Allied Market Research published a report, titled, “Neonatal Intensive Care Market by Product (Warmers, Incubators, Monitoring Devices, Respiratory Devices, Phototherapy Equipment, Others), by Application (Neonatal Hypothermia & Low Birth Weight, Jaundice, Others), by End User (Hospitals, Maternity Hospitals, Neonatal & Pediatric Hospital): Global Opportunity Analysis and Industry Forecast, 2022–2031”. According to the report, the global neonatal intensive care industry generated $2.0 billion in 2021, and is anticipated to generate $4.4 billion by 2031, witnessing a CAGR of 8.2% from 2022 to 2031.
Growth in incidences of newborn diseases and complications such as underweight babies, overweight babies, birth defects, and respiratory distress, which require special attention and admission in NICUs drive the growth of the market. For instance, in 2020, according to Myspace, a global platform for physicians and healthcare professionals, in the U.S. respiratory distress syndrome has been estimated to occur in 20,000–30,000 newborn infants each year.
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Covid-19 Scenario:
The outbreak of the Covid-19 pandemic had a negative impact on the global neonatal intensive care market, owing to implementation of global lockdown which led to supply chain disruptions.
The entire healthcare industry focused on life saving and COVID-19 related products during the pandemic, which hampered the R&D activities of neonatal intensive care industry.
However, the market is witnessing recovery in 2022, and showing stable growth post-pandemic.
The neonatal intensive care market is segmented on the basis of product, application, end user, and region.
On the basis of product, the market is divided into warmers, incubators, monitoring devices, respiratory devices, phototherapy equipment, and others. The respiratory device segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to the growing risk of COVID-19 and the rise in the prevalence of pneumonia. However, the incubators segment is expected to witness considerable growth during the forecast period, due to an increase in incubators installation and rise in incidence of underweight infant birth.
By application, the market is categorized into neonatal hypothermia & low birth weight, jaundice, and others. The neonatal hypothermia & low birth weight segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in incidences of preterm child births and advancements in neonatal intensive care unit (NICU) equipment. However, the jaundice segment is expected to witness considerable growth during the forecast period, due to increase in incidence of neonatal jaundice and advancements in infant jaundice.
By end user, the market is classified into hospitals, maternity hospitals, and neonatal & pediatric hospitals. The neonatal & pediatric hospitals segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in healthcare expenditure and rise in number of neonatal & pediatric hospitals. However, the hospital segment is expected to witness considerable growth during the forecast period, due to increase in number of hospitals and rise in healthcare expenditures.
Asia-Pacific accounted for a majority of the global neonatal intensive care market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of infant jaundice, high birth rate, and presence of key players in the region. Europe is anticipated to witness lucrative growth, owing to increase in incidences of preterm child birth and growing healthcare expenditure.
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Key findings of the study:
On the basis of product, the respiratory device segment was the highest contributor to the market in 2021.
By application, the neonatal hypothermia & low birth weight segment was the highest contributor to the market in 2021.
Depending on end user, the neonatal & pediatric hospital segment was the highest contributor to the market in 2021.
Region wise, Asia-Pacific garnered the largest revenue share in 2021, whereas Europe is anticipated to grow at the highest CAGR during the forecast period
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Neonatal Intensive Care Unit Equipment Market Research Report: by Product (Infant Warmers, Incubators, Respiratory Devices, Neonatal Monitoring Devices, Convertible Warmer & Incubators, Phototherapy Equipment, Catheters, Others), End User- Global Forecast Till 2023The Global Neonatal Intensive Care Unit Equipment Market is slated to exhibit a strong 5.5% CAGR over the forecast period (2018 to 2023), according to the latest research report from Market Research Future (MRFR).
The global neonatal intensive care market is mainly driven by the growing awareness about infant mortality and the growing efforts from governments to bridge the gap between supply and demand in order to reduce infant mortality.
Major players in the global neonatal intensive care market are profiled in the report in order to provide readers with a detailed view of the market, including the successful strategies used by leading players in the market.
Major drivers and restraints of the neonatal intensive care market are also described in the report in great detail, including information on the macroeconomic factors working in the background.The neonatal intensive care market is mainly driven by the increasing incidence of infant mortality.
This has led to the rapid growth of the healthcare sector in regions such as Asia Pacific, where nations with sufficient economic power to make proactive decisions in order to reduce infant mortality.
The growing population in regions such as India, China, and the rest of Southeast Asia is also a major driver for the neonatal intensive care market in the region.Neonatal Intensive Care Market Competitive Analysis:Leading players in the global neonatal intensive care market include Becton Dickinson and Company, R. Bard, Philips, Teleflex Inc., Utah Medical, Cook Medical, Medtronic, B. Braun Melsungen AG, AngioDynamics Inc., and Vygon (UK) Ltd.In September 2019, St. Peter’s Health and Bozeman Health, leading healthcare providers in Montana, announced a collaboration agreement to work on a new neonatal intensive care unit.
Market Analysis The global neonatal intensive care market is likely to grow at a 5.5% CAGR between 2018- 2027, according to the new report by Market Research Future (MRFR).
Neonatal intensive care unit or NICU, simply put, are special nursery care rooms that are specially designed for newborns that require intensive medical care.
These units are equipped with the latest advanced machinery, which will help in supporting preterm babies with serious medical conditions.
Catheters, phototherapy equipment, convertible warmer and incubators, neonatal monitoring devices, respiratory devices, incubators, infant warmers, and others are the different types of neonatal intensive care equipment that have wide applications in childcare clinics, hospitals, and others.
On the flip side, the shortage of skilled professionals, poor accessibility of neonatal care equipment, high cost of equipment, lack of proper refurbishment, high maintenance cost, and lack of awareness are factors that may limit the global neonatal intensive care market growth over the forecast period.
Besides, the use of neonatal intensive care for COVID-infected patients in developed and underdeveloped countries due to a shortage of hospitals and neonatal babies being prone to catch infections too soon is also likely to impact market growth.
