Global Neonatal Phototherapy Market: Snapshot
Neonatal jaundice is a common phenomenon—with as many as typically 84% preterm babies and half of term babies being affected by hyperbilirubinemia. Thus, hospital phototherapy has been popularly used for the treatment for unconjugated hyperbilirubinaemia in both types of patients, thereby driving neonatal phototherapy market. In developed countries of the U.S. and the U.K. there has been trend toward a universal screening; although unarguably it is controversial especially in small preterm babies. Nonetheless, given the risk factors of severe hyperbilirubinemia, the rate of use of phototherapy has increased substantially over the past few years.
Key practice recommendations in numerous countries have espoused the use of phototherapy in reducing the incidence of acute jaundice. Traditional phototherapy technologies comprise fluorescent bulbs, halogen lamps or LED, and fiberoptic devices. Of these, LED radiation sources are found to be especially effective. Key product types in the neonatal phototherapy market include traditional phototherapy lamps, phototherapy beds, and flexible phototherapy lamps. However, still exchange transfusion rather than phototherapy is still a gold standard for the treatment of neonatal jaundice. Safest and the most effective methods depend on finding the correct intersection point of wavelength of the light used, the intensity of the light source, and the total dose of light received.
Get an Idea about the Offerings of Our Neonatal Phototherapy Market Report from this Brochure
Global Neonatal Phototherapy Market: Notable Developments
The death caused to newborn babies due to neonatal jaundice in India has concerned healthcare providers in emerging markets. A case in point is India where anaesthesiologists have shown marked concerns of the low affordability of neonatal phototherapy in rural areas. The risk is high given the fact that the country ranks 12th among 52 lower middle-income nations. A startup Lifetron Innov Equipments has in 2018 developed low-cost, portable phototherapy unit costs. This is a crucial step for improving the access of treatments across the nations, especially Tier II and III cities.
Product differentiation in the neonatal phototherapy market may be difficult to come by. A trend underlying this is the lack of recommendations for universal screening of neonatal jaundice.
Several players are focusing on developing cost-effective neonatal phototherapy devices especially for cost-sensitive markets. To this end, a few players have also entered into collaborations, notably incubation programs, and taking mergers and acquisitions.
Leading names in the neonatal phototherapy market include Koninklijke Philips N.V., BabyBloom Healthcare BV, Novos Medical Systems, Atom Medical Corporation, and Natus Medical Incorporated.
Global Neonatal Phototherapy Market: Growth Dynamics
Technological advances have focused on developing user-friendly phototherapy devices and technologies that utilize blue spectrum radiation sources. This has been a key technological trend in the neonatal phototherapy market.
In developing and developed nations, the populations show an increased awareness of the risk factors related to severe hyperbilirubinemia; large presence of unconjugated bilirubin can be neurotoxic. This has led to the development of more effective methods for identifying risks. These recommendations drive the rapid evolution of neonatal phototherapy market. Notable recommendations are by American Academy of Family Physicians and the U.S. Preventive Services Task Force. An offshoot of such recommendations has been transcutaneous bilirubin (TcB) meters growing in clinical utility during the hospitalization of healthy term and late-preterm newborns.
Expanding Operations in Future? To Get the Perfect Launch Ask for a Custom Neonatal Phototherapy Market Report
Home-based phototherapy units in recent years have witnessed increase in popularity, mainly due to cost concerns of rehospitalisation. This is a key trend that might catalyse new opportunities in the neonatal phototherapy market. However, the uptake of neonatal phototherapy devices is still challenged in low- and middle-income countries owing to the cost factor. Nonetheless, governments, especially in developing economies, have over the years increased their efforts to address the cost concerns.
Global Neonatal Phototherapy Market: Regional Analysis
On the regional front, North America has emerged as a market with massive lucrative opportunities. A part of the growth is propelled by constantly updating guidelines and recommendations on screening for hyperbilirubinemia. Also, growing awareness of the effectiveness of recently launched neonatal phototherapy is also boosting the regional market. Another market with high potential is Asia Pacific.
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?
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.