The global neonatal infant care equipment market was valued ~ US$ 1.7 Bn in 2018, and is expected to grow at a CAGR of ~7% from 2019 to 2029. Increasing number of low weight births and preterm, advancements in the field of neonatal infant care equipment, and rising pregnancy complications, such as pre-eclampsia, infections, early water breaking, and fetal growth restriction are the prime factors driving the growth of the worldwide neonatal infant care equipment market.
Rising awareness about and increasing government investments in neonatal infant care equipment in several economies will remain the important factors driving the worldwide neonatal infant care equipment market growth. However, high price point has restricted adoption of these products in low income nations and is a noteworthy market obstructing factor. Additionally, low rate of product differentiation has resulted in extremely low demand for such equipment from developing nations will impede the development of business in the long run.
Growing Demand for Neonatal Jaundice Management Shaping Market Landscape
Growing demand for advanced and effective neonatal jaundice management, increasing awareness about the effectiveness of these treatment procedures, and high birth rates in different parts of the world are the trends of the neonatal infant care equipment market. Major growth driver in the phototherapy equipment segment includes high incidence of neonatal jaundice. Around 10% of all newborns affected by neonatal jaundice, would contribute majorly to the growth of the market. Increasing demand for advanced and effective management of neonatal jaundice and corresponding research to enhance treatment procedures would also boost market growth in the near future.
Low Birth Rates in Developed Economies Continue to Restrict Adoption of Neonatal Infant Care Equipment
In spite of the fact that the demand for neonatal infant care equipment is huge worldwide, low or flat birth rates are recorded in few countries. Some developed economies such as the U.K, Germany, Spain, Italy, and Japan exhibit low birth rates, which is expected to result in low uptake of neonatal infant care equipment in these regions. In addition to this, lack of product differentiation and high prices of products have restricted the adoption of neonatal infant care equipment devices in countries such as Brazil, Africa, and India.
North America Accounting for a Significant Market Share
North America is the prominent region market for neonatal infant care equipment market due to increasing demand for the technologically advanced devices, development of well-equipped neonatal intensive care units, increasing the number of preterm births, and increase in the number of device approvals from the regulatory agencies. North America holds significant share in the neonatal infant care equipment market with ~ 38% of total revenue and is expected to grow with a CAGR ~ 7% in the forecast period.
On the other hand, Europe represents second most lucrative region in the neonatal infant care equipment market and is expected to grow ~ 6% in the forecasted period with ~ 29% of market share due to adoption of healthcare services and technological advancements. The Asia Pacific neonatal infant care equipment market is expected to grow at a most noteworthy rate because of increasing initiatives from government of developing countries, increasing healthcare expenditure to provider better health facilities to mothers and children.
Competition Landscape Analysis - Neonatal Infant Care Equipment Market
GE Healthcare, Koninklijke Philips N.V., Medtronic, Drägerwerk AG & Co. KGaA, Natus Medical Incorporated, Fisher & Paykel Healthcare Limited are key companies operating in the global neonatal infant care equipment market. Various manufacturers of neonatal infant care equipment are increasing their footprint through development of new products and collaborating with the institutes for direct use. For instance, in 2015, GE Healthcare developed innovative solution such as Lullaby Warmer Prime, which was developed in India to improve and ensure affordable healthcare accessibility.
A comprehensive view of the neonatal infant care equipment market has led our analysts to conclude that the market is growing at an impressive rate, with North America and Europe holding a large chunk of the global neonatal infant care equipment market. Increase in the number of preterm births, increasing demand for technologically advanced devices, and increase in the healthcare expenditure are spurring the growth of the market.
Companies with research and development capabilities and technological prowess will gather momentum and profitability in the neonatal infant care equipment market. Leading players who are leveraging technology will continue to grow exponentially and have a vast market revenue share.
Persistence Market Research (PMR) recently published a market study on the global market for neonatal infant care equipment. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the neonatal infant care equipment market structure. The market study presents exclusive information about how the neonatal infant care equipment market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes pricing analysis by region and by product type, which helps in deep understanding of the pricing details by researchers, suppliers, manufactures, and distributors. The other information contains volume analysis, which includes year wise growth of neonatal infant care equipment during the forecasted period. This information can help readers understand the quantitative growth prospects of the neonatal infant care equipment market during the forecast period.
The study is relevant for manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researcher, shareholders, industry expert can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the neonatal infant care equipment market. Furthermore, small businesses and new entrants in the neonatal infant care equipment market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Neonatal Infant Care Equipment Market
PMR’s study on the neonatal infant care equipment market offers information divided into three important segments - product type, end user and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Neonatal Infant Care Equipment Market Report
Neonatal Infant Care Equipment Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the neonatal infant care equipment market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analyst ensure accuracy and reliability of the conclusions.
Secondary resources referred to analyst during the production of the neonatal infant care equipment market study include statistics from government healthcare organizations, medicines journals, research journals, press release, annual reports_bk_01_01_2020, white papers, directories and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the neonatal infant care equipment market, and makes PMR’s projection on the growth prospects of the neonatal infant care equipment market more accurate and reliable.