(EMAILWIRE.COM, January 16, 2019 ) The global phototherapy equipment market is projected to reach USD 583.4 Million by 2021, growing at a CAGR of 4.5% during the forecast period of 2016 to 2021. Currently, there is a growing demand for technologically advanced phototherapy equipment which are not only cost effective but also efficient and offer features that enhance user safety.

This report aims to define, describe, and forecast the global market on the basis of type, application, end user, and region. The main objectives of this report are to provide detailed information regarding major factors influencing growth of the market (drivers, restraints, opportunities, and industry-specific challenges), to analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for market leaders.

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Recent developments:

In October 2015, Philips launched the second generation of its wearable phototherapy devices on the occasion of World Psoriasis Day. These devices cover ~25% more treatment area as compared to their earlier versions. They are also thinner and have a longer battery life. This device uses UV-free LED light to treat mild cases of plaque psoriasis at home

In January 2015, Phoenix Medical Systems launched ‘Brilliance Pro’ in its Jaundice Management product category. The Brilliance Pro has an integrated light meter and expanded functionality to better meet the needs of NICUs

In October 2014, Atom Medical established Atom Medical USA, LLC in the U.S. With the help of this subsidiary, the company could deliver products and services directly to customers.

In June 2016, Atom Medical Corporation signed a one-year distribution contract with Inspiration Healthcare Group plc, a global supplier of medical technology for the critical care, operating theater, and other applications. The agreement gave Inspiration Healthcare Group exclusive rights to sell Atom’s NICU product range in the U.K.

Philips Healthcare is one of the key players in the global phototherapy equipment market. The company adopts both organic (new product launches) and inorganic (collaborations) growth strategies to strengthen its footprint in the global phototherapy equipment market. The company has a wide range of phototherapy equipment and a market presence in more than 100 countries, including mature and emerging markets. This aids the company in effectively distributing its products and addressing local customer demands. The company also possesses a well-established supply chain network, along with a wide number of raw material suppliers and product distributors. This limits the dependability of the company on a specific raw material supplier or product dealer/distributor.

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