The latest report by Renub Research “Neonatal Intensive Care Market, Size, Global Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis” the Neonatal Intensive Care Market reached a value of USD 6.8 Billion by 2021. The neonatal intensive care unit is a specified nursery care room specifically designed for newborn babies up to 28 days in need of intensive medical care. The neonatal care units are equipped with advanced machines that provide critical care support to preterm babies with low birth weight or suffering from serious medical conditions like respiratory distress syndrome.
As per WHO – World Health Organisation approximately 15 million babies are born preterm every year. Apart from that, this number is surging at a great pace. Worldwide, prematurity has become one of the leading causes of death in neonate babies. And at the same time, it is likely to surge the demand for the number of neonatal intensive care units in the hospitals to assist in the proper care of newborn babies.
Recent statistic stated that, about 11% of the total pregnancies result in premature or early deliveries. Approximately 450,000 babies are born prematurely in the United States and on the globally context, around 16 million new births are early or premature stages. Further, the neonate babies that need special care and attention will often need to be admitted to specialized neonatal healthcare that has equipped with latest technologies and advanced treatment facilities. In recent years, AI intelligence into the healthcare system has played a vital role and has extended to a great extent as well as support to daily caretakers.
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Emerging Economies to Drive Future of Neonatal Intensive Care Devices
Nevertheless, poor accessibility towards neonatal infant care in the lower-middle and low-income countries will be a major market impeding factor. In developing nations, rural and remote areas, pregnant women travel a lot of distances for deliveries of babies, thereby giving room for necessary and better treatment in the regions. Apart from that, poor infrastructure and poor-quality equipment are also the significant threats to market growth.
An increase in number of premature births across the globe will be a prominent factor augmenting the neonatal infant care market growth. Pre-term birth complications are considered the foremost cause of death among children less than 5 years of age. In low-income economies, around half of the babies are born two months early and die owing to a lack of cost-effective and basic care. Therein, in the high-income nation, almost all the pre-term babies survive.
Worldwide Neonatal Intensive Care Market Size was USD 6.8 Billion in 2021
As per our research findings; Global Neonatal Intensive Care Industry to grow with a CAGR of 6.46% during 2021-2027.
Based on Products, the market is segmented into Incubators, Neonatal Ventilators, Resuscitators, Blood Pressure Monitors, Pulse Oximeter, Capnographs, Phototherapy Equipment and others. Furthermore, the report covers on the basis of Geographical Region say North America, Europe, Asia-Pacific and Rest of World.
Apart from that, key players into the Neonatal intensive care industry are Philips, Becton, Dickinson & Company (BD), Teleflex Incorporated and Utah Medical Inc. There has been immense competition into the particular industry and to compete, the company needs to update their product differentiation and loyalty for their customers.
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COVID-19 Impact on this Industry
The outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nations resulting in disruptions in import and export activities of Neonatal Intensive Care.
COVID-19 can affect the globally in three ways:
• Directly affecting production and demand
• Creating supply chain and market disruption
• Financial impact on firms and financial markets
Our analysts has suggested post pandemic recovery and will definitely the market will growth at a steady pace during forecast period.
Market Summary:
Products: The global market is bifurcated into Incubators, Neonatal Ventilators, Resuscitators, Blood Pressure Monitors, Pulse Oximeter, Capnographs, Phototherapy Equipment and Others
Geographical Region: In this report we have covered regions like North America, Europe, Asia-Pacific and Rest of World)
Company: Companies covered in this report are Philips, Becton, Dickinson& Company (BD), Teleflex Incorporated and Utah Medical Inc
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