New York, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Neonatal Care Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, End User, and Geography" the growing number of premature and low-weight births and an increasing number of NICU admissions drive the growth of the neonatal care equipment market. However, decreasing birth rates and high prices of products are hampering the growth of the neonatal care equipment market.
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Neonatal Care Equipment Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 1.93424 Billion in 2021 |
| Market Size Value by | US$ 3.10381 Billion by 2028 |
| Growth rate | CAGR of 7.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 257 |
| No. Tables | 165 |
| No. of Charts & Figures | 90 |
| Historical data available | Yes |
| Segments covered | Product, End User, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Neonatal Care Equipment Market: Competitive Landscape and Key Developments
GE Healthcare; Koninklijke Philips N.V.; Medtronic; Dragerwerk AG & Co. KGaA; Nihon Kohden Corporation; Natus Medical Incorporated; Fisher & Paykel Healthcare Limited.; Masimo; BD; and Novos are among the leading companies operating in the market.
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Global Neonatal Care Equipment Market: Key Insights – Market Opportunity
Preterm birth remains a severe public health problem and ranks in the WHO's top 10 list of the burden of disease-related deaths. Premature births result in organ deformities and organ injuries, particularly in the lungs and brain, and are responsible for 50% of perinatal mortality. Decent advances in neonatal care have been made due to technological advances that have resulted in higher survival rates for premature babies. The innovations have also increased in an infant incubators. Neonatal care aims to assess and evaluate the infant during the transition from intrauterine life to extrauterine life, provide the infant with a healthy, safe, secure environment, and thoroughly monitor and compare the neonate for normal and abnormal function and possible treatment.
Technological advances and innovations in the 21st century aimed at developing highly efficient tools for effective infant care have proven significant in managing preterm infants. Devices such as infant warmers and incubators, respiratory support and monitors, phototherapy devices, and neonatal monitors are used for critical care and monitoring of the baby. Double-walled servo-controlled incubators and improved mechanical fans ensure better treatment and care than their predecessors and have better yields and positive results. Also, several multi-chain hospitals have opened specialized pediatric clinics in different locations to increase access to neonatal clinics. For example, in 2015, Seattle Children's Hospital announced opening the Seattle Children's South Clinic regional clinic in Pierce and South King counties. It aimed to provide better access to specialist pediatric clinics and services. In addition, the number of neonatal intensive care units in community hospitals and specialized neonatal clinics open for service in various locations increased the demand and use of neonatal treatment equipment, which provide opportunities for the neonatal care equipment market to grow significantly.
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The US holds a significant share of North America's neonatal care equipment market. The neonatal care equipment market in the US is expected to be the largest and fastest-growing market. Neonatal care equipment is becoming more advanced and smarter in the country. The US has a large number of market players among the countries in the North American region. Preterm birth cases have increased in the US in the last few years. According to the Center for Disease Control and Prevention (CDC), in 2019, the preterm birth rate rose for the fifth year to 10.23%, up 2% from 10.02% in 2018, in the US. Preterm births are a serious health problem in the US, and one of the country's leading causes of infant mortality. They account for nearly 13% of all births and 17% of all infant deaths and cost more than US$ 25 billion annually. The condition is alarming due to factors such as induced fertility, poor prenatal care, increasing maternal age, obesity, and smoking. The neonatal care equipment market in the US is growing owing to a huge demand for technologically advanced products ensuring better healthcare delivery for newborns. The value-based healthcare model led to the development of well-equipped NICU centers and an increasing number of approvals for newborn care devices from the FDA. For Instance: In May 2021, Medtronic launched the SonarMed airway monitoring system. The device continuously checks for Endotracheal Tube Obstruction and Position for Neonates and Infants, providing immediate, actionable intelligence for Clinicians.
