The global phototherapy equipment market is forecast to exhibit a CAGR of 4.4% between 2016 and 2024. At this pace, the market’s valuation will reach US$603.2 mn by the end of 2024, from US$415.0 mn in 2015. The growing number of cases of neonatal jaundice worldwide is escalating the demand for effective phototherapy treatments. In some cases, it can lead to severe hyperbilirubinemia, acute bilirubin encephalopathy, and chronic bilirubin encephalopathy. “It is possible to prevent hyperbilirubinemia through early diagnosis and effective phototherapy, which has an important part to play in the growth of the global phototherapy equipment market,” says a TMR analyst. Apart from this, the rising incidence of skin diseases such as eczema and psoriasis is stoking the growth the global market.

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With the introduction of new and innovative technologies, the global phototherapy equipment market is anticipated to tread along a healthy growth track. The new designs available are cheaper and more advanced, which has stirred up the demand for phototherapy equipment in developing countries. Considering this, their increased use has been witnessed in alternative treatments as well. To put this in perspective, phototherapy, along with photosensitizing chemical substances, finds application in photodynamic therapy to treat cancer. Moreover, the spiraling demand for minimally invasive procedures is providing a fillip to the market.

Furthermore, rapid advancements and developments in the medical science sector have paved way for various alternative modes of treatment. The growing demand for alternative treatment such as systematic and topical therapies is, therefore, keeping the market from realizing its utmost potential. Nevertheless, the increasing initiatives by key players to promote phototherapy outreach and the presence of favorable reimbursement policies in emerging countries are offering immense growth opportunities to the global phototherapy equipment market.

Regionally, the global phototherapy equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2015, North America emerged as the leading regional segment holding nearly 40% of the global phototherapy equipment market. The dominance of the region is attributed by several factors such as the rising prevalence of neonatal jaundice and skin diseases. Besides this, overall the region boasts high level of awareness and sophisticated healthcare infrastructure. These, coupled with various initiatives by governments to ensure better health in new born, have tipped the scales in favor of the phototherapy equipment market in North America.

Besides this, the market players are also expected to witness lucrative opportunities in Asia Pacific. The rising preterm birth in developing nations and investment in upgrading distribution channels provide attractive opportunities for the phototherapy equipment market in the region.

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On account of its diverse product portfolio and extensive global presence, GE Healthcare emerged dominant the global phototherapy equipment market in 2015. The other major players in the phototherapy equipment market are – Atom Medical Corporation, Herbert Waldmann GmbH & Co. KG, Drägerwerk AG & Co. KGaA, National Biological Corp., Solarc Systems Inc., The Daavlin Company, and Phoenix Medical Systems Pvt. Ltd, nice Neotech Medical Systems Pvt. Ltd., Natus Medical Incorporated and others.

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