Neonatal Intensive Care Market Overview
It is estimated that the Global neonatal intensive care market is expected to register a CAGR ~5.5% during the forecast period of 2018–2023 with an estimated market value of 9.1 billion in 2017.
The global market is driven by factors such as rising prevalence of diseases in new-born children and increasing neonatal population. According to data published by the Centers for Disease Control and Prevention in January 2017, there were 3,945,875 births in the US in 2017.
On the other hand, the lack of awareness, high cost of equipment, and lack of skilled professionals is restraining the growth of neonatal intensive care market. For instance, according to a report published by the International Journal of Neonatal Screening in September 2018, the reports of false positive cases in neonates are increasing for various diseases.
The global neonatal intensive care market is currently dominated by many market players. The key players in the market are involved in new product launches and strategic collaborations to strengthen its market position. For instance, PerkinElmer’s QSight 210 MD system launched in September 2016, utilizes tandem quadrupole analysis which provides regular robust screening along with higher sensitivity and faster scanning.
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Neonatal Intensive Care Market Segmentation:
The global neonatal intensive care market is segmented on the basis of product type, end use, and region.
By product type, the global neonatal intensive care market is segmented into infant warmers, incubators, respiratory devices, neonatal monitoring devices, convertible warmer & incubators, phototherapy equipment, catheters, and others. The infant warmers segment is further sub-segmented into electric and non-electric infant warmers. The neonatal monitoring devices segment is further classified as cardiopulmonary monitor, blood pressure monitor, pulse oximeters, capnographs, and others.
By end use, the global neonatal intensive care market is segmented into hospitals, childcare clinics, and others.
Neonatal Intensive Care Market Regional Analysis:
North America and Europe are biggest revenue-generating regions in the global neonatal intensive care market. Widespread development of medical technology and high awareness regarding the various conditions that can affect infants and bring about infant diseases and mortality have led to strong development of the neonatal intensive care market in these regions over the years. Developing countries have mainly suffered from a lack of advanced device technology, whereas the strong presence of the industrial manufacturing sector in Europe and North America has allowed the neonatal intensive care market to flourish in these regions. Growing investment in the private healthcare sector is likely to result in further product advances in the neonatal intensive care market in these two regions, leading to steady growth of the market. Technological development in the neonatal intensive care market is likely to be a major strength of the market in North America and Europe.
Widespread availability of government-sponsored healthcare reimbursement schemes in Europe has enabled widespread availability of neonatal intensive care units. This is likely to be a major driver for the neonatal intensive care market in Europe over the forecast period, as the region has one of the highest rates of healthcare coverage in the world.
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Neonatal Intensive Care Market Key Players:
Leading players in the global neonatal intensive care market include Becton Dickinson and Company, R. Bard, Philips, Teleflex Inc., Utah Medical, Cook Medical, Medtronic, B. Braun Melsungen AG, AngioDynamics Inc., and Vygon (UK) Ltd.
In September 2019, St. Peter’s Health and Bozeman Health, leading healthcare providers in Montana, announced a collaboration agreement to work on a new neonatal intensive care unit. The growing population of the surrounding region, a major economic center of the state, has necessitated the development of new, developed technologies to serve the growing need. The unit is also expected to feature telehealth facilities.
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