Neonatal Intensive Care Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 04, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 698.5 million |
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Revenue Forecast in 2031 |
US$ 1,483.5 million |
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CAGR |
8.73% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global neonatal intensive care devices market was valued at US$ 698.5 million in 2022 and is expected to register a revenue CAGR of 8.73% to reach US$ 1,483.5 million by 2031.
Neonatal Intensive Care Devices Market Fundamentals
Neonatal intensive care devices are specialized medical equipment for premature or critically ill newborns in a neonatal intensive care unit (NICU). The neonatal intensive care devices market refers to the segment of the medical device industry that produces equipment and supplies used in the care and treatment of critically ill newborn infants. This can include various devices, such as ventilators, incubators, monitors, feeding tubes, and other specialized equipment designed for premature or critically ill newborns. The demand for neonatal intensive care devices is driven by several factors, including advancements in medical technology, an increasing incidence of premature births and low birth weight babies, and growing awareness of the importance of neonatal care in reducing infant mortality rates. In addition, there is a trend towards more personalized and targeted care for newborns, which has led to the development of specialized devices and equipment for several types of neonatal conditions.
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Neonatal Intensive Care Devices Market Dynamics
The high prevalence of neonatal jaundice, an increasing number of preterm births, and the introduction of new products for use in the Neonatal Intensive Care Units (NICU) are expected to drive the global neonatal intensive care devices market. Around fifteen million infants are believed to be born each year prematurely, with about 1 million of those infants succumbing to complications from their early birth, according to the World Health Organization (WHO). One of the most difficult duties is newborn monitoring. Advances in medical technology, such as respiratory support systems, phototherapy devices, and monitoring equipment, have significantly improved the survival rates of premature babies. These technological advancements have increased the demand for neonatal intensive care devices, driving market revenue growth. Governments and healthcare organizations are increasing their healthcare expenditure to improve the quality of healthcare services. This increased expenditure has led to the development and adoption of advanced neonatal intensive care devices. The growing awareness about the importance of neonatal care has increased the demand for neonatal intensive care devices. Parents and healthcare professionals are becoming more aware of the benefits of neonatal care, which has increased the demand for neonatal intensive care devices. The increasing number of NICUs worldwide has led to a rise in demand for neonatal intensive care devices. These units require a wide range of neonatal intensive care devices to care effectively for premature babies.
Overall, the global neonatal intensive care devices market revenue is expected to grow due to the increasing prevalence of preterm births, technological advancements, and healthcare expenditure.
However, neonatal intensive care devices can be expensive, which could limit their adoption and use, especially in lower-income countries or healthcare systems with limited resources. Neonatal intensive care requires specialized knowledge and skills, which may be in short supply in some areas. Without sufficient healthcare professionals trained in neonatal care, the potential benefits of new devices may not be fully realized. Access to neonatal intensive care may be limited in some areas due to a lack of resources, infrastructure, or transportation. This can make optimal care for needy infants difficult and limit the demand for neonatal intensive care devices.
Neonatal Intensive Care Devices Market Ecosystem
The global neonatal intensive care devices market has been analyzed from three perspectives: product, end user, and region.
Neonatal Intensive Care Devices Market by Product
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Based on product, the global neonatal intensive care devices market has been segmented into phototherapy equipment, respiratory devices, monitoring devices, diagnostic imaging equipment, convertible warmers & incubators, and others.
The convertible warmers and incubators segment accounts for the largest revenue share in the global neonatal intensive care devices market. It is a device that provides a controlled environment for premature or sick infants. It helps regulate the baby's temperature, humidity, and oxygen levels. According to World Health Organization (WHO) 2022, an estimated fifteen million babies are born too early yearly. That is more than 1 in 10 babies. Many survivors face a lifetime of disability, including learning disabilities and visual and hearing problems. The increase in the birth rate of premature infants drives the revenue growth of the infant incubator market. In addition, the increased need to install NICU units and awareness among individuals regarding neonatal care fuel the market revenue growth.
Neonatal Intensive Care Devices Market by End User
Based on end users, the global neonatal intensive care devices market is segmented into hospitals, ambulatory surgical centers, and specialty clinics.
The hospital segment accounts for the largest market revenue share in the global neonatal intensive care devices market. The large share of this segment can be attributed to the increasing number of premature births that has led to the growing need for neonatal admissions and the availability of advanced neonatal care devices in hospitals.
