Global Neonatal Intensive Care Market: Snapshot
The global neonatal intensive care market is projected to gain growth on the back of the increasing complications in newborns and the need to detect and monitor them. The rising count of preemies or swelling occurrence premature births could be a major factor supplementing the demand for neonatal intensive care. Furthermore, the magnifying birthrate in emerging nations is envisaged to tellingly increase the growth of the market. Notable growth factors such as the prevalence of healthcare-associated pneumonia, central line-associated bloodstream infections (CLABSIs), and other neonatal hospital-acquired infections could be worth keeping a close eye on.
Expected to rise at a CAGR of 5.5% between 2017 and 2025, the global market for neonatal intensive care could earn an around US$9.0 bn by the final forecast year. In 2017, it secured a revenue valuation of US$5.9 bn.
Cost-effectiveness and Accuracy Key for Leading Growth of Respiratory Devices
On the basis of product type segmentation, the world neonatal intensive care market could be classified into catheters, phototherapy equipment, respiratory devices, neonatal monitoring devices, convertible warmers and incubators, incubators, and infant warmers. According to market research experts, the respiratory devices segment could continue its lead grabbed in 2016 until the end of the forecast period. Factors such as performance ease, accuracy, and cost-effectiveness are anticipated to set the tone for a valuable growth of this segment. Respiratory devices are surveyed to form a larger portion of special care devices in a neonatal intensive care unit. Their application to care for premature babies could remarkably augment the demand in the coming years.
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Respiratory devices could be further classified into resuscitators, transcutaneous oxygen/carbon dioxide monitor, and neonatal ventilators. Neonatal monitoring devices, on the other hand, could be divided into capnographs, pulse oximeters, blood pressure monitors, and cardiopulmonary monitors. Infant warmers could see a classification into non-electric infant warmers and electric infant warmers. By end user, the world neonatal intensive care market is predicted to be segmented into childcare clinics and hospitals.
Rise of Private Healthcare Sector Significant for Asia Pacific to Grow Faster
On the regional front, the international neonatal intensive care market is foretold to testify the dominance of North America envisioned to expand at a 5.2% CAGR. The growth in North America could be attributed to the rise in government funding and improving awareness about childcare. The U.S. observed a 517,400 count of premature births in 2016 as per a World Health Organization (WHO) report. The country also witnesses a high incidence of premature births, according to the Centers for Disease Control and Prevention (CDC).
Second on the list of higher-growth getters in the international neonatal intensive care market could be Europe rising significantly due to the extensive presence of global companies introducing forward-thinking techniques. High premature births in the region could be owing to multiple pregnancies with artificial inseminations, late parenthood, high blood pressure, and obesity.
Asia Pacific is foreseen to be a faster-growing region of the international neonatal intensive care market expected to rise at a CAGR of 6.2%. Japan and China could be among the major contributors of the Asia Pacific market. Rising awareness, improving education systems, growth of the private healthcare sector, and increasing insurance payers are forecast to support the market in these countries.
The worldwide neonatal intensive care market incorporates top players such as Cook Medical, Medtronic plc, Teleflex Incorporated, C. R. Bard, Inc., B. Braun Melsungen AG, and Becton, Dickinson and Company.
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