Neonatal Intensive Care Respiratory Devices Market to Exhibit Productive Growth During the Forecast Period
The global neonatal intensive care respiratory devices market is expanding rapidly, with a value of $1,396.5 million in 2018 and a projected value of $2,134.5 million by 2027. Globally increasing breathing disorders in newborn babies, along with the prevalence of respiratory disorders, have significantly increased revenue on a global scale. Acquisitions, along with new respiratory equipment and device launches in the neonatal care industry, are driving the overall growth in emerging nations on a global scale.
Market Synopsis
The continuous positive airway pressure devices segment is expected to register higher growth by the end of 2027.
New technology evolutions in the design of neonatal intensive care respiratory devices, the high prevalence of respiratory disorders, the upsurge in the incidence of preterm births, and equivalent efforts to improve survival rates are likely to fuel the overall demand for respiratory devices.
The ventilators in the device type segment generated the highest revenue share globally due to their need in hospitals and clinics, along with new technology expansion for advanced ventilators globally. Furthermore, growth in healthier reimbursement simulations and demand for low-cost inhalers and nebulizers in neonatal intensive care respiratory device technology are factors driving the growth on a global scale.
Increasing admissions due to respiratory disorders in the hospital segment to witness a significant CAGR.
Increasing cardiovascular and other respiratory diseases in infants are notable variables expected to contribute to the growth of the global neonatal intensive care respiratory devices market. According to the FDA, in 2016, more than 6% of the 4 million childbirths in the U.S. every year needed neonatal intensive care unit (NICU) admission, and the majority of them were due to preterm birth.
The NICU is also utilized for newborn babies with health disorders such as heart problems, infections, or birth defects. Increasing population and hospital admissions in the Asia Pacific are major factors driving the end-user segment's growth. Furthermore, growth in specialty clinics and nursing homes in developing countries, as well as increased government funding for child care, has kept neonatal intensive care respiratory devices in use on a global scale.
Growing population, new product launches, and the presence of top players all contribute to the United States' dominant position.
Because of the rising prevalence of respiratory disorders, the United States contributed the most revenue to the global market for neonatal intensive care respiratory devices in 2018. Major factors include increased awareness, FDA approvals for advanced devices, increased emergency care services, and a better reimbursement structure. Developing nations always suffer the burden of neonatal and fetal deaths. As per the WHO, more than 2.5 million infant deaths were reported in 2017.
Nevertheless, in poorer nations, the accessibility of advanced devices is limited. The lack of skilled physicians, the very low suitability of medical treatment, the high cost of various products, and their limited availability are a few factors restraining the overall growth of the neonatal intensive care respiratory devices market.
Dominance of multinational manufacturers with strong product portfolios in the developed regions
Major players in the neonatal intensive care respiratory devices market are GE Healthcare, Medtronic plc., C. R. Bar, Inc., Inspiration Healthcare Group plc, Getinge AB, Drägerwerk AG & Co. KGaA, Becton, Dickinson and Company, Cook Medical, Teleflex Incorporated, Trudell Medical International, Mercury Medical, and others.
Major organizations are executing progressive strategies with new medical technology expansion in neonatal intensive care respiratory device designs, along with acquisitions and partnerships with top medical device manufacturers.
Periods of History and Forecast
This study report includes an analysis of each segment from 2017 to 2027, with 2018 as the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2019 to 2027.
Market Segmentation
The current report also encompasses qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better understanding of the overall neonatal intensive care respiratory devices market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.
Key questions are answered in this report.
What are the current market trends and dynamics in the neonatal intensive care respiratory devices market, and what are the valuable opportunities for emerging players?
What is the market positioning of the major market players?
Which segment accounts for the fastest CAGR during the forecast period?
Which device type segment holds a larger market share and why?
Are low- and middle-income economies investing in the neonatal intensive care respiratory devices market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and the Middle East and Africa?
Frequently Asked Question:
The market for Neonatal Intensive Care Respiratory Devices Market is expected to reach USD$ 2,134.5 Mn in 2027.
The Neonatal Intensive Care Respiratory Devices Market is expected to see significant CAGR growth over the coming years, at 8.4%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
GE Healthcare, Medtronic plc., C. R. Bar, Inc., Inspiration Healthcare Group plc, Getinge AB, Drägerwerk AG & Co. KGaA. are some of the major players in the global market.