The ambulatory surgical center's segment is expected to grow at a high revenue CAGR in the global neonatal intensive care devices market. Neonatal devices are essential for caring for newborns in ambulatory centers and healthcare facilities providing outpatient medical services. Some common neonatal devices used in ambulatory centers include infant incubators and enclosed beds that offer a warm and controlled environment for premature or critically ill newborns. They help maintain a stable temperature and humidity level, reduce the risk of infection, and provide a barrier to noise and light.
Continuous positive airway pressure (CPAP) machines: These devices deliver a constant airflow to help keep the airways open and improve breathing in premature babies with respiratory distress syndrome.
Neonatal Intensive Care Devices Market by Region
Based on region, the global neonatal intensive care devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global neonatal intensive care device market. This revenue growth can be attributed to the increasing number of premature births, rising awareness about neonatal care, and technological advancements. According to the Centers for Disease Control, In 2021, preterm birth affected about 1 of every ten infants born in the United States. The preterm birth rate rose 4% in 2021, from 10.1% in 2020 to 10.5% in 2021. Some of the key players in the North American neonatal intensive care devices market include GE Healthcare, Philips Healthcare, Drägerwerk AG & Co. KGaA, Medtronic plc, and Masimo Corporation. The market is highly competitive, and these companies invest heavily in research and development to develop new and innovative products. The market includes incubators, ventilators, phototherapy equipment, respiratory assistance devices, and monitoring equipment. These devices provide critical care to newborn infants and help manage various medical conditions. Overall, North America's neonatal intensive care devices market is expected to grow as the demand for specialized care for newborn infants increases and technology advances.
Europe accounts for the second largest revenue share in the global neonatal intensive care device market. The European neonatal intensive care devices market includes medical devices and equipment for premature and critically ill newborns. The market revenue is driven by increased preterm births, the growing demand for neonatal intensive care services, and technological advancements. The ventilators segment is the largest segment of Europe's neonatal intensive care devices market. Ventilators are used to assist or replace the breathing function of critically ill neonates, and their demand is increasing due to the rising incidence of respiratory disorders in preterm infants. Other devices, such as incubators and phototherapy equipment, are also expected to grow significantly, with a sizable revenue during the forecast period. In terms of regional analysis, the Western European market is expected to dominate the neonatal intensive care devices market due to the presence of a well-developed healthcare infrastructure and high awareness about neonatal intensive care services. However, the market revenue in Eastern Europe is also expected to grow significantly due to increasing healthcare expenditure and improving healthcare facilities.
The neonatal intensive care devices market in the Asia Pacific has been experiencing significant revenue growth in recent years. This significant revenue growth can be attributed to several factors, including the increasing incidence of premature births, rising healthcare expenditure, and the growing adoption of technologically advanced neonatal care devices. One of the key drivers of the market is the increasing incidence of premature births in the region. Premature babies require intensive care, often involving specialized devices such as incubators, ventilators, and phototherapy equipment. Another factor driving the revenue growth of the neonatal intensive care devices market in the Asia Pacific region is the increasing healthcare expenditure in developing countries such as India and China. Governments in these countries are investing heavily in healthcare infrastructure to improve access to quality healthcare for their citizens, which includes improving neonatal care facilities. Furthermore, the growing adoption of technologically advanced neonatal care devices contributes to the market revenue growth rising exponentially. Many medical device manufacturers are developing innovative products that offer better performance and safety features, which are becoming increasingly popular among healthcare providers in the region.
Competitive Landscape of Neonatal Intensive Care Devices Market
The prominent players operating in the global neonatal intensive care devices market are:
Strategic Developments in Neonatal Intensive Care Devices Market
The global neonatal intensive care devices market is expected to grow at a revenue CAGR of 8.73% during the forecast period.
Koninklijke Philips N.V., General Electric Company, Medtronic Plc, Cardinal Health, and BD are a few key players in the global neonatal intensive care devices market.
The incubators segment accounts for the largest revenue share in the global neonatal intensive care devices market.
Europe accounts for the second largest revenue share in the global neonatal intensive care devices market.
As with any medical device, there are potential safety concerns associated with neonatal intensive care devices, such as infection or malfunction. Thus, this can be one of the challenges for the global neonatal intensive care devices market.
*Insights on financial performance are subject to the availability of information in the public domain