Wilmington, Delaware, United States,, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Surge in usage of ventilators in neonatal intensive care units to treat respiratory distress and common respiratory disorders, and advancement in neonatal transport incubators are expected to offer lucrative opportunities to companies. The neonatal ventilators and incubators market size is estimated to exceed US$ 1.6 Bn by 2031, expanding at a CAGR of 7.0% from 2022 to 2031.
Companies are focusing on new product developments to launch advanced and non-invasive ventilators for neonatal care. Growing awareness about neonatal morbidity of birth asphyxia is expected to accelerate the neonatal ventilators and incubators industry growth. Perinatal asphyxia has emerged as a global health burden and is a key cause of early neonatal mortality. Furthermore, rise in number of preterm births has positively influenced the neonatal ventilators and incubators market outlook.
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Key Findings of Study
- Advanced Respiratory Care in Neonatal Intensive Care Units: Rise in demand for advanced respiratory care in neonatal intensive care units (NICUs) is likely to create new growth avenues in the neonatal ventilators and incubators market. Significant increase in number of preterm births at hospitals has spurred the usage of ventilators and incubators in NICU. The adoption rate of neonatal ventilators and incubators is expected to be high in hospitals compared to specialty clinics and ambulatory surgical centers. The hospital segment therefore held the leading market share in 2021.
- Treating Neonatal Birth Asphyxia: Increase in usage of ventilators to treat neonatal birth asphyxia has bolstered the revenue growth for companies in the market. Rise in adoption of neonatal incubators has generated sizable revenues to companies. In terms of type, the neonatal incubators segment held the dominant share of the market in 2021. Increase in number of preterm births in the neonatal intensive care unit augments the risk of respiratory distress, and if unmanaged can lead to respiratory failure.
Key Drivers
- Rise in demand for ventilation support for preterm births and advancement in noninvasive ventilation mode is expected to augment the neonatal ventilators and incubators market.
- Increase in incidence of neonatal asphyxia is propelling the product demand in hospitals, specialty clinics, and ambulatory surgical centers. Hospitals are implementing guidelines to manage babies with birth asphyxia.
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Regional Growth Dynamics
- North America held major market share in 2021. Extensive product adoption in the region has generated substantial revenues for companies. The market in North America is anticipated to expand at a promising growth rate during the forecast period 2022–2031. High prevalence of asphyxia in neonates and technological advancements in respiratory support for preterm births are expected to propel the regional market in the next few years.
- Asia Pacific is also a lucrative market. Surge in usage of neonatal ventilators has steered market development in Asia Pacific. Rise in awareness about neonatal care owing to government support is expected to boost product demand.
Competition Landscape
The landscape is fragmented due to the presence of several local and international players holding significant share of the market. Key players operating in the neonatal ventilators and incubators industry are
- Movair,
- DragerWorks,
- ResMed,
- Hamilton Company,
- Air Liquide Medical Systems,
- GE Healthcare,
- Koninklijke Philips N.V., and Schiller.
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Neonatal Ventilators and Incubators Market Segmentation
Type
- Neonatal Ventilators
- Invasive
- Non-invasive
- Neonatal Incubators
- Transport Incubators
- Intensive Care Incubators
End-user
- Hospitals
- Pediatric & Neonatal Intensive Care Units
- Others
Regions Covered
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
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