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, 2020-2032

The global neonatal intensive care market size was valued at USD 4.59 billion in 2019 and is projected to reach USD 10.93 billion by 2032, exhibiting a CAGR of 6.9% during the forecast period (2020-2032).

Neonatal intensive care unit or NICU includes specialized nursery care rooms specifically designed for neonates in need of intensive medical care. The neonatal care units are equipped with highly advanced machines that provide critical care and support to the preterm babies either having low birth weight or suffering from serious medical conditions such as respiratory distress syndrome (RDS). 

According to the World health organization (WHO) around 15 million babies are born preterm every year, and this number is accelerating at a rapid pace. Prematurity has become one of the leading causes of death in newborns globally, and this is likely to increase the demand for the number of neonatal intensive care units in hospitals for assisting in the proper care of the neonates. Moreover, developing hospital healthcare infrastructure, and the entry of private players in the hospitals sector, is projected to fuel the demand for essential equipment used for NICU during the forecast period.

MARKET TRENDS

Strong Focus of Player on the Development of Highly Advanced Neonatal Equipment

The growing innovations in the medical technology field are playing a critical role in the development of high quality and featured neonatal equipment. The rise in technological advancements has supported the growing demand for highly specialized neonatal care equipment across both developed and emerging economies. The development of novel incubators and MRI-compatible incubators is expected to provide enhanced care to preterm babies which in turn is anticipated to propel the neonatal care equipment market at a rapid pace. 

Additionally, the rising awareness among healthcare providers about the advancements in the equipment for NICU and an increase in the collaborations among players to provide highly advanced NICU are anticipated to accelerate the market growth.

MARKET DRIVERS

Rise in Preterm Births and Rise in NICU Admission to Accelerate the Growth

The rise in the burden of chronic diseases such as diabetes, high blood pressure and an increase in the adoption of a sedentary lifestyle are some of the major factors responsible for the growing number of premature births globally. According to the report published by the Centers for Disease Control and Prevention (CDC) in 2018, around 2% to 10% of pregnancy cases in the United States are affected by gestational diabetes. Increasing preterm birth rates globally and a rise in the demand for high-quality care for newborns are anticipated to drive the neonatal care equipment market growth. 

According to a report published in the National Center for Biotechnology Information (NCBI), infant respiratory distress syndrome occurs in approximately 7% of all preterm births. The growing prevalence of these co-morbid conditions in preterm births globally is likely to further boost the NICU market in developed and emerging countries.

Additionally, rising awareness among the population in developing nations about neonatal care, and the growing number of NICU admissions are likely to boost the growth of the market. According to Bliss, the leading U.K.-based charity organization, around 100,000 babies i.e., 1 in 7 babies born in the U.K., are admitted to a NICU every year, further accelerating the demand for neonatal care equipment.

Moreover, the growing emphasis on research and development activities by market players for the introduction of innovative neonatal intensive care equipment is likely to drive the neonatal intensive care market growth during the forecast period.

MARKET RESTRAINT

High cost of Procurement to Restrict the Market Growth

High maintenance and purchase cost of neonatal intensive care equipment is anticipated to hinder the market growth during the forecast period. Moreover, poor accessibility of neonatal care equipment in developing is likely to restrain the growth of the market. These NICU’s in emerging countries are witnessing an increasing flow of patients. This is driving the demand for neonatal intensive care devices in these settings. 

However, budgetary constraint, and limited healthcare expenditure in these countries has led to increasing number of neonatal intensive care units buying low-cost refurbished devices. This along with the presence of a large refurbished equipment market in emerging countries is limiting the demand for new equipment in hospitals. This is another factor restraining the growth of this market.

SEGMENTATION

By Product Analysis

Neonatal Incubators Dominated the Market in 2018

Based on product type, the market is segmented into neonatal incubators, neonatal phototherapy system, neonatal ventilators, neonatal monitors, and others. The neonatal incubators segment dominated the market in 2019 as neonatal incubators provide a suitable temperature to the neonates. These incubators are the pre-requisites of a neonatal intensive care unit, and maintain the thermal stability within the chamber, enhancing the survival rate of the premature newborns. 

