Impact Analysis of Covid-19
The complete version of the REPORT will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Neonatal Infant Care Equipment Market
Neonates or newly born infants require special assistance and/or monitoring due to medical conditions such as low birth weight and premature birth. In order to ensure proper care and healthy development, these infants are placed in a special ward and given care, which is referred to as neonatal care. Neonatal equipment comprise devices and equipment used in a neonatal intensive care unit (NICU), pediatric intensive care unit (PICU), or outside to take proper care of newly born infants.
The global neonatal infant care equipment market is estimated to account for US$ 3,330.5 Mn in terms of value by the end of 2027.
Global Neonatal Infant Care Equipment Market: Drivers
Increasing incidences of preterm births and corresponding efforts to increase their survival rates is expected to boost growth of the global neonatal infant care equipment market over the forecast period. For instance, according to March of Dimes 2019 report card, the preterm birth rate in the U.S. reached 10.02% in 2018 from 9.63% in 2015.
Increasing population is also expected to boost growth of the market. For instance, according to projections by Population Reference Bureau (PRB) included in the 2018 World Population Data Sheet, the world population is expected to reach 9.9 billion by 2050, up 2.3 billion or 29% from an estimated 7.6 billion people in 2018.
North America region held dominant position in the global neonatal infant care equipment market in 2019, accounting for 37.8% share in terms of value, followed by Europe.
Figure 1. Global Neonatal Infant Care Equipment Market Share (%), by Region, 2019
Global Neonatal Infant Care Equipment Market: Restraints
Decreasing birth rates in some economies is expected to hinder growth of the global neonatal infant care equipment market over the forecast period. For instance, according to National Vital Statistics System, the provisional number of births for the U.S. in 2018 was 3,788,235, registering a decrease of 2% from 2017 and the lowest number of births in 32 years.
Moreover, high prices of products is also expected to hinder growth of the market. High prices of products such as brain monitoring devices and ventilators has restricted their adoption in developing regions. However, companies are focused on developing cost efficient products
Global Neonatal Infant Care Equipment Market: Opportunities
Public and private initiatives to support neonatal infant care are expected to offer lucrative growth opportunities for players in the market. For instance, in January 2020, The Great Orchestra of Christmas Charity foundation collected US$ 42.28 million for purchases of medical equipment for neonatal wards in Poland.
Moreover, approval of aircraft for transporting neonatal patients is also expected to aid in growth of the market. For instance, in March 2020, Kazan Helicopters received permission from Rosaviatsiya (the Russian Federal Air Transport Agency) to equip Ansat helicopters with a special module for transporting neonatal patients.
Phototherapy Equipment segment in the global neonatal infant care equipment market was valued at US$ 502.4 Mn in 2019 and is expected to reach US$ 946.0 Mn by 2027 at a CAGR of 8.2% during the forecast period.
Market Trends/Key Takeaways
Hypothermia is common in infants born at hospitals, which is expected to lead to high demand for neonatal infant care equipment. For instance, according to the study, ‘Neonatal hypothermia and associated factors among neonates admitted to neonatal intensive care unit of public hospitals in Addis Ababa, Ethiopia’, published in August 2018, the prevalence of neonatal hypothermia in the study area was 64%.
The prevalence of neonatal jaundice is high worldwide. For instance, according to the study, ‘The prevalence of neonatal jaundice and risk factors in healthy term neonates at National District Hospital in Bloemfontein’, published in April 2018, in the African Journal of Primary Health Care & Family Medicine, the prevalence of neonatal jaundice was 55.2% in the study population.
Value Chain Analysis -
Global Neonatal Infant Care Equipment Market: Competitive Landscape
Major players operating in the global neonatal infant care equipment market GE Healthcare, Koninklijke Philips N.V., Medtronic plc, Drägerwerk AG & Co. KgaA, Natus Medical Incorporated, Pluss Advanced Technologies Pvt. Ltd., Weyer GmbH, Fisher & Paykel Healthcare Limited, BabyBloom Healthcare BV, Novos Medical Systems, Medical Technology Transfer and Services Asia (MTTS Asia), Inspiration Healthcare Group plc, and Fanem Ltda.
Global Neonatal Infant Care Equipment Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in November 2019, GINEVRI srl, an Italy-based manufacturer of medical equipment and solutions for neonatal care, demonstrated its range of neonatal incubators and warmers at MEDICA, an annual medical technology trade fair, held in Germany.
Similarly, in November 2019, Rober, a U.K.-based manufacturer of ‘zero pressure’ technology, launched a new pediatric mattress at MEDICA 2019.