The COVID-19 outbreak severely affected medical systems in various regions worldwide. The global impacts of the outbreak are being felt across several markets. The COVID-19 pandemic significantly impacted the neonatal care equipment market. The COVID-19 pandemic significantly impacted the neonatal care equipment market in the US. Premature infants and term infants with medical disorders requiring prolonged hospitalization are prone to hospital-acquired (nosocomial) infection; thus, the adoption of neonatal care equipment in baby care facilities has been adversely affected in the wake of the COVID-19 outbreak. In March 2020, the European Medicines Agency established a managing committee to deal with the impact of the COVID-19 pandemic on the supply chain of medicines. Many studies revealed the clinical features of COVID-19 in adults and infants under one year of age. Limited knowledge about characteristics, results, and intrauterine transmission potential in newborn babies aged 28 days or less have chances of acquiring COVID-19. Due to the fear of infection in babies, people are refraining from hospitals, gynecology clinics, and baby care centers for neonatal care. The COVID-19 pandemic resulted in a significant decrease in NICU admissions and neonatal CPR, which impacted sales of neonatal care equipment. Infection with COVID-19 during pregnancy increases the risk of pregnancy problems such as preterm birth, premature rupture of membranes, and, in rare cases, maternal death. Therefore, in COVID-19, there has been a short-term negative impact on the neonatal care equipment market growth; however, it is expected to resume once the situation stabilizes.
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Neonatal Care Equipment Market: Segmental Overview
Based on product, the neonatal care equipment market is segmented into infant warmers, neonatal diagnostic imaging devices, neonatal respiratory care devices, neonatal monitoring devices, neonatal incubators, neonatal phototherapy equipment, and other products. In 2022, the infant warmers segment held the largest share of the market. However, the neonatal respiratory care devices segment is expected to register the highest CAGR in the market during the forecast period. Infant warmers are more closely associated with the special care of newborns than any other device. Infant warmers are used to maintain the body temperature of newborn babies.
Based on geography, the neonatal care equipment market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa (MEA), and South & Central America. The neonatal care equipment market in North America is further segmented into the US, Canada, and Mexico. The European neonatal care equipment market is sub segmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The market in Asia Pacific is sub segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The neonatal care equipment market in the MEA is further segmented into Saudi Arabia, the UAE, South Africa, and the Rest of the MEA. The neonatal care equipment market in South & Central America is segmented into Brazil, Argentina, and the Rest of South & Central America.
The purpose of these devices is to emit heat from underneath the infant. Infant warmers allow easy access to newborns who need immediate medical attention while maintaining a comfortable temperature. Physicians rely on infant warmers to regulate the body temperature of newborns in the NICU using radiant heat. Infant warmers are available with several premium features, including an X-ray cassette, alarm silencer, digital display panels, and precise temperature setting. Based on end user, the neonatal care equipment market is segmented into hospitals, paediatric & neonatal clinics, and nursing homes. The hospitals segment held the largest market share in 2022. Hospitals complement and enhance the effectiveness of many other parts of the healthcare system by providing continuous availability of services for acute and complex illnesses. Medical device manufacturers provide various infant care products to ensure the safety of infants in hospitals. These devices are combined with different procedures and devices in neonatal intensive care units. The devices support the baby by providing a suitable environment and consistently monitoring their growth and vital organs. Incubators help monitor a premature baby's lungs and other organs, including various therapeutic devices, such as heat transport incubators and neonatal device care.
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Browse Adjoining Reports:
Fetal and Neonatal Care Equipment Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product (Fetal Care Equipment, Neonatal Care Equipment); End Use (Hospitals, Diagnostic Centers, Clinics and Others) and Geography
Neonatal Infant Care Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Thermoregulation Devices, Phototherapy Devices, Monitoring Systems, Hearing Screening, Vision Screening); Application (Hospitals, Paediatric and Neonatal Clinics, Nursing Homes) and Geography
Neonatal Infant Care Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type ( Thermoregulation Devices, Phototherapy Devices, Monitoring Systems, Neonatal Hearing Screening, Neonatal Infant Resuscitator Devices, Vision Screening, Others ); End-User ( Hospitals, Nursing Homes, Pediatric and Neonatal Clinics )
Neonatal ICU Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Equipment Type (Thermoregulation Equipment, Phototherapy Equipment, Monitoring Equipment, Respiratory Equipment, Others); End User (Hospitals, Ambulatory Surgical Centers, Others)
Neonatal Thermoregulation Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product (Warmer, Neonatal Cooling Systems and Neonatal Incubators), Modality (Open and Closed), By End User (Pediatric and Neonatal Intensive Care Units, Nursing Homes and Hospitals & Clinics) and Geography
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