Pune, India, Oct. 07, 2021 (GLOBE NEWSWIRE) -- The global neonatal care equipment market size is expected to exhibit positive growth during the forecast period. The increasing prevalence of neonatal disorders and robust demand for neonatal care facilities is likely to fuel market growth. Fortune Business Insights™ mentions this information in its report titled "Neonatal Care Equipment Market, 2021-2028."
Industry Development
- May 2019: St' Peter's hospital announced a NICU transporter system. It is a mobile ICU comprising of non-invasive respiratory support devices and other effective healthcare devices.
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Neonatal care equipment is healthcare equipment used for the treatment of newborn children. Equipment such as incubators helps newborn babies to recover from diseases faster and effectively. The prevalence of neonatal disorders globally is expected to fuel the product's demand. Increasing investments in the development of effective treatment solutions are expected to boost neonatal care equipment sales. Increasing cases of premature childbirth are expected to boost the product's demand. As per the World Health Organization (WHO), nearly 15 million newborn children are born prematurely in the world. Medical device manufacturing companies aim at creating effective equipment to provide an effective medical solution to consumers. These factors are likely to boost market growth during the upcoming years.
COVID-19 Impact
Increasing Healthcare Investments to Foster Market Progress
This market is expected to positively impact the market during the COVID-19 pandemic. Increasing cases of premature childbirth are expected to foster the demand for healthcare equipment such as incubators, and others. Increasing government investments for the creation of advanced healthcare solutions is expected to bolster demand. Further, the adoption of reduced capacities, part-time shifts, and advanced production machinery may enable manufacturers to achieve a significant market position and boost productivity. These factors are likely to influence the market growth during the pandemic.
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Segments
By product, the market is segmented into respiratory devices, phototherapy equipment, monitoring devices, incubators, and others. As per end-user, it is classified into NICU, Neonatal clinics, hospitals, and others. Geographically, it is grouped into Europe, North America, Latin America, Asia-Pacific, and the Middle East & Africa.
Highlights of the Report
- The report offers a study of the latest trends and the leading segments.
- It comprehensively analyzes the impact of COVID-19 and the driving and restraining factors.
- Examines the regional developments and strategies deployed by the key players.
Drivers and Restraints
Increasing Investments in Neonatal Facilities Setup to Foster Market Progress
Neonatal care equipment's demand is increasing rapidly because of the prevalence of premature birth globally. Increased healthcare spending and investments in research and development of advanced and effective healthcare facilities are expected to bolster demand drastically. Government investments in the development of healthcare facilities are likely to bolster the product's demand. As per the India Brand Equity (IBEF), the Indian government aims at boosting its healthcare spending up to 3% by 2022. Neonatal care equipment is used extensively to cure prematurely born infants and infants suffering from disorders. It boosts their recovery time and enables them to tackle several disorders. These factors are likely to drive the neonatal care equipment market growth.
However, a lack of awareness regarding the device's benefits in several lower-income countries may hinder market progress.
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Regional Insights
Significant Investments in NICU Facilities Development to Fuel Market Growth in North America
North America and Europe are projected to dominate the neonatal care equipment market share because of significant investments in the development of NICU facilities. The rising per-capita income and prevalence of premature birth are expected to boost neonatal care equipment in the regions. These factors are likely to fuel market growth.
In Asia-Pacific, increasing healthcare investments and the prevalence of neonatal disorders are expected to boost product demand. These factors are likely to propel market growth.
Competitive Landscape
Companies Launch Innovative Products to Boost Brand Image
The prominent companies operating in the market launch innovative products to boost their brand image. For example, InnAccel announced a portable neonatal CPAP device named SAANS aimed at curbing neonates suffering from respiratory problems. Further, the incorporation of research may enable companies to improve product quality and utilize lightweight materials. This strategy may enable companies to boost their market position. Additionally, the incorporation of technologically advanced production techniques to improve product quality, reduce labor costs, and time-consuming, improve operational efficiency, and enable businesses to satisfy their organizational goals.
List of Prominent Companies Profiled in the Neonatal Care Equipment Market Report
- BD
- Medtronic plc.
- GE Healthcare
- Koninklijke Philips N.V.
- Dragerwerk AG and Co. KGaA
- Natus Medical Incorporated
- PHOENIX MEDICAL SYSTEMS PVT. LTD.
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