Neonatal Intensive Care Market to Expand at CAGR of 5.4% during Forecast Period, Notes TMR Study

-  The market is expected to be driven by high demand for safer and sophisticated catheter insertion methods, as well as growing need for NICU services

-  The market is projected to rise due to increased availability of innovative vascular access catheters such as antithrombogenic and antimicrobial catheters, as well as power injectable peripheral catheters

ALBANY, N.Y., March 15, 2022 /PRNewswire/ -- The value of global neonatal intensive care market stood over US$ 1.5 Bn in 2018 and is anticipated to develop at a CAGR of 5.4% during the forecast period, from 2019 to 2027. Babies with low birth weight, premature babies, and babies with particular health issues can be admitted to neonatal intensive care units. The infant may have health issues such as birth abnormalities, infections, cardiac problems, breathing difficulties, etc. NICUs combine innovative technology with highly qualified healthcare experts to give intensive medical treatment to newborn babies admitted to this special department.

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Due to rising occurrence of preterm birth with low-birth weight newborns, these newborn babies are prone to necrotizing enterocolitis and nosocomial infection, adding to the demand for NICU services at hospital facilities. These infections have the potential to be fatal. Birth asphyxia infections, preterm delivery problems, and newborn infections are responsible for more than 80% of all global neonatal fatalities, as per the WHO (World Health Organization). As a result, the demand for NICU services has grown with rise in problems during pregnancy.

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Key Findings of Market Report

• As the number of issues with the material used to manufacture vascular catheters increased, new and superior technology was developed. The utilization of blood compatible polymer resins, for instance, in BioFlo catheters, has shown to reduce thrombus buildup on catheters. Such developments are expected to drive innovations in the global market.
• In 2018, the global neonatal intensive care market was led by central catheters, and this trend is projected to persist during the forecast period. The introduction of innovative, more user-friendly procedures for inserting peripherally implanted central catheters is a primary factor supporting market expansion.
• In 2018, North America led the global neonatal intensive care market, a trend that is expected to continue during the forecast period. The market in North America is likely to be driven by growing demand for NICU services, increasing number of pre-term deliveries, and need for technologically sophisticated instruments for neonatal care.
• Asia Pacific is likely to be a promising region in the market for neonatal intensive care, with a high CAGR during the forecast period
• Technologically upgraded goods, regulatory approvals, the introduction of innovative products, and acquisitions and collaboration partnerships with other firms are all strategies of key competitors in the global neonatal intensive care market. The global market is anticipated to increase as a result of these measures.

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Global Neonatal Intensive Care Market: Growth Drivers

• Based on application, the medication administration category led the global neonatal intensive care market due to increase in administration of antibiotics and iron supplements, and demand for antibiotic treatment
• The market is expected to rise due to the widespread availability of innovative vascular access catheters such as antibacterial and antithrombogenic catheters, as well as power injectable peripheral catheters. Increasing number of difficulties associated with the materials utilized in manufacturing vascular catheters prompted the development of new and superior technologies.

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Global Neonatal Intensive Care Market: Key Players

Some of the key market players are

• Becton Dickinson and Company
• Utah Medical Products
• B. Braun Melsungen AG
• C. R. Bard, Inc.
• Smiths Medical, Inc.
• Teleflex Incorporated

Global Neonatal Intensive Care Market: Segmentation

Product Type

• Infant Warmers
• Incubators
• Convertible Warmer & Incubators
• Neonatal Monitoring Devices
• Respiratory Devices
• Phototherapy Equipment
• Catheters
• Others

End User

• Hospitals
• Childcare Clinics
• Others

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