Neonatal Infant Care Market is expected to go great guns by the year 2030. The CAGR would be 6.5%. With mixed reality in the foray, virtual objects could be integrated with the real-life ambience, thereby rendering simultaneous manipulation of digital twins. In other words, digital twinning is expected to be the future of healthcare vertical in the forecast period.
Presently, various types of neonatal monitoring, assistance, and therapeutic care equipment are available commercially. Demand for neonatal infant care equipment is increasing across regions owing to rising prevalence of preterm birth complications and incidence of jaundice in neonates.
Technological advancements along with improvements in available neonatal infant care equipment have benefitted manufactures and users alike. Demand has been increasing significantly across both, developed as well as emerging economies. There is especially high demand for thermoregulation devices such as warmers, incubators, eye masks, and monitoring systems.
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According to a revised report published by Persistence Market Research, the global neonatal infant care equipment market was valued at US$ 1.9 Bn in 2019 and is predicted to witness an impressive CAGR of 6.5% over the forecast period (2020–2030).
Companies covered in Neonatal Infant Care Market Report
- GE Healthcare
- Koninklijke Philips N.V
- Medtronic
- Drägerwerk AG & Co. KGaA
- Natus Medical Incorporated
- Fisher & Paykel Healthcare Limited
- Masimo Corporation
- Becton, Dickinson and Company
- Phoenix Medical Systems (P) Ltd.
- EDAN
- Pluss Advanced Technologies
- Natus Medical
- Novos Medical Systems
- Inspiration Healthcare Group
- Mead Johnson & Company, LLC
- NIHON KOHDEN COPORATION
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Key Takeaways from Market Study
- Based on product, thermoregulation devices are expected to represent more than 50% of the revenue share.
- By end user, hospitals account for a major revenue share of 52.8%, and the trend is projected to continue during the forecast period as well, due to availability advanced facilities, point of care services, and presence of skilled professionals.
- Availability of a wide range of advanced neonatal equipment, rising prevalence of preterm births, and increasing healthcare expenditure are factors aiding market growth.
- North America, followed by Europe, are leading regions in the global neonatal infant care equipment market.
- The market in the U.S. is projected to expand at a CAGR of nearly 7%, while that in the U.K. at 6.5%.
- Both, China and India, are projected to experience a CAGR of more than 7%, on back of high birth rates in the countries.
“New product approvals and launch of advanced neonatal equipment, along with growing demand for jaundice management in newborns, are factors aiding market expansion,” says a Persistence Market Research analyst.
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Collaborations and Acquisitions by Key Players
Prominent players in the global neonatal infant care equipment market are firming their product ranges through acquisitions and collaborations to reach out to emerging markets. Leading manufacturers are actively focusing on technological advancements as well. Manufacturing capacity expansion is expected to remain a crucial trend over the coming years.
- For instance, in February 2021, Medtronic plc announced the results of the prospective observational study comparing the efficacy and reliability of two pulse oximeters — Nellcor™ Bedside SpO2 Patient Monitoring System and Masimo Radical-7® Pulse CO-Oximeter®. The study was carried out in collaboration with global healthcare communities.
Increasing Focus on Distribution Network
Neonatal infant care equipment manufacturers are following a collaborative approach, between companies and nursing homes or maternal hospitals, which is expected to enhance their distribution networks across regions.
- Multinational companies such as GE Healthcare and Fanem Ltda. have signed strategic alliances with hospitals for supplying neonatal infant care equipment, to improve their distribution network in emerging markets.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the neonatal infant care equipment market in its latest study, presenting historical demand assessment of 2015 – 2019 and projections for 2020 – 2030. The research study is based on product (thermoregulation devices [radiant warmers, neonatal incubators, and neonatal cooling systems], phototherapy devices [LED phototherapy units, CFL phototherapy units, and phototherapy eye masks], monitoring systems [neonatal ventilation, brain monitoring, blood gas monitoring system], hearing screening and vision screening) and end user (hospitals, pediatric & neonatal clinics, and nursing homes), across seven key regions of the world.
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