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Neonatal Intensive Care Market to Grow at 6.7% CAGR by 2027; with Growing Need for High-Quality Intensive Care for Newborns: Fortune Business Insights™

Pune, May 08, 2020 (GLOBE NEWSWIRE) -- The global neonatal intensive care market size is poised to reach USD 7.72 billion by 2027; on account of increasing innovations in medical technology. Neonatal intensive care unit or NICU are special nursery care rooms designed for newborns in need of intensive medical care. These neonatal units are equipped with advanced machinery that will help support the preterm babies with their serious medical conditions. According to a recent report published by Fortune Business Insights™ titled, “Neonatal Intensive Care Market Size, Share & Industry Analysis, By Product (Neonatal Incubators, Neonatal Phototherapy Equipment, Neonatal Ventilators, Neonatal Monitors, and Others), By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2020-2027,” the market value stood at USD 4.59 billion in 2019 and is expected to rise at a CAGR of 6.7% in the forecast period set from 2020 to 2027.

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What are the Objectives of the Report?

The report offers a comprehensive overview of the market and its growth trajectories such as growth drivers, restraints, challenges, and upcoming opportunities. The report also offers interesting insights into the market, current neonatal intensive care market trends, and significant industry developments. It also throws light on the names of key players functioning in the market and the key strategies adopted by them to compete for the top position in the market. The report further discusses the segmentation of the market based on factors such as product, end-user, and region in detail, and lists the names of the leading segment. The report offers an overall qualitative and quantitative analysis of the market and is available for sale on the company website.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.

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Market Drivers

Increasing Awareness and Improving Healthcare Infrastructure will Augment Growth

The increasing number of premature birth cases all over the world is a major neonatal intensive care market growth driver. Additionally, the rising number of chronic diseases such as high blood pressure, diabetes, and the increasing adoption of a sedentary lifestyle in people are also contributing to the growth of the market in the forecast period. Moreover, the increasing demand for high-quality care for newborns will aid in the expansion of the market in the coming years.

On the flip side, high purchase and maintenance costs of equipment may cause hindrance to the overall growth of the market in the coming years. This, coupled with the poor accessibility of neonatal care equipment and lack of proper refurbishment may hamper the overall market in the future market. Nevertheless, improving healthcare infrastructure and increasing awareness about neonatal intensive care and innovation and product development will create lucrative growth opportunities for the market in the future years.

Regional Segmentation:

Asia Pacific to Rise at a Rapid Growth on Account of Improving Healthcare Infrastructure

With a revenue of USD 2.16 billion earned in 2019, North America is holding the dominant NICU market share. The growth of this region is attributed to the presence of major players in the region and the availability of advanced healthcare facilities. On the other side, the market in the Asia Pacific will witness rapid growth and is anticipated to overcome the market revenue earned by Europe and North America with a remarkable CAGR in the forecast period. This is owing to the improving healthcare infrastructure and medical facilities, and the increasing awareness about neonatal care by various healthcare organizations. However, the slow pace of growth is expected to be witnessed in Latin America and the Middle East and Africa on account of the increasing incidences of respiratory diseases in infants and rising cases of premature birth rates in the respective regions.

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Competitive Landscape:

Vendors Aiming at Product Innovations to Gain an Upper Hand on Market Competition

Neonatal intensive care market manufacturers are engaging in investments in the development of advanced equipment for gaining a competitive edge in the market competition. To obtain a diverse portfolio, players are indulging in merger and acquisition, joint ventures, agreements and contracts, and other strategies for attracting high neonatal intensive care market revenue in the forthcoming years. Furthermore, companies are aiming to get approvals for their recent innovations from the Food and Drug Administration and are investing heavy amounts for the same.

List of Key Companies Operating in the Neonatal Intensive Care Market:

  • Phoenix Medical Systems (P) Ltd.
  • Fisher & Paykel Healthcare Corporation Limited
  • Masimo Corporation
  • General Electric Company
  • Inspiration Healthcare Group plc
  • Drägerwerk AG & Co. KGaA
  • Other players

Major Industry Developments of the Neonatal Intensive Care Market are the following:

September 2018 –  FDA approved an acoustic respiration sensor called RAS-45 for infants by Masimo Corporation.

October 2019 – Inspiration Healthcare Group launched CosyTherm2, a mattress for the patient warming system used in both transitional care and intensive care units.

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Overview of Number of Preterm Births- By Country/Sub-region
    • Incidences of Respiratory distress syndrome (RDS) in New-born- By Country/Sub-region
    • Technological Advancements in NICU Equipment
    • New Product Launches by Key Players
    • Recent Industry Developments- Partnerships, Mergers, And Acquisitions
  • Global Neonatal Intensive Care Market Analysis, Insights and Forecast, 2016-2027
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Product
      • Neonatal Incubators
      • Neonatal Phototherapy System
      • Neonatal Ventilators
      • Neonatal Monitors
      • Others
    • Market Analysis, Insights and Forecast – By End User
      • Hospitals
      • Specialty Clinics
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia pacific
      • Latin America
      • Middle East & Africa

TOC Continued….!!!

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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