Global LED Phototherapy Market: Overview
Phototherapy or light therapy is a medical procedure used to treat various skin and other diseases. Light-emitting diode (LED) phototherapy units are developed by incorporating light-emitting diodes bulbs that deliver higher irradiance at cheaper cost, extended life span, less heat production, and provide narrow spectrum wavelength. LED phototherapy is effectively used in the treatment of neonatal jaundice. LEDs are specifically used to emit a narrow wavelength of blue light (dominant wavelength 458 nm) that maximizes the rate of bilirubin breakdown. At this wavelength, light can transform bilirubin into two other compounds — lumirubin and photobilirubin — that can be removed from the body without the involvement of the liver. Lumirubin and photobilirubin chemicals are isomers of bilirubin. They are made of the same atoms with rearranged structures. The radiance level of LED is higher. This helps lower the treatment time. LED phototherapy is cost effective, as the change of bulbs takes place at nearly 20,000 hours compared to 2,000 hours taken by the conventional fluorescent lights. “According to a report published by the International Journal of Pediatric Research (IJOPR) in 2014, LED phototherapy units were more effective in reference to higher rate of fall of bilirubin levels in similar time duration compared to compact fluorescent lamp (CFL) phototherapy units.
Global LED Phototherapy Market: Drivers and Restraints
Rise in number of neonatal jaundice cases has boosted the demand for effective phototherapy treatment. In some cases, neonatal jaundice can lead to severe hyper bilirubinemia like acute bilirubin encephalopathy (ABE) and chronic bilirubin encephalopathy (CBE). The severity of hyperbilirubinemia can be reduced if treated promptly with effective phototherapy. According to the BMJ Publishing Group Limited, the U.K. and Ireland experienced an incidence of severe hyperbilirubinemia (maximum unconjugated serum bilirubin ≥510 micromol/L [29.8 mg/dL]) of 7.1 person per 100,000 people in 2016. Incidence of severe hyperbilirubinemia creates high demand for LED phototherapy equipment in the treatment of jaundice. Increase in demand for LED technology has encouraged key players to invest in the development of a new device with LED bulb to provide cost-effective products in the market. The U.S. based Natus Medical Incorporated received the FDA clearance for neoBLUE LED Phototherapy System in 2016. The neoBLUE system incorporates optimal blue LED technology for the treatment of newborn jaundice that is more effective in degradation of bilirubin. LED phototherapy is cost effective, consumes less power, and requires minimal maintenance cost. These factors are likely to propel the global LED phototherapy market during the forecast period.
Global LED Phototherapy Market: Key Segments
The global LED phototherapy market can be segmented based on product type, end-user, and region. In terms of product type, the global LED phototherapy market can be divided into overhead, under surface and double surface type LED phototherapy units. These products are designed to meet specific requirements of phototherapy. Based on end user, the global LED phototherapy market can be bifurcated into hospitals and clinics. Approval of LED phototherapy products by the U.S. FDA and CE has increased the availability and access of LED based units among end-users. This is anticipated to boost the hospital segment of the global LED phototherapy market.
In terms of region, the global LED phototherapy market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the market in 2016. The region is expected to continue its dominance during the forecast period. The North American Association for Photobiomodulation Therapy (NAALT) aims to promote phototherapy as a valid treatment through public awareness campaigns and organization of conferences for physicians. Asia Pacific is one of the highly lucrative regions of the LED phototherapy market due to rising awareness about the therapy.
Global LED Phototherapy Market: Key Players
Key players operating in the global LED phototherapy market include Natus Medical Incorporated, GE Healthcare, Drägerwerk AG & Co. KGaA, and Phoenix Medical Systems Pvt. Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.