Infant phototherapy devices market to hit 103.75 mln USD by 2023

SAN FRANCISCO, March 22 (Xinhua) -- The global market for infant phototherapy devices is expected to increase at a compound annual growth rate (CAGR) of 5.3 percent to hit about 103.75 million U.S. dollars by 2023, a market research firm said Thursday.

The infant phototherapy devices market, which was valued at 71.73 million U.S. dollars in 2016, was driven by a rise in prevalence of jaundice in infants, effectiveness of phototherapy over other treatment methods, and technological advancements, said the Allied Market Research, a business-consulting wing of the Allied Analytics LLP based in Portland, Oregon, on the U.S. West Coast.

Phototherapy can be used to treat neonatal jaundice by exposing an infant's body to light for a certain period of time in controlled conditions.

Asia-Pacific is expected to register the highest growth, with a CAGR of 6.7 percent in the next five years.

North America grabbed a one-third share of the global market in 2016, and is expected to remain dominant throughout the 2017-2023 period, as a result of a high adoption rate of technologically advanced devices, and presence of highly sophisticated health care infrastructure in the region.

Based on light source, LED garnered more than four-fifths of the market share in 2016, and the LED segment is expected to grow with a CAGR of 5.5 percent from 2017 to 2023.

Meanwhile, the hospitals segment held a two-third share of the global market in 2016, which is forecast to remain unchanged in the coming years. Enditem