Neonatal Infant Care Equipment Market Projected to Reflect at 7.4% CAGR by 2024
The neonatal infant care equipment market is expected to witness healthy growth in 2016, with global revenues reaching US$ 1.5 Bn, up from US$ 1.4 Bn in 2015. North America and Europe will continue to remain the two most lucrative markets for neonatal infant care equipment globally.
New York, NY -- (SBWire) -- 09/05/2017 --In a new report titled "Neonatal Infant Care Equipment Market: Global Industry Analysis and Forecast, 2016–2024", Persistence Market Research analyzes the factors and trends impacting the market over an eight-year forecast period (2016–2024).
Increasing premature birth incidences will continue to be a major factor propelling the demand for neonatal infant care equipment. Improved older equipment technology and advancing innovative techniques will also play a key role in fueling market growth. In addition, launch of multi-specialty products by regional and international industry players will spur the demand for neonatal infant care equipment throughout 2016.
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Rising demand for advanced monitoring and diagnostics for infants is also expected to push the market further. Moreover, technological up-gradation in monitoring and phototherapy devices is said to significantly contribute to market growth. Other drivers include growing awareness and availability of neonatal care equipment, especially in developing regions.
However, high prices of ventilators and brain monitoring devices, and lack of product differentiation are identified to hamper market demand over the forecast period. Furthermore, an inadequate technical resource pool and availability of substitute technology comprise the longstanding challenges to mass penetration of neonatal care equipment. These factors are anticipated to limit widespread adoption of neonatal infant care equipment, especially in India, Africa, and Brazil.
By product type, the market is projected to witness continued dominance of thermoregulation devices over monitoring systems, phototherapy equipment, hearing screening devices, and vision screening equipment. The thermoregulation segment will account for over 50% of the total market share, whereas the monitoring systems segment is estimated to thrive at the fastest pace in 2016.
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On the basis of end user, the neonatal care equipment market is expected to witness the highest consumption by pediatric and neonatal clinics. While hospitals will remain a major end user, nursing homes may record an uptick in the demand for neonatal infant care equipment.
Based on region, North America is foreseen to retain a dominating position in the global market. North America's revenue share is expected to exceed 35% in 2016, followed by Europe with over 29% of the total market revenue. Asia Pacific, with the highest birth rates across the globe, will represent a growing market for neonatal care equipment.
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Some of the major players in the global market for neonatal infant care equipment include GE Healthcare, Koninklijke Philips N.V., Medtronic, Drägerwerk AG & Co. KGaA, Natus Medical Incorporated, Fisher & Paykel Healthcare Limited, Pluss Advanced Technologies Pvt. Ltd., Weyer GmbH, BabyBloom Healthcare BV, Novos Medical Systems, Medical Technology Transfer and Services Asia (MTTS Asia), Inspiration Healthcare Group plc., and Fanem Ltda.
Key companies are increasingly investing in integrated product development in order to meet evolving medical needs worldwide. Leading manufacturers in APAC are currently concentrating on creating an enhanced distribution network in China, India, and Australia.
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