Global revenue of the neonatal infant care equipment market reached ~ US$ 1.7 Bn in 2018, disclosed the new research study by Persistence Market Research (PMR). At present, various types of neonatal monitoring, assistance, and therapeutic care equipment are available commercially in neonatal infant care equipment market.
However, penetration rate of these advanced neonatal infant care equipment has been slow in low- to medium-income countries.
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- GE Healthcare
- Koninklijke Philips N.V.
- Medtronic plc.
- Drägerwerk AG & Co. KGaA
- Natus Medical Incorporated
- Fisher & Paykel Healthcare Limited
The demand for neonatal infant care equipment has increased across geographies and owing to technological advancements along with improvements in the available neonatal infant care equipment, demand has been increasing significantly in both developed as well as emerging economies. Increasing demand for such equipment would contribute towards the overall growth of this market in the near future.
Thermoregulation Devices Contributing Substantial Revenue Shares
According to the report, the thermoregulation devices segment of the neonatal infant care market is expected to witness a CAGR of ~ 6% in the forecast period (2019-2029). Thermoregulation devices in neonatal infant care equipment market show a significant growth in the demand as these are the most important devices for the problem of hypothermia to new born sick infants. As per WHO, hypothermia is recognized as a significant contributor to neonatal morbidity and mortality for all new born infants.
Thermoregulation devices comprise of radiant warmers, which is expected to grow at a lucrative growth rate owing to its simple designed, economical, easy-to-clean, and easy- to-use by trained health workers. The major role of these devices is to keep infants warm in first aid emergencies or medical environments that require an appropriate temperature.
Despite the fact that incubators are considered as the most developed warming neonatal infant care equipment, it is more expensive and can increase the risk of infection. This is other factor that aid in development of thermoregulation devices.
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Manufacturers across the globe are developing thermoregulation devices, which are explicitly less priced and marketed for low-developing economies.
Hospitals registered a significant market share in the neonatal infant care equipment landscape in 2018, with revenues roughly equating US$ 919 Mn. There has been a considerable rise in the hospital investment by government across the globe to equip with the modern and technically advanced devices.
New and advanced neonatal infant care equipment are being used for taking care of hypothermic infants. Moreover, nursing homes, pediatric clinics, and neonatal clinics have also started to use neonatal infant care equipment.
Increasing Focus on Distribution Network
According to the PMR report, market for neonatal infant care equipment is witnessing collaborative approach between companies and children hospitals, which is expected to boost the distribution network of companies in respective regions in order to benefit hospitals to access improved technologies.
Multinational companies such as GE Healthcare and Fanem Ltd. have signed strategic alliances with hospitals for supplying their neonatal infant care equipment to improve their distribution network in emerging markets.
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Investments in Asia Pacific Point to Improving Scope for Penetration
Factors such as rising awareness about modern neonatal infant care equipment, increasing market share in low income nations, increasing number of preterm birth, and favorable infrastructure for neonatal infant care equipment in emerging economies are factors likely to drive the demand for neonatal infant care equipment in the Asia Pacific region.
The development in healthcare infrastructure, increase in the investment by the government, and rising awareness are main reasons behind the established market in developed regions. In contrast, neonatal infant care equipment provider is relatively low in developing regions such as Asia and Latin America, which represents scope of further introduction of neonatal infant care equipment provider in these regions.
A research study by Persistence Market Research (PMR) analyzed that the Asia Pacific region for the neonatal infant care equipment market is expected to grow by CAGR ~ 7% and around ~ 24 of market share and opens new opportunities for key players to expand their revenue by entering this region.