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Neonatal Intensive Care market Size, Share
PORTLAND, OR, UNITED STATES, September 4, 2024 /EINPresswire / -- The global neonatal intensive care market has demonstrated remarkable growth, rising from a valuation of $2.0 billion in 2021 to a projected $4.4 billion by 2031, at a compound annual growth rate (CAGR) of 8.2%. This growth is a reflection of the increasing demand for specialized care for premature and ill newborns in Neonatal Intensive Care Units (NICUs).
Key Market Players
.Phoenix Medical Systems Pvt Ltd.
.Medicor Elektronika
.Fanem Medical Devices
.AngioDynamics
.Ningbo David Medical Device Co.
.Terumo Corporation
.Medtronic PLC
.Koninklijke Philips N.V
.Atom Medica
.Vygon (UK) Ltd
.Drägerwerk AG & Co. KGaA
.Zhengzhou Dison Instrument And Meter Co.
.Siemens Healthcare GmbH
.Mediprema Group
.GE Company
.Masimo Corporation
.3M Company
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NICUs, also known as Intensive Care Nurseries (ICNs), are essential for providing advanced medical care to newborns in their first 28 days of life. These units are equipped with sophisticated technologies such as infant ventilators, neonatal incubators, and infant warmers, ensuring the highest level of care for vulnerable infants.
Driving Forces Behind Market Growth
The expansion of the neonatal intensive care market is fueled by significant research and development (R&D) efforts aimed at advancing neonatal care technologies. Continuous product innovations and regulatory approvals have been pivotal in shaping the market's trajectory. For instance, in May 2022, Medtronic plc, a leading player in healthcare technology, secured FDA clearance for the Nellcor OxySoft SpO2 sensor, an advancement that exemplifies the ongoing innovation in this sector.
Manufacturers and developers are increasingly focusing on enhancing their neonatal care offerings. The launch of new products, such as Medtronic's Carpediem Cardio-Renal Pediatric Dialysis Emergency Machine in November 2021, highlights the industry's commitment to addressing the complex needs of neonatal care. Such efforts, combined with the expansion into emerging markets, are expected to significantly drive market growth.
Rising Awareness and Demand for NICU Installations:
The growing awareness about the importance of neonatal care has led to a heightened demand for NICU installations worldwide. As awareness continues to rise, so too does the market for advanced neonatal care products. This trend is expected to persist, as healthcare providers strive to meet the needs of the increasing number of premature and ill newborns.
Market Segmentation and Regional Insights
The neonatal intensive care market is segmented into various categories based on product, application, end-user, and region:
.By Product: The market includes warmers, incubators, monitoring devices, respiratory devices, phototherapy equipment, and others. Among these, respiratory devices dominated the market in 2021, driven by technological advancements and the growing prevalence of respiratory conditions in newborns. However, the incubators segment is anticipated to experience substantial growth due to increased installations and new product launches.
.By Application: The market is classified into neonatal hypothermia & low birth weight, jaundice, and others. Neonatal hypothermia & low birth weight applications led the market in 2021, owing to the rising incidence of preterm births. The jaundice segment, however, is expected to grow significantly due to the increasing prevalence of neonatal jaundice.
.By End User: Neonatal & pediatric hospitals held the largest market share in 2021, reflecting the growing number of such specialized facilities and the demand for advanced treatments. The general hospital segment is also expected to see considerable growth due to increased healthcare spending and infrastructure development.
.By Region: Asia-Pacific emerged as the leading regional market in 2021, supported by a high population base, increased healthcare spending, and numerous product launches. Meanwhile, North America is poised to register significant growth, thanks to its well-established healthcare infrastructure and the presence of key industry players.
Future Outlook
The neonatal intensive care market is poised for continued growth, driven by advancements in technology, increasing awareness, and rising demand for specialized neonatal care. As the market evolves, it will be essential for stakeholders to stay ahead of trends, embrace innovation, and expand their presence in emerging markets. The future of neonatal care is bright, with continued efforts likely to bring even more groundbreaking developments to this vital healthcare sector.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.