Neonatal Intensive Care Respiratory Devices Market
Number of pages: 100 | Report Format: PDF | Published date: January 27, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 11.5 billion |
|
Revenue Forecast in 2030 |
US$ 17.92 billion |
|
CAGR |
5.05% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Device Type, End-user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
Neonatal Intensive Care Respiratory Devices Market Report Overview
According to the deep-dive market assessment study by Growth Plus Reports, the global neonatal intensive care respiratory devices market was valued at US$ 11.5 billion in 2021 and is expected to register a revenue CAGR of 5.05 % US$ 17.92 billion by 2030.
Neonatal Intensive Care Respiratory Devices Market Fundamentals
Neonatal intensive care respiratory devices (NICRDs) are specialized medical devices used to support the breathing of critically ill newborns. These devices provide life support and help newborns with breathing difficulties, such as respiratory distress syndrome, premature birth, or congenital disabilities.
NICRDs include mechanical ventilators, continuous positive airway pressure (CPAP) devices, high-frequency ventilation (HFV) devices, and nasal cannulas. These devices provide various ventilation modes, pressure support, and oxygenation to help newborns breathe and improve their lung function. NICRDs are essential equipment in neonatal intensive care units (NICUs) as they help save critically ill newborns’ lives and improve their outcomes. Each device is tailored to the infant’s specific needs and requires careful monitoring and assessment to ensure that the infant receives the most effective care. The usage of these devices can be complicated and should be supervised by trained medical professionals.
The care provided in a NICU includes monitoring vital signs, administering medications, providing respiratory support and oxygen therapy, performing diagnostic tests and procedures, and providing nutrition and other treatments. Babies born prematurely, with congenital disabilities or respiratory distress, are often placed in a NICU. The care provided in NICUs is usually provided by specialized healthcare professionals, such as neonatologists, pediatric nurses, and respiratory therapists. Neonatal intensive care has made significant advances by developing new technologies and treatments over the years. This has led to an increase in the survival rate of premature and critically ill newborns.
[509374]
Neonatal Intensive Care Respiratory Devices Market Dynamics
Increase in the number of preterm newborns, who frequently need breathing support, is fueling the market for neonatal intensive care respiratory devices market. According to the estimates by WHO, over 15 million babies are born prematurely each year. The market for respiratory equipment for neonates receiving critical care is expanding due to increase in technological advancements, such as the development of new products with enhanced features.
The industry is expanding due to rising government spending and healthcare costs on neonatal intensive care. Moreover, the rising number of NICU hospitals is propelling market revenue growth.
However, several restricting factors, such as the high cost of advanced care devices and their poor acceptance in low and middle-income countries, are likely to hamper the overall market revenue growth in the next few years.
Neonatal Intensive Care Respiratory Devices Market Ecosystem
The global neonatal intensive care respiratory devices market is analyzed from four perspectives: device type, end-user, and region.
Neonatal Intensive Care Respiratory Devices Market by Device Type
[342424]
Based on the device type, the global neonatal intensive care respiratory devices market is segmented into nebulizers, inhalers, ventilators, and apnea monitors.
The inhalers segment dominated the market with the largest revenue share in 2021, owing to the extreme respiratory cases arising worldwide due to severe pollution. For instance, according to an article in Cureus published in January 2023, air pollution can negatively impact the development of lungs in infants and children by causing low birth weight, premature birth, and improper immune system development. This exposure can lead to severe health complications, as prenatal exposure to air pollution can interfere with the development of organs. The article also states that studies have shown that prenatal exposure to air pollution is linked to impairments in infant and child lung function, increased respiratory symptoms, and a higher risk of childhood asthma. Certain advantages of inhalers include use-friendliness, portability, customizable according to the dose or medication of the individual, cost-effectiveness, and ability to improve patients’ outcomes by providing targeted therapy. These advantages result in increase in their adoption and fueling revenue growth in the inhalers segment.
Neonatal Intensive Care Respiratory Devices Market by End-user
Based on the end-user, the global neonatal intensive care respiratory devices market is segmented into hospital NICUs, specialty clinics, and nursing homes.
The NICU hospitals segment accounted for the biggest market share in 2021. This is ascribed to rising NICU admissions and equipment sales for respiratory illnesses, particularly respiratory distress syndrome in neonates. Furthermore, NICU hospitals are specifically designed and equipped to provide specialized care for critically ill newborn infants, which allows them to use and evaluate the effectiveness of NICRD. Hospitals have the infrastructure required to enable the usage of neonatal intensive-care respiratory devices, such as power, ventilators, and oxygen delivery. In addition, skilled healthcare professionals are well-equipped and trained to operate and maintain the NICRDs, ensuring that the devices are used to their greatest capacity. These advantages are expected to boost revenue growth in the NICU hospitals segment during the forecast period.
Neonatal Intensive Care Respiratory Devices Market by Region
Geographically, the global neonatal intensive care respiratory devices market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominated the global neonatal intensive care respiratory devices market in 2021 due to the significant demand for technologically advanced devices that improve infant healthcare delivery. Key players in the region are increasing focus on partnerships, mergers, and acquisitions, which are helping in the overall growth of the regional market. Moreover, continuous research is being carried out in the NICRDs space by various research institutes and companies to develop new techniques. For instance, in November 2022, SIME Diagnostics, a pioneer in ICU point-of-care respiratory diagnostics, announced the successful CE-IVD accreditation of the world's first clinical AI platform to quickly predict severe respiratory disease. The company also launched a pilot plant for the RDS (respiratory distress syndrome) Predict, which helps in predicting which neonates are more likely to get RDS.
Neonatal Intensive Care Respiratory Devices Market Competitive Landscape
The prominent players operating in the global neonatal intensive care respiratory devices market are:
Neonatal Intensive Care Respiratory Devices Market Strategic Developments
The estimated market size of the neonatal intensive care respiratory devices industry in 2030 is US$ 17.92 billion.
During the forecast period, the CAGR of the neonatal intensive care respiratory devices market is 5.05% from 2022 to 2030.
The high cost of advanced care devices and their poor acceptance in low and middle-income nations are restricting the global market growth to its full potential.
The rising number of preterm births are the factors driving the market growth, rising government spending and healthcare costs on neonatal intensive care, the growing numbers of NICU hospitals, and the rising number of preterm births.
Some prominent players operating in the global neonatal intensive care respiratory devices market are Medtronic plc, GE Healthcare, Getinge AB, Vyaire Medical Inc., Mercury Medical, Drägerwerk AG & Co. KGaA, Terumo Corporation, Inspiration Healthcare Group plc, GaleMed Corporation, Neotech Medical Systems Pvt. Ltd., Fisher & Paykel Healthcare Limited, Teleflex Incorporated, and Airon Corporation among others.
*Insights on financial performance are subject to the availability of information in the public domain