The introduction of highly advanced neonatal incubators by players and an increase in the number of neonatal admissions are fueling the demand for neonatal incubators from healthcare settings. The neonatal ventilators segment, on the other hand, is likely to grow at a rapid pace during the forecast period. The rise in the prevalence of respiratory disorders in premature babies is likely to boost the demand for neonatal ventilators during  the forecast period. 

The presence of large number of players in the development of neonatal monitors and growing innovations in monitors displaying real-time data are likely to accelerate the growth of the neonatal monitors segment. The rise in the prevalence of neonatal jaundice and the advantages of phototherapy equipment in the treatment of jaundice in newborns is likely to upsurge the needfor neonatal phototherapy during the forecast period.

By End User Analysis

Hospitals segment to dominate the Market throughout the Forecast Period

In terms of end users, the market is segmented into hospitals and specialty clinics. The market is dominated by the hospital segment, owing to the availability of highly advance neonatal equipment in the hospitals. Moreover, the presence of skilled professionals in hospitals and an increase in the number of hospitals with NICU units across the globe are likely to result in specialized care to preterm infants, thereby boosting the segment. Rising adoption of NICU’s in specialty clinics and the growing number of private maternity clinics integrated with high quality of neonatal intensive care departments are likely to boost the growth of specialty clinics segment at a significant rate during the forecast period.

REGIONAL ANALYSIS

The market size in North America stood at USD 2.16 billion in 2019. The presence of a well-established healthcare system, along with the strong foothold of major players engaged in the NICU market are the major factors responsible for regional growth of the market. The market in Asia Pacific is projected to outpace the mature markets in North America and Europe, by registering the highest CAGR during the forecast period. The improving healthcare infrastructure, presence of various players, and the rising awareness about neonatal care by many healthcare organizations are likely to provide lucrative growth opportunities to the market in Asia Pacific. 

On the other side, the markets in Latin America and Middle East & Africa are likely to grow at a slower pace. The rapid rise in the prevalence of respiratory diseases in newborn infants and an increase in premature birth rates are likely to accelerate the demand for neonatal intensive care in the respective regions during the forthcoming year.

KEY INDUSTRY PLAYERS

Presence of Innovative Equipment have propelled Drägerwerk AG & Co. KGaA, Inspiration Healthcare Group plc, and General Electric Company to Capture Leading Position in the Global Market

The competitive landscape indicates a consolidated nature of the neonatal intensive care market. Drägerwerk AG & Co. KGaA, Inspiration Healthcare Group plc, Masimo corporation, Fisher & Paykel Healthcare Corporation Limited are the some of the major players in the market. A diversified product portfolio and strong focus on development of highly advanced equipment for NICU are the key factor for the dominance of these companies in the global market. 

Moreover, a strong geographical presence in both domestic and international markets provides these players with a valuable opportunity to strengthen their position in this market.

LIST OF KEY COMPANIES PROFILED:

• Drägerwerk AG & Co. KGaA


• Inspiration Healthcare Group plc


• General Electric Company


• Masimo corporation


• Fisher & Paykel Healthcare Corporation Limited


• Phoenix Medical Systems (P) Ltd.


• Others 

KEY INDUSTRY DEVELOPMENTS:

• October 2019 –   Inspiration Healthcare Group plc announced the launch of CosyTherm2 controller for neonatal care units. The company showcased its product offerings at MEDICA - world’s largest medical trade fair for medical technology, in Novemenver 2019, with an aim to strengthen its brand presence in the market.


• April 2019 –   Drägerwerk AG & Co. KGaA received FDA approval Seattle Positive Airway Pressure (PAP) plus system for newborn with Respiratory Distress Syndrome.

REPORT COVERAGE

The neonatal intensive care market report provides a detailed analysis of the market and focuses on key aspects such as the overview of the number of preterm births, and technological advancements in neonatal intensive care equipment. Besides this, the report offers insights into the market, current trends, and highlights the key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation