Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Neonatal Critical Care Equipment market.
Trusted Business Insights presents an updated and Latest Study on Neonatal Critical Care Equipment Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Neonatal Critical Care Equipment market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Neonatal Critical Care Equipment Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19
Report Overview: Neonatal Critical Care Equipment Market
The global neonatal critical care equipment market size was valued at USD 522.5 million in 2020 and is expected to witness a compound annual growth rate (CAGR) of 8.3% from 2021 to 2027. 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 market for neonatal critical care equipment.
The market for neonatal critical care equipment is characterized by a high prevalence of neonatal jaundice globally. According to NCBI, in 2018, around 55.2% of neonates included in the study had developed jaundice. Also, as per The Royal Childrens Hospital Melbourne, Australia, Jaundice, or hyperbilirubinemia occurs in approximately 60.0% of full-term babies (and 80% of preterm babies) during the first week of life. As phototherapy equipment is employed as an effective treatment against neonatal jaundice, its increasing cases have a positive impact on the market for neonatal critical care equipment.
When a baby is born before completing the 37 weeks of pregnancy, it is called a preterm birth and is admitted to the NICU. As per the March of Dimes, a U.S. non-profit organization, among the total NICU admissions more than half comprised of pre-term babies. According to the Centers for Disease Control and Prevention (CDC), in 2018, 1 out of every 10 infants was born prematurely. This results in increased NICU admission and a rise in the requirement of NICU facilities.
Public and private organizations are taking initiative to increase the availability of the NICUs to cope up with the requirement. For instance, in September 2017, BC Childrens Hospital, Vancouver, announced to launch Teck Acute Care Centre and claimed to have North Americas first NICU to provide critical care to mothers and infants in the same room.
Monitoring equipment is one of the important neonatal critical care equipment of the NICU infrastructure. Hence key manufacturers are conducting research and development projects in order to launch innovative monitoring equipment for use in the neonatal intensive care unit. For instance, in June 2019, Masimo received a U.S. Food and Drug Administration (FDA) approval for the use of its O3 Regional Oximetry on neonatal patients. Type Insights
The respiratory equipment segment lead the market in terms of revenue share of 29.0% in 2019. The growth of the neonatal critical care equipment market is characterized by an increase in respiratory disorders requiring neonatal intensive care unit treatment and the launch of new products. For instance, in September 2018, the Augmented Infant Resuscitator (AIR) was launched by Koninklijke Philips N.V to aid in the resuscitation of the asphyxiated newborn babies. The product is developed by Philips in accordance with the Consortium for Affordable Medical Technologies (CAMTech), Massachusetts.
Regional Insights: Neonatal Critical Care Equipment Market
North America lead the market in terms of revenue share of 40.2% in the year 2019 owing to a huge demand for technologically advanced products ensuring better healthcare delivery for neonates. The value-based healthcare model has led to the development of well-equipped NICU centers along with an increasing number of approvals for neonatal critical care equipment from the FDA.
In December 2019, U.K. National Health Service (NHS) in its Long Term Plan has decided to invest over a period of five years, with a focus on expanding and designing neonatal critical care equipment, development of the expert neonatal workforce, and enhancing the experience of patients family by improving parental accommodation.
In Asia Pacific, the market is likely to exhibit the fastest CAGR of 09.8% in the market for neonatal critical care equipment from 2020 to 2027. The growth of the market for neonatal critical care equipment is attributed to the high number of new births along with an increase in healthcare spending in the region. In addition, increasing government initiatives in developing countries such as India have established strong demand for neonatal critical care equipment and pediatric health equipment.
Key Companies & Market Share Insights: Neonatal Critical Care Equipment Market
The market for neonatal critical care equipment is characterized by the increase in NICU facilities and research and development leading to the launch of new products. For instance, in November 2016, a 105 bed NICU facility was launched in Mumbai, India. Also, medical service providers are adopting the use of advanced products in order to improve patient comfort. In May 2019, the NICU at St Peters Hospital announced the arrival of transport incubator system which is used for transport while admitting the babies to a NICU and post-discharge. Some of the prominent players in the neonatal critical care equipment market include:
Key companies Profiled: Neonatal Critical Care Equipment Market Report
- Cardinal Health
- DrAgerwerk AG & Co. KGaA
- GE Healthcare
- Koninklijke Philips N.V.
- Utah Medical Products, Inc.
- Ambu A/S
- Natus Medical Incorporated
- Inspiration Healthcare Group plc.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global neonatal critical care equipment market based on type and region:
Type Outlook (Revenue, USD Million, 2016 – 2027)
- Thermoregulation Equipment
- Phototherapy Equipment
- Monitoring Equipment
- Respiratory Equipment
Quick Read Table of Contents of this Report @ Neonatal Critical Care Equipment Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580