NEONATAL INFANT CARE EQUIPMENT MARKET ANALYSIS

The global neonatal infant care equipment market  is estimated to be valued at US$ 2,610.2 million in 2023 and is expected to exhibit a CAGR of 5.4% during the forecast period (2023-2030).

Analysts’ Views on Global Neonatal Infant Care Equipment Market :

To enable a neonatal infant care equipment which is rapid and in order to reduce the risk of manual errors, medical equpments manufacturers in the neonatal infant care equipment market are focusing on offering end users with convenient products. Furthermore, the global neonatal infant care equipment market is expected to witness growth, as manufacturers are launching new and improved products, and are investing more in research and development. Improved healthcare services, medical devices, neonatal monitoring systems, and phototherapy equipment are expected to drive the market growth

Figure 1. Global Neonatal Infant Care Equipment Market  Share (%), By Product Type, 2023

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Global Neonatal Infant Care Equipment Market  – Drivers

Increasing incidences of preterm births and corresponding efforts to increase their survival rates

Increasing incidences of preterm births and corresponding efforts to increase their survival rates is expected to drive the global neonatal infant care equipment market growth over the forecast period. For instance, according to the U.S. Department of Health & Human Services, in November 2022, reported preterm birth rate rise 4% in 2021, from 10.1% in 2020 to 10.5% in 2021. However, racial and ethnic differences in preterm birth rates remain in 2021, the rate of preterm birth among North America women’s (14.8%) was about 50% higher than the rate of preterm birth among white or hispanic women.

Increasing population globally

Increasing population globally is also expected to drive the market growth. For instance, in July 2022, according to report published by Population Reference Bureau (PRB) included in the 2021 World Population Data Sheet, the world population is expected to reach 10.8 billion by 2050, increased by 2.3 billion or 29% from 6.7 billion people in 2021.

Figure 2. Global Neonatal Infant Care Equipment Market  Value (US$ Million), By Region, 2023

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Global Neonatal Infant Care Equipment Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global neonatal infant care equipment market over the forecast period. North America is estimated to hold 42.8% of the market share in 2023. North America neonatal infant care equipment market is expected to witness significant growth in the near future, owing to increasing investment into companies. For instance, in January 2021, Drägerwerk AG & Co. KGaA, is a company that manufactures medical and safety technology products, and Breas Medical, a manufacturer of home-care ventilation and sleep therapy products, entered into a strategic partnership extends ventilation solutions into U.S. long-term care facilities to provide mechanical ventilator technology to skilled nursing facilities(SNF), and long-term acute care in the North America.

Global Neonatal Infant Care Equipment Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of equipments from one place to another.

However, the COVID-19 pandemic had positive impact on the global neonatal infant care equipment market . For instance, According to U.S. Government, in 2020, reported preterm birth affected 1 of every 10 infants born in the U.S. Around 8% of births in the U.K. awere preterm in COVID-19. That is about 60,000 babies every year, which might result in growing demand for neonatal care devices.

Global Neonatal Infant Care Equipment Market  Segmentation:

The global Neonatal Infant Care Equipment Market  report is segmented into by product type, by end user and by region.

By Product Type, the market is segmented into thermoregulation devices (radiant warmers, neonatal incubators, and neonatal cooling systems), phototherapy equipment (LED phototherapy unit, CFL phototherapy unit, and phototherapy eye mask), neonates neonatal monitoring systems (neonatal ventilation, brain monitoring, and blood gas monitoring system), hearing screening, and vision screening. Out of which, thermoregulation devices  segment is expected to hold a dominant position in the global neonatal infant care equipment market during the forecast period, owing to technological advancements in the field of neonatal infant care equipments

By End User, the market is segmented into hospitals, pediatric and neonatal clinics, and nursing homes. Out of which, the pediatric and neonatal clinics segment  is expected to dominate the market over the forecast period, owing to increasing preterm births

Among all the segmentations, the product type segment has the highest potential due to increasing advancements in neonatal infant care equipments over the forecast period.

Global Neonatal Infant Care Equipment Market-  Cross Sectional Analysis:

Key players are manufacturing new neonatal infant care equipments with advance technology in emerging economies, and this is expected to boost demand for infant care technologies in North America region. For instance, in September 2020, Koninklijke Philips - United States, a technology company that develops and manufactures medical systems and consumer electronics products in North America, launched the Agmented Infant Resuscitator (AIR) is a device that improves newborn resuscitation and safely inflate the lungs and provide optimum oxygenation by delivering consistent PIP with each breath avoiding the risks associated with under or over inflation at uncontrolled pressures.

 Global Neonatal Infant Care Equipment Market: Key Developments

In July 2020, Coeo Labs Pvt Ltd, a medical equipment manufacturer in India,  collaborated  with doctors of the Consortium of Affordable Medical Technologies (CAMTech) in U.S., to develop  a portable neonatal Continuous positive airway pressure therapy (CPAP) system. The portable CPAP intends to provide respiratory support to neonates with respiratory distress syndrome (RDS) during transportation.

In November 2021, Neotech Medical Systems Pvt. Ltd., a medical equipment manufacturer in India, launched infant transport incubator that is designed to circulate warm air at a temperature set by the operator while transporting preterm infants in severe condition to hospitals by ambulance.

In June 2020, Koninklijke Philips N.V., a technology company that develops and manufactures medical systems and consumer electronics products in Netherlands, announced the launch of Avalon CL Fetal and Maternal Pod and Patch, a remote monitoring device that allows continuous monitoring of maternal and fetal heart rate. This can be used in high-risk pregnancies by reducing physical interaction between patient and doctor, which was important during the pandemic.

Global Neonatal Infant Care Equipment Market : Key Trends

Fetal care equipment for Patients with Gestational Diabetes Mellitus in Pregnancy

Fetal care equipment for Patients with Gestational Diabetes Mellitus in Pregnancy is anticipated to witness significant growth. Fetal care equipment is required for monitoring and care of the fetus. For instance,  According to article published in Centers for Disease Control and Prevention (CDC) update in August 2021, reported in the United States, about 2% to 10% of pregnancies are affected by gestational diabetes. Thus, for the management of gestational diabetes, the demand for fetal care equipment is increasing.

Global Neonatal Infant Care Equipment Market : Restraint

Product recall of neonatal infant care equipment   

Product recall of neonatal infant care equipment is expected to hamper the growth of the global neonatal infant care equipment market over the forecasted time. For instance, in June 6, 2023, Abiomed, Inc. is a medical device technology company Recalled Specific Impella 5.5 with SmartAssist for Purge Fluid Leaks that Can Cause Pump Stop and Loss of Support. The FDA has identified this as a Class I recall, the most serious type of recall. Use of these devices may cause serious injuries or death.

 Global Neonatal Infant Care Equipment Market  - Key Players

Major players operating in the global Neonatal Infant Care Equipment Market  include GE Healthcare, Koninklijke Philips N.V., AngioDynamics Inc, 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.