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Neonatal Intensive Care Market Expected to Reach $4.4 Billion by 2031—Allied Market Research

 
2022
Neonatal Intensive Care Market

Report Code : A17086

quote The rise in prevalence of infant jaundice, increase in preterm birth rate, and advancement in neonatal care equipment are expected to notably contribute toward the growth of the global Neonatal Intensive Care market during the forecast period. quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Neonatal Intensive Care Market," The neonatal intensive care market was valued at $2.0 billion in 2021, and is estimated to reach $4.4 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.

The neonatal intensive care unit is a particular section of a hospital where newborn infants who require intensive medical care are often admitted. a neonatal intensive care unit (NICU) is equipped with advanced equipment and skilled medical staff to provide specialized treatment for children.

Growth in incidences of newborn diseases and complications such as underweight babies, overweight babies, birth defects, and respiratory distress, which require special attention and admission in NICUs drive the growth of the market. For instance, in 2020, according to Myspace, a global platform for physicians and healthcare professionals, in the U.S. respiratory distress syndrome has been estimated to occur in 20,000-30,000 newborn infants each year.

Furthermore, Neonatal Intensive Care Market trends that drive the growth of the neonatal intensive care market include R&D for the development of neonatal intensive care, an increase in product approvals, and new product launches in the market. For instance, Medtronic plc, the global leader in medical technology, announced the U.S. commercial launch of the SonarMed airway monitoring system. The first and only device of its kind, the SonarMed airway monitoring system utilizes acoustic technology to check for endotracheal tube (ETT) obstruction and verify position in real-time, giving clinicians vital information required to make more informed, life-saving decisions for infants and pediatrics.

In addition, the rise in concerns regarding neonatal care and a rise in pregnancy rate further contributes to the growth of the market. Furthermore, the rise in healthcare expenditure and improvements in healthcare facilities in developing nations contributes to the growth of the Neonatal Intensive Care Market growth.

Moreover, government initiatives to provide advanced health care facilities at lower cost contributes in the growth of the Neonatal Intensive Care Industry. In addition, an increase in the number of private hospitals and a rise in demand for advanced neonatal intensive care facilities boost the Neonatal Intensive Care Market size.

The neonatal intensive care market is segmented on the basis of product, application, end user, and region.

On the basis of product, the market is divided into warmers, incubators, monitoring devices, respiratory devices, phototherapy equipment, and others. The respiratory device segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to the growing risk of COVID-19 and the rise in the prevalence of pneumonia. However, the incubators segment is expected to witness considerable growth during the forecast period, due to an increase in incubators installation and rise in incidence of underweight infant birth.

By application, the market is categorized into neonatal hypothermia & low birth weight, jaundice, and others. The neonatal hypothermia & low birth weight segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in incidences of preterm child births and advancements in neonatal intensive care unit (NICU) equipment. However, the jaundice segment is expected to witness considerable growth during the forecast period, due to increase in incidence of neonatal jaundice and advancements in infant jaundice.

By end user, the market is classified into hospitals, maternity hospitals, and neonatal & pediatric hospitals. The neonatal & pediatric hospitals segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in healthcare expenditure and rise in number of neonatal & pediatric hospitals. However, the hospital segment is expected to witness considerable growth during the forecast period, due to increase in number of hospitals and rise in healthcare expenditures.

Asia-Pacific accounted for a majority of the global neonatal intensive care market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of infant jaundice, high birth rate, and presence of key players in the region. Europe is anticipated to witness lucrative growth, owing to increase in incidences of preterm child birth and growing healthcare expenditure.

Key findings of the study

  • On the basis of product, the respiratory device segment was the highest contributor to the market in 2021.
  • By application, the neonatal hypothermia & low birth weight segment was the highest contributor to the market in 2021.
  • Depending on end user, the neonatal & pediatric hospital segment was the highest contributor to the market in 2021.
  • Region wise, Asia-Pacific garnered the largest revenue share in 2021, whereas Europe is anticipated to grow at the highest CAGR during the forecast period
 

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quote 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, 2021-2031 quote

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