Neonatal equipment include heart or cardiorespiratory monitor, blood pressure monitor, temperature probe, pulse oximeter, X-ray, CT scan, MRI, endotracheal tube (ET), respirator or mechanical ventilator, continuous positive airway pressure (CPAP), and Extracorporeal membrane oxygenation (ECMO).
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 number of pediatric intensive care units is expected to propel growth of the global neonatal infant care equipment market over the forecast period. For instance, in February 2020, Carle Foundation Hospital unveiled a new pediatric intensive care unit with plans to open it in early April.
Global Neonatal Infant Care Equipment Market: Opportunities
Lack of neonatal infant care equipment in developing economies is expected to offer lucrative growth opportunities for players in the market. For instance, according to spot check conducted by the Sunday Nation in Nairobi County and K’ombewa in Kisumu County (Kenya), in February 2020, there is lack of crucial equipment in neonatal infant care.
Global Neonatal Infant Care Equipment Market: Restraints
Lack of product differentiation is expected to hamper growth of the global neonatal infant care equipment market over the forecast period. There is a lack of uptake of neonatal equipment in low and medium income countries. This is mainly due to lack of or no product developments in the market. The extremely low rate of product differentiation has resulted in low demand from emerging economies, thereby hampering overall growth of the market.
The Thermoregulation Devices segment in the global neonatal infant care equipment market was valued at US$ 968.0 Mn in 2019 and is expected to reach US$ 1,642.4 Mn by 2027 at a CAGR of 6.8% during the forecast period. Increasing incidences of preterm births in developed and developing regions during the forecast period is expected to propel the growth of the segment during the forecast period.
The Hospital segment held dominant position in the global neonatal infant care equipment market in 2019, accounting for 52.5% share in terms of value, followed by pediatric and neonatal clinics, respectively. Increasing number of pediatric intensive care units in hospitals is expected to assist the growth of the segment during the forecasted period.
Major hospitals are partnering with other hospitals for providing neonatal infant care. For instance, in January 2020, Seattle Children's Hospital partnered with Bozeman Health and Helena, Mont.-based St. Peter's Health hospitals to provide expertise on best practices, technical guidance, and training in neonatal infant care.
Development of integrated neonatal systems is expected to aid in growth of the market. For instance, in March 2020, researchers from Simpson Querrey Institute, Northwestern University, U.S., reported development of skin-interfaced biosensors for advanced wireless physiological monitoring in neonatal and pediatric intensive-care units.
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
March 2020: Pathen Medical, a specialized medical devices developer, launched NanoCath NICU-Comfort I.V. Catheter that is designed for infants in neonatal intensive care units
April 2019: InMed Pharmaceuticals’ ‘Bilikit’, a portable kit for the treatment of infants with jaundice, underwent clinical trial in Peru