Neonatal Phototherapy Equipment Market Size, Share, Industry Trends and Forecast to 2030

Neonatal Phototherapy Equipment Market Size & CAGR in 2021

The global neonatal phototherapy equipment market is anticipated to grow at a CAGR of 4.27% from 2021 to 2030. The market size is expected to reach USD 325.6 million by 2028. Neonatal phototherapy equipment is essential for treating newborn babies who suffer from jaundice, a condition that causes yellowing of the skin and eyes due to high levels of bilirubin in the blood. The demand for neonatal phototherapy equipment is driven by the increasing incidence of jaundice in newborns worldwide.

COVID-19 Impact on the Neonatal Phototherapy Equipment Market

The COVID-19 pandemic has had a mixed impact on the neonatal phototherapy equipment market. On one hand, the pandemic has led to disruptions in the supply chain, affecting the manufacturing and distribution of neonatal phototherapy equipment. On the other hand, the increased focus on healthcare infrastructure and the rising number of neonatal intensive care units (NICUs) to treat COVID-19 patients have contributed to the growth of the neonatal phototherapy equipment market.

Neonatal Phototherapy Equipment Dynamics

The neonatal phototherapy equipment market is driven by factors such as the increasing prevalence of jaundice in newborns, advancements in technology for more effective phototherapy treatment, and the growing number of NICUs in hospitals. However, challenges such as high costs associated with neonatal phototherapy equipment and the lack of awareness about the benefits of phototherapy treatment among healthcare professionals may hinder market growth.

Segments and Related Analysis

The neonatal phototherapy equipment market can be segmented based on type, end-user, and region. By type, the market is divided into conventional phototherapy equipment and LED phototherapy equipment. Hospitals, clinics, and ambulatory surgical centers are the main end-users of neonatal phototherapy equipment. Regionally, North America holds the largest market share, followed by Europe and Asia Pacific.

By Region Analysis

North America dominates the global neonatal phototherapy equipment market due to the presence of well-established healthcare infrastructure and a high prevalence of jaundice in newborns. Europe and Asia Pacific are also significant markets for neonatal phototherapy equipment, driven by the increasing number of NICUs and advancements in technology.

Key Market Players and Competitive Landscape

Key players in the neonatal phototherapy equipment market include GE Healthcare, Natus Medical, Phoenix Medical Systems, Atom Medical Corporation, and Dragerwerk AG. These companies focus on product innovation, strategic partnerships, and acquisitions to strengthen their position in the market.

Recent Happenings in the Neonatal Phototherapy Equipment Market

In 2021, GE Healthcare launched the Corometrics 259cx Series, a new range of neonatal monitoring solutions that include phototherapy equipment for jaundice treatment. Natus Medical acquired Clarity Medical Systems, a leading provider of ophthalmic imaging solutions, to expand its portfolio of neonatal phototherapy equipment. These developments highlight the dynamic nature of the neonatal phototherapy equipment market.