Medical neonatal phototherapy devices market projected to double by 2034

Real-time monitoring and analytics drive its rising popularity amongst healthcare providers.

The global medical neonatal phototherapy devices market, valued at $550m in 2024, is projected to reach approximately $1.1b by 2034 at a compound annual growth rate of 7.3%, said Exactitude Consultancy.

The sector’s expansion is attributed to the increasing prevalence of neonatal jaundice, rising awareness about early diagnosis and treatment, and technological developments in phototherapy devices.

“Recent years have seen notable advancements in neonatal phototherapy technology, especially the shift from conventional fluorescent light-based devices to LED-based systems,” the report said.

In addition, real-time monitoring and data analytics contribute to the devices’ growing favour amongst healthcare providers.

“Personalised healthcare is another emerging trend influencing market dynamics. Parents and healthcare providers are increasingly seeking customised treatment plans tailored to individual patient needs,” it added.