The Neonatal infant care equipment market size is expected to reach USD 2.2 billion with a CAGR of 5.6% by 2028 where the base year is considered 2022 when the market share value was USD 3.05 billion.
Impact of COVID-19 on the neonatal infant care equipment market:
Infants who are born with some critical medical conditions or are severely ill after birth are generally kept under special observation which is called a neonatal intensive care unit (NICU). Search babies if not treated at the time of birth may suffer from lifelong defects like nonfunctional or impaired organs or can be even deadly in some cases. Increasing investments in the neonatal infant care equipment market are beneficial for both the manufacturers of the equipment as well as for the patients.
The birth rate decreased significantly during the COVID-19 pandemic. Various reasons can be considered for the decreased birth rate which includes the threat of contracting the virus and also the financial distress which was spread across all the sectors of the society over the globe. The decreased birth rate resulted in Decrease in demand for neonatal infant care equipment.
However neonatal care equipment like respiratory support systems and ventilators experienced increased demand during the COVID-19 outbreak. This is because newborn babies who got affected by the COVID-19 virus suffered from respiratory issues. So, it can be concluded that the neonatal infant care equipment market experienced a mixed impact of the COVID-19 pandemic.
MARKET DRIVERS:
The number of preterm births is increasing all over the world day by day. The preterm births can have health risks which include brain hemorrhage respiratory stress and necrotizing enterocolitis in many cases. Due to the increasing incidences of preterm births, for supporting the survival of these babies the demand for neonatal infant care equipment has been rising recently. This drives the growth of the neonatal infant care equipment market. Continuous improvement has been seen in the neonatal infant care equipment market. This technically advanced equipment has helped to increase the survival of these pre-term babies. This improved neonatal care equipment drives the growth of the neonatal infant care equipment market share. Awareness regarding the use of neonatal infant care equipment is rising. The neonatal jaundice disorder is slowly getting common in babies, this is also one of the prominent reasons for the steady growth of the neonatal infant care equipment market.
Hence, the rising number of preterm births, technical improvements in neonatal infant care equipment, and increased awareness regarding the use of neonatal infant care equipment are the major factors that drive the neonatal infant care equipment market share towards growth.
MARKET RESTRAINTS:
The neonatal infant care equipment is not affordable for patients from all sectors. Also, in undeveloped and developing countries, many hospitals and healthcare centers cannot afford neonatal infant care equipment. Thus, in many of the regions, this equipment is not available even when required. This decreases the demand and usage of the neonatal infant care equipment market. A skilled and well-trained professional is required to handle neonatal infant care equipment effectively. In most parts of the world, there is a scarcity of skilled professionals Who can handle this neonatal infant care equipment properly. Due to this, the usage of neonatal infant care equipment is scarce in many of the regions Which ultimately affects the growth of the neonatal infant care equipment market. Currently, the development of neonatal infant care equipment is a challenge for both the developers as well as the users who handle the equipment. The overall design and functioning of the equipment are very complex and any new changes in the design and internal components of the equipment might raise doubts about its reliability and safety. This restricts any kind of development and growth in the neonatal infant care equipment market.
Therefore high prices and the unavailability of neonatal infant care equipment, the scarcity of skilled and well-trained professionals for handling the equipment, and the complex nature of the design of the equipment are the major factors that limit the growth of neonatal infant care equipment market share.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 to 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 to 2028 |
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Segments Covered |
By Product Type, End-Users, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
Research Report on the neonatal infant care equipment market has been segmented and sub-segmented into Product Type, End- Users, and Region.
Neonatal Infant Care Equipment - By Product type:
The thermoregulation devices segment is leading the neonatal infant care equipment market with a market share of over 51%. The thermoregulation devices like radiant warmers and neonatal incubators are mostly used for the treatment of babies suffering from neonatal jaundice, which is one of the most prominent diseases. Hypothermia is also one of the common disorders found in newborn babies. Did her more regulation devices are helpful in such cases as they are used to maintain the body temperature of the newborn babies in the thermal environment.
The phototherapy equipment segment holds the second spot in the neonatal infant care equipment market with a market share of around 26%. The phototherapy equipment is also used for the treatment of neonatal jaundice, a condition in which the skin and eyes of a baby turn yellow. The main cause of neonatal jaundice is bilirubin which is a waste product generated in the body after the breakdown of RBCs. The phototherapy equipment breaks down the bilirubin using a blue light.
The neonatal monitoring system accounts for around 18% of the neonatal infant care equipment market share. This system keeps track of heart rate, respiratory rate, and oxygen saturation level in newborn babies. This helps with the timely diagnosis of the disease and deciding the treatment plan for the future.
The hearing screening and vision screening together hold for only 5% of the neonatal infant care equipment market share.
Neonatal Infant Care Equipment - By End Users:
The hospital segment is leading in the neonatal infant care equipment market with a market share of over 52%. The main reason for the growth of the segment is due to the maximum number of deliveries being carried out in hospitals. Also, the (NICU) Neonatal Intensive Care Units are present in hospitals.
The neonatal clinics segment holds the second spot in the neonatal infant care equipment market with a market share of around 30%. The rising awareness about neonatal care and the growing number of neonatal clinics all over the world is the major reason for the growth of the segment in the neonatal infant care equipment market.
The nursing homes segment accounts for the lowest share of the neonatal infant care equipment market with a market share of 18%. The nursing home segment is set to grow at the fastest rate among the three segments. Nursing homes are a convenient option for the long-term care and treatment of infants and as the number of nursing homes is rapidly increasing the neonatal infant care equipment market is also increasing at a steady pace.
Neonatal Infant Care Equipment - By Region:
North America is leading in the neonatal infant care equipment market with a market share of around 43%. The well-developed healthcare system at the ground level in North America is the main reason for the growth of the neonatal infant care equipment market share in the region. Also, the high income along with high expenditure on healthcare drives the growth of the market. The United States and Canada are the biggest markets for the neonatal infant care equipment market in the North American region.
Asia Pacific region holds the second spot in the neonatal infant care equipment market with a market share of 32%. The rapidly increasing birth rate in Asian countries like India drives the growth of neonatal infant care equipment market share in the Asia Pacific region. Rise in the incidences of pre-term births due to accidents and lack of proper knowledge about precautions and care to be taken.
Europe stands at the third spot in the neonatal infant care equipment market with a market share of around 15%. The rising awareness about newborn care and thus increase in the demand for neonatal infant care equipment in the region drives the growth of the neonatal infant care equipment market share.
The Latin America and Middle East and Africa region together account for only 10% of the neonatal infant care equipment market share. The lower operation in Latin American countries and lack of awareness about neonatal care in African countries is the major reason for the lower growth of the neonatal infant care equipment market in both regions.
KEY MARKET PLAYERS:
The Prominent key players in the global neonatal infant care equipment market are Phoenix Medical Systems Pvt Ltd, EDAN, GE Healthcare, Medtronic, Dragerwerk AG & Co.
RECENT MARKET DEVELOPMENTS:
Frequently Asked Questions
Factors driving market growth include the increasing prevalence of premature births, advancements in neonatal care technology, rising healthcare infrastructure in developing countries, and a growing awareness of infant health.
As of 2022, North America and Europe held significant market shares due to well-established healthcare systems and a high incidence of preterm births. However, the Asia-Pacific region was showing rapid growth due to increasing healthcare investments.
Challenges include the high cost of neonatal care equipment, especially in developing regions, stringent regulatory requirements, and the need for skilled healthcare professionals to operate the equipment.
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