Global Neonatal Intensive Care Market Pegged to Demand USD 9.09 billion By 2024
Zion Market Research has published a new report titled “Neonatal Intensive Care Market by Product Type (Infant Warmers, Incubators, Convertible Warmer & Incubators, Neonatal Monitoring Devices, Respiratory Devices, Phototherapy Equipment, Catheters, and Others), By End-User (Hospitals, Childcare Clinics, and Others), and by Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global neonatal intensive care market was valued at approximately USD 6.20 billion in 2017 and is expected to generate revenue of around USD 9.09 billion by end of 2024, growing at a CAGR of around 5.62% between 2018 and 2024.
A baby has to undergo numerous physical modifications to live outside. After leaving the uterus, the baby cannot depend on the mother’s circulation and placenta. Sometimes, a baby has problems in making developments and adopting the changed environment which leads to complications; in this case, the babies are admitted to a special place called a neonatal intensive care unit. Difficulty in delivery, prematurity, or birth defects in some of the reasons which can make these changes more challenging. The neonatal intensive care unit (NICU) or the Intensive Care Nursery is equipped with incubators, blood pressure monitor, oxygen hood, ventilator, and other equipment.
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Global neonatal intensive care market is primarily driven by worldwide increasing premature births. Increasing impediments in newborns and the necessity to spot and monitor them and occurrence of central line-associated bloodstream infections (CLABSIs), healthcare-associated pneumonia, and other neonatal hospital-acquired infections are some of the other drivers of this market. However, the high medical operating cost associated with preterm birth, the threat of infant mortality, and lack of proper diagnosis to forecast the chances of preterm birth may create restraints to the neonatal intensive care market.
The neonatal intensive care market is segmented on the basis of product type including respiratory devices, infant warmers, convertible warmer & incubators, incubators, phototherapy equipment, neonatal monitoring devices, catheters, and others. Respiratory devices segment is leading and can continue its lead in the forecast period. Due to the factors such as accuracy, performance easiness, and cost-effectiveness the segment is anticipated to set the tone for a valuable growth. In the neonatal intensive care unit, the use respiratory devices were surveyed to form a larger part in the special care devices. Application of such devices that care for premature babies could extremely boost its demand in the future. On the basis of the end-user, the neonatal intensive care market is segmented as child care clinics, hospitals, and others.
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North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the key regional segments of global neonatal intensive care market. North America is projected to dominate the global neonatal intensive care market. The increased government funding and improving awareness about child care in the region are the key factors liable for the largest share of this regional segment. However, Europe also has a massive prospective for expansion, due to the extensive presence of global companies introducing advanced techniques. Elevated premature births in this region could be owing to several pregnancies with artificial insemination, high blood pressure, late parenthood, and obesity. Asia Pacific region is also projected to expand at a substantial rate owing to developing education systems, increasing awareness, and escalating insurance payers.
Major key players in neonatal intensive care market are Cook Medical, B. Braun Melsungen AG, C. R. Bard, Inc., Medtronic Plc, Teleflex Incorporated, and Becton, Dickinson, and Company, among others. Many market players have common business strategies such as the rise of new product launch and strategic acquisition as to gain a strong foothold in the industry.
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Global Neonatal Intensive Care Market: by Region
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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