DUBLIN--(BUSINESS WIRE)--The "Neonatal Care Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product" report has been added to ResearchAndMarkets.com's offering.
The neonatal care equipment market is projected to reach US$ 3,103.81 million by 2028 from value of US$ 1,934.24 million in 2021; it is expected to register a CAGR of 7.0% from 2022 to 2028
The growing number of premature and low-weight births and an increasing number of NICU admissions drive the growth of neonatal care equipment. However, the decreasing birth rates and high prices of products with neonatal care equipment hamper the market growth.
Neonatal care equipment is used to care for small and sick neonates to keep them warm, track their growth, treat jaundice, and provide oxygen or respiratory support. The neonates are taken care of by using various devices such as electric warmers, neonatal ventilators, continuous positive airway pressure devices, blood pressure monitors, cardiac monitors, pulse oximeters, capnographs, integrated monitoring devices, and other devices.
Preterm birth remains a significant public health problem, contributing to 75% of worldwide neonatal mortality. Low birth weight (LBW) is an important but imperfect surrogate for preterm birth when the accurate determination of gestational age is impossible. While there is overlap between preterm births and LBW newborns, those who are both preterm and LBW are at the highest risk for adverse neonatal outcomes.
The World Health Organization (WHO) estimates that over 15 million infants are born prematurely yearly, and around 1 million die from premature birth problems. According to the World Health Organization, more than 60% of preterm births occur in South Asia and Africa. The preterm birth rate in low-income countries was around 12%, compared to 9% in higher-income countries. Approximately 3,519,100 preterm births were recorded in India in 2018.
The increasing prevalence of hypothermia in preterm infants is a significant public health concern. The World Health Organization reported it as a leading cause of neonatal mortality and morbidity. Common causes of premature birth are infections, chronic diseases such as high blood pressure and diabetes, and multiple pregnancies; however, often, no cause is identified. Therefore, the increasing number of preterm births and increased survival concerns fueled the demand for neonatal care equipment to manage the complications associated with preterm birth.
Technological advances and innovations in the 21st century aimed at developing highly efficient tools for effective infant care have proven significant in managing preterm infants. Devices such as infant warmers and incubators, respiratory support and monitors, phototherapy devices, and neonatal monitors are used for critical care and monitoring of the baby.
Double-walled servo-controlled incubators and improved mechanical fans ensure better treatment and care than their predecessors and have better yields and positive results. Also, several multi-chain hospitals opened specialized pediatric clinics in different locations to increase access to neonatal clinics.
In addition, the number of neonatal intensive care units in community hospitals and specialized neonatal clinics open for service in various locations increased the demand and use of neonatal treatment equipment, which would provide opportunities for the neonatal care equipment market to grow significantly.
Recent developments related to neonatal care equipment
- In May 2022, Medtronic received FDA clearance for the Nellcor OxySoft SpO2 sensor. The new sensor helped clinicians to respond quickly to well-informed decisions for their critical care patients.
- In April 2021, BD announced a US$1 million cash donation over five years to UNICEF USA in support of UNICEF's work to uphold the rights of all children and help every child survive and thrive. The donation is supported to eliminate Maternal and Neonatal Tetanus (MNT) in at-risk countries worldwide.
- In February 2020, Masimo received FDA clearance for improved oxygen saturation (SpO2) accuracy specifications for neonatal patients for its Neonatal RD SET Pulse Oximetry Sensors. This helped the company improve its product offerings, improving the lives of neonatal, infant, and pediatric patients.
- In January 2020, Nihon Kohden Corporation launched its new NKV-550 Series Ventilator System, which offers a full suite of applications necessary in a critical care setting for patients of all ages.
Key Market Dynamics
Market Drivers
- Growing Number Of Premature And Low Weight Births
- Increasing Number of NICU Admission
Market Restraints
- Decreasing Birth Rates and High Prices of Products
Market Opportunities
- The Rising Awareness About Neonatal Care Equipment
Future Trends
- Increased R&D and Developments in the Neonatal Care Equipment Market
Company Profiles
- GE Healthcare
- Koninklijke Philips N.V.
- Medtronic
- Dragerwerk AG & Co. KGaA
- Nihon Kohden Corporation
- Natus Medical Incorporated
- Fisher & Paykel Healthcare Limited.
- Masimo
- BD
- Novos
For more information about this report visit https://www.researchandmarkets.com/r/xh3z2p
