management product category in January 2015. Brilliance Pro has an integrated light meter, expanded functionality, and a sleek look to work better in NICUs. Moreover, it is cost effective in the long run as it uses LED panels instead of fluorescent lamps. Such product launches are expected to drive the growth of the phototherapy equipment market in the coming years.
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