Neonatal Intensive Care Market to be worth US$ 13.9 billion by 2030

United States, New York, 2023-Feb-10 — /EPR Network/ —The global neonatal intensive care market is expected to grow from USD 7.5 billion in 2021 to USD 13.9 billion by 2030, at a CAGR of 8.1% from 2022 to 2030. When children are born early, have health problems, or have a difficult birth, they go to the NICU (Neonatal Intensive Care Unit) Hospital. There, babies get around-the-clock care that has a team of experts. The neonatal care units have highly advanced machines that provide critical care and support to preterm babies with low birth weight or suffering from serious medical conditions such as respiratory distress syndrome or both. According to the WHO, around 15 million babies are born every year that are premature, and this number is increasing day by day. Prematurity has become one of the causes of death in newborn babies. This is likely to increase the demand for the number of NICUs in hospitals to assist in the proper care of the neonates. Also, developing hospital healthcare infrastructure and the entry of private players in the hospital sector are projected to increase the demand for essential equipment used for neonatal intensive care units during the forecast period.

The growing medical technology and equipment innovations are playing a vital role in developing high-quality and featured neonatal equipment. Technological advancements in NICUs equipment have increased demand for specialized neonatal care equipment across developed and emerging economies. The development of novel incubators and magnetic resonance imaging (MRI)-compatible incubators is projected to provide enhanced care to preterm babies, which will propel the neonatal care equipment market. Moreover, the rising awareness among healthcare providers for the advancements in the equipment for the NICU and an increase in the collaborations and partnership among players to provide highly advanced NICU are anticipated to accelerate the market growth.

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NICU equipment’s high maintenance and purchase costs are projected to hinder the market growth during the forecast period. Furthermore, the market’s growth is likely limited by the lack of access to neonatal care equipment in developing countries. Budgetary constraints and limited healthcare spending in these countries have led to an increase in purchasing low-cost refurbished devices by neonatal intensive care units. This, combined with a sizable refurbished equipment market in emerging markets, limits hospital demand for new equipment. This is yet another stumbling block to the market’s expansion.

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Scope of the Neonatal Intensive Care

The study categorizes the neonatal intensive care market based on product and end-users at the regional and global levels.

By Product Outlook (Sales/Revenue, USD Million, 2017–2030)

• Neonatal Incubators
• Neonatal Phototherapy System
• Neonatal Ventilators
• Neonatal Monitors
• Others

By End-Users Outlook (Sales/Revenue, USD Million, 2017–2030)

• Childcare Clinics
• Hospitals
• Others

By Region Outlook (Sales/Revenue, USD Million, 2017–2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

By product type, The neonatal incubators segment is accounted for the largest market share

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The market is segmented into neonatal phototherapy systems, neonatal incubators, neonatal ventilators, neonatal monitors, and others based on product type. In 2020, the neonatal incubators segment dominated the market, providing neonates with a comfortable temperature. These incubators are required in a neonatal intensive care unit because they maintain thermal stability within the chamber, which improves the survival rate of premature babies. The demand for neonatal incubators is being fueled by players’ introduction of highly advanced neonatal incubators and an increase in neonatal admissions. On the other hand, the neonatal ventilators segment is likely to grow rapidly during the forecast period. The rise in respiratory disorders in premature babies is likely to boost the demand for neonatal ventilators during the forecast period. The presence of numerous players in the development of neonatal monitors and increasing innovations in monitors that display real-time data are expected to propel the neonatal monitor segment forward.

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Asia Pacific accounts for the highest CAGR during the forecast period

The global neonatal intensive care market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa based on the regions. The improving healthcare infrastructure, the presence of various players, and the rising awareness about neonatal care by many healthcare organizations are expected to provide lucrative growth opportunities to the market in the Asia Pacific. The rapid increase in the prevalence of respiratory diseases in newborn infants and premature birth rates are expected to increase demand for neonatal intensive care in the coming year in the respective regions.

Key Market Players

Every company follows its business strategy to attain the maximum market share. Currently, B. Braun Melsungen AG, Becton, Dickinson and Company, Cook Group, Digicare Biomedical Technologies Inc., Medtronic plc, Koninklijke Philips N.V, Phoenix medical Systems, Smiths Medical, Teleflex Incorporated, and Utah Medical Products Inc. are some of the leading players operating in the global neonatal intensive care market.