Neonatal Ventilator Market to Surpass US$ 683.2 Mn by 2030
Neonatal Ventilator Market, by Product Type (Intensive Care System and Portable System), by Interface (Invasive and Non-invasive), by End User (Hospitals, Ambulatory Surgical Centers, Long Term Care Centers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) is estimated to be valued at US$ 422.2 Million in 2023 and is expected to exhibit a CAGR of 7.1 % during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The initiatives by government organizations to conduct awareness programs regarding respiratory diseases can drive the growth of the global neonatal ventilator market over the forecast period. For instance, on April 13, 2023, a panel discussion was organized by the European Respiratory Society along with Pan African Thoracic Society to raise awareness of respiratory care for newborns in resource-limited settings. In this panel discussion, speakers from Italy, Sweden, and South Africa participated. They discussed the burden of neonatal respiratory disease worldwide, Strategies for neonatal resuscitation in resource-limited settings, Devices and interventions for respiratory care in the post-natal ward, and challenges and future opportunities for improving neonatal respiratory outcomes.
Global Neonatal Ventilator Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global neonatal ventilator market. This is because of an increasing number of respiratory diseases that were reported during the COVID period. For instance, according to an article published on August 2, 2022, in Critical Care Medicine Journal, the demand for mechanical ventilators in the U.S. increased during the COVID-19 pandemic. The survey was conducted in the U.S. on different acute care hospitals and hospitals providing pediatric care. The increase in pediatric and neonatal mechanical ventilators was 15.6%.
Global Neonatal Ventilator Market: Key Developments
Strategies like mergers and acquisitions can increase the reach of the products and customer base of acquiring company, and the product can reach more regions. This is expected to boost market growth during the forecast period.
For instance, on June 22, 2020, Inspiration healthcare Group Plc., a U.K.-based medical technology marketing company, acquired neonatal ventilation product provider SLE Limited, a U.K.-based medical equipment company for US$ 19.3 million.
Browse 30 Market Data Tables and 20 Figures spread through 150 Pages and in-depth TOC on “Global Neonatal Ventilator Market”- Forecast to 2030, Neonatal Ventilator Market, by Product Type (Intensive Care System and Portable System), by Interface (Invasive and Non-invasive), by End User (Hospitals, Ambulatory Surgical Centers, Long Term Care Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/neonatal-ventilator-market-3556
Key Takeaways of the Global Neonatal Ventilator Market:
- The global neonatal ventilator market is expected to exhibit a CAGR of 7.1 % during the forecast period. The seminars and workshops being arranged for the physicians increase awareness regarding neonatal care in respiratory disorders. This ultimately increases the demand for neonatal ventilators and offers lucrative growth opportunities for players in the global neonatal ventilator market. For instance, on May 16, 2023, a two days seminar course was arranged in Madingley Hall, Cambridge by Cambridge Perinatal Group on Neonatal ventilation. The course was arranged for neonatal and pediatric consultants, trainees, and nurse practitioners who want to have a good understanding of the principles of ventilation and wish to advance their training in this area. The course included various neonatal ventilator models set up for use with artificial lungs. There was also a video-laryngoscopy session where delegates can learn and practice the use of these devices.
- Among product type, portable segment is expected to grow in the global neonatal ventilator market over the forecast period. This is because portable ventilators can be moved to patient locations easily in case of an emergency. They are small in size hence easy to carry and have a good battery life. This increases the efficiency of ventilators and hence increases the demand. For instance, according to an article published on December 2020, in the Journal of Respiratory Care, The process of changing from an ICU ventilator to a portable home ventilator (PHV) in children requiring long-term mechanical ventilation was improved through the use of a proper standardized protocol. This helped to reduce failure attempts of transitioning to a more suitable method for neonatal respiratory care.
- Among region, North America is expected to be the dominant region in the global neonatal ventilator market, owing to the increasing launches of products in this region. On November 18, 2021, aXcent Medical GmbH, a Germany-based medical technology provider, exhibited a new non-invasive ventilator at medical business to business trade fair, Medica It also presented an electronic anesthesia workstation APUS x3. It is suitable for neonates as well as pediatric patients.
- Major players operating in the global neonatal ventilator market include Philips Respironics, Nihon Kohden Corporation, Medtronic Plc, GE Healthcare, CareFusion, ResMed, Hamilton Medical, Drägerwerk AG & Co. KGaA, Smith Medical, Breas Medical, and Becton, Dickson and Company.
