Home > Pressrelease > Neonatal Infant Care Market size worth over $3.9bn by 2026
Neonatal Infant Care Market size worth over $3.9bn by 2026
- Published Date: September 4, 2020
Neonatal Infant Care Market size is set to exceed USD 3.9 billion by 2026, according to a new research report by Global Market Insights Inc.
Increase in the neonatal mortality rate in developing economies will play a vital role in augmenting the neonatal infant care market growth. Special Care Newborn Units (SCNUs) have been set up to provide quality care services in several hospitals to meet this challenge. In countries such as India and South Korea, rise in number of high-risk neonates have increased in the last few years, thereby several hospitals are planning to install technologically advanced neonatal intensive care units (NICU). With growing mortality rate of neonatal infants owing to premature births and other new-born complications, the government has initiated several promotion campaigns to create awareness among people.
Rise in number of infant deaths due to premature births has amplified the need and demand for technological advanced neonatal infant care devices. Increase in awareness among the people and augmented adoption of technologically advanced products by the healthcare professionals will fuel the neonatal infant care market expansion. Currently, the incorporation of recent technology along with the computer intelligence has extended resulted in vital support to the daily caretakers. Several devices including monitoring devices such as ventilators, blood gas monitoring systems among others are manufactured with the latest technology for better outcomes.
Browse key industry insights spread across 261 pages with 485 market data tables & 14 figures & charts from the report, “Neonatal Infant Care Market Size, By Product Type (Thermoregulation Devices {Neonatal Incubators, Warmers, Neonatal Cooling Systems}, Phototherapy Devices {LED Phototherapy System, CFL Phototherapy System}, Monitoring Systems {Neonatal Ventilation, Brain Monitoring, Blood Gas Monitoring System}, Neonatal Hearing Screening, Neonatal Infant Resuscitator Devices, Vision Screening), By End-use (Hospitals, Nursing Homes, Pediatric & Neonatal Clinics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/neonatal-infant-care-market
Rise in awareness and adoption of phototherapy devices
The phototherapy devices segment in the neonatal infant care market is projected to showcase growth rate of 7% through 2026. The phototherapy devices assist in providing effective and exceptional jaundice management. Physiological jaundice is one of the most common type of jaundice observed in the new-born babies. Almost 50% of the new-born babies are diagnosed with physiological jaundice. Phototherapy is one of the common type of nonroutine therapy applied to infant population. Owing to advantages such as minimizing brain damage due to neonatal hyperbilirubinemia by lowering bilirubin levels, power efficiency, portability and durability will result in increasing the demand and adoption rate of phototherapy devices.
Growing preference for hospitals propelled by presence of state-of-the-art healthcare facilities
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Hospitals end-use segment valuation was more than USD 1 billion in 2019. Recent increase in the infant mortality rate along with rise in preference for better infant care are some of the major factors driving the demand for infant care equipment in hospital. Also, presence of skilled healthcare professionals along with availability of technologically advanced equipment at hospitals will prove beneficial for the segment growth.
Increase in awareness and rising neonatal infant care expenditure will prove beneficial for the market expansion in Germany
Germany neonatal infant care market size was over USD 152 million in 2019 on account of high awareness rate regarding the neonatal infant care and development of new advanced products. Growing government initiatives to formulate policy measure focusing on preventing infant mortality by enhancing the neonatal infant care facility will propel the market revenue. Increasing public hospital funding, availability of skilled workforce and rising awareness among population for better treatment methods will boost the market value.
The major market players are focusing on strategic initiatives including new product launches will contribute to the market growth
Some of the major competitors in the neonatal infant care market are GE Healthcare, Medtronic, Drägerwerk, Natus Medical, Fisher & Paykel Healthcare, International Biomedical, Ibis Medical, Phoenix Medical Systems, nice Neotech Medical Systems and Atom Medical, among others.
Increasing focus of the industry leaders on manufacturing and developing innovative products for effective infant care will provide significant growth opportunities. Several established companies are implementing various inorganic and organic growth strategies in order to enhance their market share and strengthen their market position. For instance, in April 2019, InnAccel launched SAANS, the world’s first portable, neonatal CPAP system. It provides breathing support to critical neonates with the respiratory syndrome. This strategy enhanced the product portfolio and customer base of the company.