Neonatal Intensive Care Market Overview
Market Research Future (MRFR) predicts that the global neonatal intensive care market share is projected to register a considerable compound annual growth rate of approximately 5.5% during the forecast period of 2018–2023.
The neonatal intensive care is a specialized unit that takes intense care of premature neonates. The surge in premature neonate natality rate is one of the major causes identified to boost the neonatal intensive care market growth. Furthermore, the increase in occurrence of disease like central line-associated bloodstream infections (CLABSIs) and pneumonia, those which premature newborns are extremely prone to is expected to fuel the global neonatal intensive care market growth over the assessment period. Technical advancement are aiding in the development of smart incubators that protect the neonates from extreme conditions like noise, temperature, infection, and helps in providing oxygen, medicine, and most importantly protection. this is also expected to drive the neonatal intensive care market growth.
Neonatal Intensive Care Market Segmental Analysis
The neonatal intensive care market’s segmental analysis provides a detailed understanding of the market that helps in identification of new growth windows and assists in preparing proper strategies to trigger the market growth. The neonatal intensive care market study has been segmented into product and end user.
On the basis of product, the market has been segmented into phototherapy equipment, catheters, convertible warmer and incubators, incubators, respiratory devices, infant warmers, neonatal monitoring devices, and others. Electric infant warmers and non-electric infant warmers are classified under the infant warmers segment. The neonatal monitoring devices segment has been further narrowed down to blood pressure monitor, pulse oximeters, capnographs, cardiopulmonary monitor, and others.
On the basis of end-use, the neonatal monitoring devices market has been segmented into childcare and clinics, hospital and others.
Neonatal Intensive Care Market Regional Insights
The demographic insights into the neonatal monitoring devices market give a holistic overview of the regional progress of the market. Geographically, the market study has been performed across North America, Latin America, Europe, Asia Pacific, and the Middle East Asia and Africa.
The North and Latin American region is anticipated to dominate the market over the forecast period of 2018–2023. In November 2018, the Centers for Disease Control and Prevention (CDC) reported that about 40,000 births per year in the US are born with congenital heart defects (CHDs). Increase in the natality rate and rise in the prevalence of chronic disorders are expected to spur the market growth in the coming years.
Europe is accounted to experience a considerable neonatal intensive care market growth. The region boasting of its strong technical base and well-equipped medical systems are likely to spur the market growth. Government initiatives like reimbursement policies and insurance policies are expected to bolster the regional market growth.
MRFR asserts that the Asia Pacific regional neonatal intensive care market, due to the increase in pet adoptions and animal welfare programs, can exhibit the fastest growth over the assessment period.
The Middle East & African region is anticipated to hold the least market share due to the low disposable income. The American Society of Hematology (ASH), in June 2018, proposed the governments, especially in the sub-Saharan Africa, to invest in the new-born intensive care units to facilitate proper medical care. However, the need for developing effective healthcare systems can boost the market growth in the region.
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Neonatal Intensive Care Market Key Players
MRFR enlisted, neonatal monitoring devices market key players are: Vetland Medical Sales and Services, Smiths Group plc, Digicare Biomedical Technology Inc., Henry Schein, DRE Medical, Jorgensen Labs, Medtronic, Midmark Corporation, B. Braun Melsungen AG, and Patterson Companies, Inc.
Neonatal Intensive Care Industry Update
May 2019: New technology, a video app called ‘Angel App’ helps connect parents to patients in the neonatal intensive care unit.