The neonatal phototherapy devices market size is estimated to cross US$ 142.13 Million by 2032, with a CAGR of 3.7%
According to the World Health Organisation, 4/5 of premature neonates developed jaundice in 2015. Preterm birth rates can reach 7% in wealthy countries and are significantly higher in impoverished countries. Neonatal jaundice increases the risk of hyperbilirubinemia, which can cause neurological damage or even death.
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In 2005, the National Institute of Health journal projected that the healthcare costs associated with premature American births in terms of lost efficiency and medical expenditure totaled more than US$ 26 billion. In 2005, APAC and Africa had the sad distinction of accounting for more than 80% of all preterm births, leaving infants vulnerable to neonatal jaundice. As a result, newborn phototherapy treatment is urgently required.
Technological advancements in monitoring and phototherapy devices
Companies that invest in phototherapy systems with user-friendly control panels and blue spectrum radiation sources are projected to gain from rapid technological improvements. LED radiation sources are being developed by key stakeholders because they can adjust radiation intensity while consuming the least amount of electricity.
Companies in the newborn phototherapy devices market are focused on devices with a peak wavelength of 460 nm that can be put on an incubator or a warmer to prevent infrared and ultraviolet radiation.
The key drivers of growth in the neonatal phototherapy devices market are the high prevalence of newborn jaundice, rising demand for effective neonatal jaundice treatment and management, and increased awareness of the existence of such methods.
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Home-based phototherapy actively promoted to create huge opportunities
The neonatal phototherapy devices industry is unquestionably dominated by hospitals and NICUs. On the other hand, the high treatment costs and lack of suitable phototherapy units at the vast majority of neonatal phototherapy institutes have encouraged the expansion of home-based phototherapy units. Home-based phototherapy equipment provide various advantages, such as reduced patient inconvenience, transportation costs, and hospital wait time. Home-based phototherapy also reduces both direct and indirect healthcare expenditures while enhancing mother-infant bonding. According to a study published in the US National Library of Medicine, a little more than 60 newborns saved around US$ 18,000 by being treated at home rather than in hospitals, with no known negative effects.
Product differentiation a challenge in the neonatal phototherapy devices market
The usage of neonatal phototherapy equipment is negligible in poor and middle-income nations. Despite low birth rates, developed economies account for the vast bulk of revenue in the newborn phototherapy devices industry. The North American market for neonatal phototherapy equipment is predicted to exceed US$ 36 million by 2027, with the US alone approaching US$ 35 million. The main reason for this is a lack of product development in the neonatal phototherapy equipment market. Several failures and recalls of newborn phototherapy equipment by the FDA have impeded revenue growth throughout the predicted period. For example, the FDA recalled the NeoBlue Blanket LED Phototherapy System in December 2016 due to device degradation caused by the melting of its fibre optic connection.
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High prices stifle adoption in the neonatal phototherapy devices market
Because newborn phototherapy systems are extremely expensive, affordability is a key issue in developing countries, where hospitals typically lack funding and cannot afford to keep such equipment in working order. A Stanford study found that many hospitals in Nigeria and India were unable to procure an average of six phototherapy bulbs, which cost about $15 apiece and needed to be replaced every four months. By the end of 2027, the APAC neonatal phototherapy devices market is estimated to be worth more than US$ 4 million. As a result, producers must aim to reduce the cost of their newborn phototherapy devices, and government aid will also help to increase the prospects of the neonatal phototherapy devices market in emerging economies.
Key Segment
Product Type:
- Traditional Phototherapy Lamps
- Hospitals
- Home care Settings
- Phototherapy Beds
- Hospitals
- Home care Settings
- Flexible Phototherapy Lamps
- Hospitals
- Home care Settings
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