Neonatal Ventilators Market size exceeded USD 250 million in 2016 and is forecast to grow with over 6% CAGR from 2017 to 2024.
Selbyville, DE -- (SBWIRE) -- 12/26/2018 -- Neonatal Ventilator Market size is set to exceed USD 430 million by 2024; according to a new research report by Global Market Insights.
Rising incidences of preterm births with respiratory disorders and mortality rates primarily drive the demand for various neonatal ventilators worldwide. Technological advancements in ventilators' design and function are resulting in rising adoption rate, especially in developed regions. Moreover, growing birth rate should augment market demand during projection years.
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Inadequate infrastructure in developing and under-developed regions to support advanced ventilators proves to be growth hindering factor. Also, high prices of ventilators happen to hamper adoption rates in many economies across the globe. During the forecast timeframe, price constraint will continue to restrain industry growth.
High frequency of use and broad application of invasive neonatal ventilators in healthcare settings sets them to witness higher growth than non-invasive ones over the forecast period; moreover, deepening market penetration of the same in developing countries should largely contribute to it's market size.
Steadily increasing acceptance of non-invasive systems will augment industry growth in coming 5-7 years. However, invasive systems will continue to be mainstream interface in many regions worldwide. Efforts by manufacturers and government institutions to minimize the prices of non-invasive ventilators should fuel industry growth.
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The need to use non-invasive interface for treating preterm birth neonates will prove to be high impact rendering factors for market growth. Use of neonatal ventilators is found to be highest in hospitals amongst all other healthcare facilities offering maternity care. During the forecast timeframe, hospitals will continue to dominate the end-user market segment; factors such as people's preference to hospitals over other healthcare facilities and their large size should fuel demand for various neonatal ventilators.
Growing popularity of clinics in developed countries should significantly contribute to demand for ventilators in this setting. Moreover, rapid adoption of advanced airway interfaces will augment market size over the projection years. With increase in number of clinics, the demand is anticipated to only increase in near future, especially in industrialized nations.
The U.S. neonatal ventilator market is the largest in the world, being the pioneer and early adopter of various airway interface devices. During the forecast period, it will continue to grow with modest but steady growth and dominate the industry worldwide.
Improving healthcare infrastructure, expanding and developing hospital sector, and increasing adoption of new devices to address appalling conditions of neonates suffering from respiratory problems should drive the Indian neonatal ventilators market during the projection years. With growing number of births in the country, the demand must grow in near future.
Some of the key industry players operating in global neonatal ventilator market are Medtronic Plc, GE Healthcare, CareFusion, HAMILTON MEDICAL, Phillips Respironics, Smith Medical, Breas Medical, Drager Medical, ResMed and MAQUET.
The industry participants focus on new product developments, mergers and acquisitions and geographical expansion to increase their foothold in the market and gain competitive advantage.
Neonatal ventilator market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Neonatal Ventilator Market by Product
Neonatal Ventilator Market by End User
o Ambulatory centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
o South Korea
- Latin America
- Middle East and Africa
o Saudi Arabia
o South Africa