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Neonatal Intensive Care Market Growth Research Report: by Product (Infant Warmers, Incubators, Respiratory Devices, Neonatal Monitoring Devices, Convertible Warmer & Incubators, Phototherapy Equipment, Catheters, Others), End User- Global Forecast Till 2023
The Global Neonatal Intensive Care Market Growth is slated to exhibit a strong 5.5% CAGR over the forecast period (2018 to 2023), according to the latest research report from Market Research Future (MRFR). The global neonatal intensive care market is mainly driven by the growing awareness about infant mortality and the growing efforts from governments to bridge the gap between supply and demand in order to reduce infant mortality. Major players in the global neonatal intensive care market are profiled in the report in order to provide readers with a detailed view of the market, including the successful strategies used by leading players in the market. Major drivers and restraints of the neonatal intensive care market are also described in the report in great detail, including information on the macroeconomic factors working in the background.
The neonatal intensive care market is mainly driven by the increasing incidence of infant mortality. Due to poverty and unavailability of advanced medical care, many developing regions suffer from high rates of infant mortality, leading to widespread concern. This has led to the rapid growth of the healthcare sector in regions such as Asia Pacific, where nations with sufficient economic power to make proactive decisions in order to reduce infant mortality. This has led to a growing volume of construction of healthcare agencies such as hospitals and neonatal care units. The growing population in regions such as India, China, and the rest of Southeast Asia is also a major driver for the neonatal intensive care market in the region.
Neonatal Intensive Care Market Competitive Analysis:
Leading players in the global neonatal intensive care market include Becton Dickinson and Company, R. Bard, Philips, Teleflex Inc., Utah Medical, Cook Medical, Medtronic, B. Braun Melsungen AG, AngioDynamics Inc., and Vygon (UK) Ltd.
In September 2019, St. Peter’s Health and Bozeman Health, leading healthcare providers in Montana, announced a collaboration agreement to work on a new neonatal intensive care unit. The growing population of the surrounding region, a major economic center of the state, has necessitated the development of new, developed technologies to serve the growing need. The unit is also expected to feature telehealth facilities.
Neonatal Intensive Care Market Segmentation:
The global neonatal intensive care market is segmented on the basis of product type, end use, and region.
By product type, the global neonatal intensive care market is segmented into infant warmers, incubators, respiratory devices, neonatal monitoring devices, convertible warmer & incubators, phototherapy equipment, catheters, and others. The infant warmers segment is further sub-segmented into electric and non-electric infant warmers. The neonatal monitoring devices segment is further classified as cardiopulmonary monitor, blood pressure monitor, pulse oximeters, capnographs, and others.
By end use, the global neonatal intensive care market is segmented into hospitals, childcare clinics, and others.
Neonatal Intensive Care Market Regional Analysis:
North America and Europe are biggest revenue-generating regions in the global neonatal intensive care market. Widespread development of medical technology and high awareness regarding the various conditions that can affect infants and bring about infant diseases and mortality have led to strong development of the neonatal intensive care market in these regions over the years. Developing countries have mainly suffered from a lack of advanced device technology, whereas the strong presence of the industrial manufacturing sector in Europe and North America has allowed the neonatal intensive care market to flourish in these regions. Growing investment in the private healthcare sector is likely to result in further product advances in the neonatal intensive care market in these two regions, leading to steady growth of the market. Technological development in the neonatal intensive care market is likely to be a major strength of the market in North America and Europe.
Widespread availability of government-sponsored healthcare reimbursement schemes in Europe has enabled widespread availability of neonatal intensive care units. This is likely to be a major driver for the neonatal intensive care market in Europe over the forecast period, as the region has one of the highest rates of healthcare coverage in the world.