An Incisive, In-depth Analysis on the Neonatal Phototherapy Devices Market
This study offers a comprehensive, 360 degree analysis on the Neonatal Phototherapy Devices market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Neonatal Phototherapy Devices market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Need for neonatal phototherapy in developed and developed nations
The World Health Organization estimated in 2015 that 4/5th of preterm infants developed jaundice. Preterm birth rates can be as high as 7% in developed countries and are even higher in developing ones. Babies with neonatal jaundice are far more likely to develop hyperbilirubinemia that can lead to neurological damage or even premature death. The National Institute of Health journal estimated that healthcare cost linked to preterm American births in terms of lost efficiency and medical expenditure were more than US$ 26 billion in 2005 itself. APAC and Africa had the unfortunate distinction of accounting for more than 80% of all preterm births in 2005, making infants there vulnerable to neonatal jaundice. Therefore, neonatal phototherapy treatment is the need of the hour.
Technological advancements in monitoring and phototherapy devices
Rapid technological innovations are predicted to favour companies investing in user-friendly control panel phototherapy devices and blue spectrum radiation sources. Key stakeholders are working on LED radiation sources as they can optimally control radiation intensity and have consume a minimal amount of power. Companies in the neonatal phototherapy devices market are focusing on devices with a peak wavelength of 460 nm and which can be mounted on an incubator or a warmer to avoid infrared and ultraviolet radiation. The primary drivers of growth in the neonatal phototherapy devices market are the high frequency of neonatal jaundice, rising demand for effective neonatal jaundice treatment and management, and a greater awareness of the existence of such procedures.
Home-based phototherapy actively promoted to create huge opportunities
The largest end-user in the neonatal phototherapy devices market is undoubtedly hospitals and NICU’s. However, the high treatment cost and lack of adequate phototherapy units at the vast majority of neonatal phototherapy centres have assisted the growth of home-based phototherapy units. Home-based phototherapy units have several advantages such as reduced patient hassle, transportation cost, and hospital waiting time. Furthermore, home-based phototherapy reduces both direct and indirect healthcare costs and improves the mother-infant bonding. An article published in the U.S. National Library of Medicine stated that approx. US$ 18,000 was saved by a little over 60 infants in their homes as opposed to hospitals and there were no reported side-effects.
Product differentiation a challenge in the neonatal phototherapy devices market
The uptake of neonatal phototherapy devices is minimal in low and medium income countries. Most revenue in the neonatal phototherapy devices market is generated in developed economies, their low birth rates notwithstanding. The North America neonatal phototherapy devices market is poised to grow to more than US$ 36 million in 2027 with the U.S alone approaching US$ 35 million. The main reason for this is the lack of product development in the neonatal phototherapy devices market. There have been several cases where neonatal phototherapy devices have failed and been recalled by the FDA, hampering revenue growth during the forecast period. For e.g. - In December 2016, the NeoBlue Blanket LED Phototherapy System was recalled by the FDA because of device degradation following the melting of its fibre optic cable.
High prices stifle adoption in the neonatal phototherapy devices market
Neonatal phototherapy devices are extremely expensive making affordability a critical issue in emerging economies as hospitals there often have limited funds and cannot afford to maintain such equipment. A Stanford study said that many hospitals in Nigeria and India were unable to source an average of six phototherapy bulbs that cost roughly US$ 15 per bulb as they needed to be replaced every four months. The APAC neonatal phototherapy devices market is anticipated to be valued at more than US$ 4 million by end 2027. Thus, companies need to try to make their neonatal phototherapy devices cost-effective and governmental support will also go a long way in boosting the prospects of the neonatal phototherapy devices market in emerging economies.
Neonatal jaundice occurs in more than half of all term and preterm new-borns and if left untreated, it can lead to severe hyperbilirubinemia that can further develop into neurological damage or even death in worst-case scenarios. Therefore, the demand for phototherapy treatment devices is truly massive. Future Market Insights in its report titled ‘Neonatal Phototherapy Devices Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027’ has conducted a broad study of the neonatal phototherapy devices market.
The report commences with the executive summary that includes the overview and analysis, making it a perfect first glance at the neonatal phototherapy devices market. The executive summary includes important facts that readers pressed for time may find very useful indeed. Our team of diverse experts has analysed the neonatal phototherapy devices market for a period of ten years and given their valued opinions on it. These take the form of an approach to adopt in the neonatal phototherapy devices market, the specific segments to target, and geography to focus on with a differentiating strategy to achieve success in the neonatal phototherapy devices market. The executive summary is followed by the introduction section that should ideally be read in tandem with the former. The summary comprises the definition and the taxonomy of the neonatal phototherapy devices market and is critical for readers who wish to gain an understanding of the neonatal phototherapy devices market at the grassroots level.
Neonatal Phototherapy Devices Market Taxonomy
The market viewpoint chapter is an extremely critical one in the neonatal phototherapy devices market report that highlights the macroeconomic factors that drive the neonatal phototherapy devices market. This consists of the drivers, restraints, opportunities, and threats that key stakeholders can expect to encounter in the neonatal phototherapy devices market. An opportunity analysis concludes this section of the neonatal phototherapy devices market report.
The global neonatal phototherapy devices market has been examined on the basis of geographic regions broadly classified into developed and emerging economies. The report has given an adequate focus on both with a dedicated chapter for every region. The chapter focuses on the largest countries in the specific region by looking at regional trends so that key stakeholders that wish to target high-growth areas have all the necessary information at their disposal. The historical market size of the largest countries has been compared and contrasted with the forecasted growth to allow readers to make informed long-term business decisions. The impact analysis and the market attractiveness analysis in terms of the country followed by the market participants completes this chapter of the neonatal phototherapy devices market report.
Sizing up the competition is equally important for both incumbents as well as new entrants in the neonatal phototherapy devices market. The competition dashboard shines a spotlight on the most prominent companies actively involved in the neonatal phototherapy devices market. A brief company description, financial ratios, recent developments, and strategies adopted enables readers to conduct a thorough SWOT analysis and attack rivals in their area of comparative weakness in the neonatal phototherapy devices market.
The report on the neonatal phototherapy devices market has made certain assumptions and used acronyms for the purpose of convenience and these have been adequately explained in their own section of the neonatal phototherapy devices market report. Readers are advised to refer to this section before all others.
Neonatal Phototherapy Devices Market Reports - Table of Contents
15. Forecast Factors: Relevance and Impact
16. Forecast Assumptions
19. Competitive Landscape
20.1.16 Medical Technology Transfer and Services Asia (MTTS Asia)
22. Research Methodology