Neonatal Intensive Care Market to Reach USD 4.4 Billion, Globally, by 2031 at 8.2% CAGR: Allied Market Research
The increase in the prevalence of neonatal hypothermia and rise in incidences of low birth weight of infants drive the growth of the global neonatal intensive care market.
PORTLAND, Ore., Oct. 10, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Neonatal Intensive Care Market by Product (Warmers, Incubators, Monitoring Devices, Respiratory Devices, Phototherapy Equipment, Others), by Application (Neonatal Hypothermia & Low Birth Weight, Jaundice, Others), by End User (Hospitals, Maternity Hospitals, Neonatal & Pediatric Hospital): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global neonatal intensive care industry generated $2.0 billion in 2021, and is anticipated to generate $4.4 billion by 2031, witnessing a CAGR of 8.2% from 2022 to 2031.
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Prime determinants of growth
The increase in the prevalence of neonatal hypothermia, rise in incidences of low birth weight of infants, and growing interest of manufacturers & developers in the development of neonatal intensive care drive the growth of the global neonatal intensive care market. However, the high cost of neonatal intensive care equipment restricts the market growth. Moreover, an increase in R&D activity for advancements in neonatal intensive care present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global neonatal intensive care market, owing to implementation of global lockdown which led to supply chain disruptions.
- The entire healthcare industry focused on life saving and COVID-19 related products during the pandemic, which hampered the R&D activities of neonatal intensive care industry.
- However, the market is witnessing recovery in 2022, and showing stable growth post-pandemic.
The respiratory devices segment to maintain its leadership status throughout the forecast period
Based on product, the respiratory devices segment held the highest market share in 2021, accounting for nearly one-third of the global neonatal intensive care market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 9.0% from 2022 to 2031, owing to advancements in neonatal intensive care and increasing prevalence of respiratory diseases. The report also analyzes segments including warmers, incubators, monitoring devices, and phototherapy equipment.
The neonatal hypothermia & low birth weight segment to maintain its leadership status throughout the forecast period
Based on application, the neonatal hypothermia & low birth weight segment held the highest market share in 2021, accounting for nearly three-fifths of the global neonatal intensive care market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 8.6% from 2022 to 2031, owing to increasing prevalence of neonatal hypothermia and rise in incidence of preterm birth. The report also analyzes the jaundice segment.
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The neonatal & pediatric hospital segment to maintain its lead position during the forecast period
Based on end user, the neonatal & pediatric hospital segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global neonatal intensive care market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 8.6% from 2022 to 2031, owing to rise in number of neonatal & pediatric hospitals and increase in demand for advanced treatments. The report also analyzes segments including hospitals and maternity hospitals.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for around one-third of the global neonatal intensive care market, and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 9.3% from 2022 to 2031, owing to increase in product launch in region, rise in healthcare expenditures and presence of high population base in this region. Other regions discussed in the report are North America, LAMEA, and Europe.
Leading Market Players: -
- Drägerwerk AG & Co.
- KGaA,
- GE Company,
- Masimo Corporation,
- 3M Company,
- Phoenix Medical Systems Pvt Ltd.,
- Medtronic PLC,
- Koninklijke Philips N.V,
- Fanem Medical Devices,
- Atom Medica,
- Mediprema Group,
- Siemens Healthcare GmbH,
- Terumo Corporation,
- Medicor Elektronika,
- Ningbo David Medical Device Co., Ltd.,
- Zhengzhou Dison Instrument And Meter Co., Ltd,
- AngioDynamics, Vygon (UK) Ltd
The report provides a detailed analysis of these key players of the global low cost airlines market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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