Neonatal care equipment is usually provided to preterm infants or newborn infants (up to 28 days) whose medical conditions are severe. Neonatal care equipment helps to supply oxygen, provide heat (in case of excessive heat loss) and help in monitoring vital parameters. Blood pressure monitors, cardiopulmonary monitors, bililights, endotracheal tube, incubators, nasal cannula, pulse oximeter, radiant warmer and ventilators are some of the neonatal care equipment.
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Global Neonatal Warming Equipment Market – Competitive Landscape
The competition in the global neonatal warming equipment market is high. The companies in the market are constantly doing R&D activities and introducing new products to stay ahead of the competition. Some of the key players in the in the global neonatal warming equipment market are GE Healthcare, Philips Healthcare, Smiths Medical, Fisher & Paykel Healthcare Corp., Phoenix Medical Systems Pvt Ltd. and Ibis Medical.
Global Neonatal Warming Equipment Market – Drivers and Restraints
The market for neonatal warming equipment is expected to witness double digit growth rate compounded annually during the forecasted period. Rising incidences of preterm delivery is driving the growth of neonatal warming equipment market. It has been estimated by the World Health Organization (WHO) that around 15 million preterm births occur every year worldwide. Also, increasing prevalence rate of hospital acquired infections across the globe will propel the growth of neonatal warming equipment market since infants are susceptible to infections.
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In addition to this, launch of technologically advanced neonatal warming equipment in market will further augment the growth of the market. Furthermore, entry of large number of companies into the manufacturing of neonatal warming equipment will also boost the growth of neonatal warming equipment market.
Moreover, improving government initiatives will also support the growth of neonatal warming equipment market. For instance, the American Academy of Pediatrics (AAP) has added a level (level IV) in neonatal nursing that will draw the utilization of neonatal warming equipment extensively. Likewise, increasing number of hospitals worldwide will also elevate the growth of neonatal warming equipment market since according to government regulation; every hospital must have at least one neonatal intensive care unit (NICU) comprising of all neonatal care equipment.
Global Neonatal Warming Equipment Market – Geographical Outlook
Based on the geographical segmentation, there are five key regions of the global neonatal warming equipment market. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, currently, the global neonatal warming equipment market is being dominated by the regional segment of North America. The region is expected to continue to dominate over the course of the given forecast period ranging from 2020 to 2030.
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North America accounts for the largest share of total neonatal warming equipment market. This large market size is attributed to the high disposable income of the population in this region. Also, major manufacturers of neonatal warming equipment are domiciled in North America that also helped the region to contribute the largest market share.
On the other hand, the regional segment of Asia Pacific is expected to witness a promising growth rate in the coming years of the forecast period. One of the key factors driving the market growth has been the increased spending by emerging economies for the development of their healthcare infrastructure.
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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