Neonatal Care Device Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Medical Light, Infant Warmer, Incubator, Phototherapy Equipment, Respiratory Device, Neonatal Monitoring Device), And By Geography - Forecasts From 2021 To 2026

The neonatal care device market is expected to grow at a compound annual growth rate of 6.08% over the forecast period to reach a market size of US$13.378 billion in 2026, from US$8.849 billion in 2019. Neonatal care is a branch of medicine that involves caring for newborns who were born prematurely or with complications such as low weight, birth deformities, infection, heart anomalies, or other surgical issues that need specialist care. Neonatal care devices include a wide range of products like incubators, infant warmer, medical lights, phototherapy equipment, respiratory devices, and neonatal monitoring devices.

Market Trend: 

The dropping fertility rate and increasing preterm births are the key factors influencing the market for neonatal care devices. Further with the growing advent of technology and increasing investment in Research and Development (R&D) some other factors significantly influence the market growth. In addition, rising medical expenditure by governments, globally, is anticipated to support the market.  North America holds a large portion market share for the neonatal care device market. Due to rising awareness and a high birth rate, Asia Pacific emerging nations are projected to have a substantial impact on demand for these devices in the coming years.

Growth Factors

• Pregnancy complications due to dropping fertility rate and rising sedentary lifestyle

Increasing pregnancy complications due to the dropping fertility rate and rising sedentary lifestyle are some of the key factors significantly affecting the market. hypertension, anxiety, diabetes, and obesity have increased in the past few years and have particularly increased complications during pregnancy. According to the World Bank, fertility rates have dropped down to 2.4 per woman in 2019 from 2.7per woman in 2000. Further, increasing cases of gestational diabetes have also been observed. According to the International Diabetes Foundation (IDF), 16.7% of pregnancies were prevalent to gestational diabetes mellitus.  2.11 million live births affected by other types of diabetes were first detected during pregnancy and 2.46 million live births were detected prior to pregnancy.

• Increasing preterm birth rate

Increased complications during pregnancy often lead to preterm birth.  Preterm infants require special care which has led to an increase in the use of neonatal care devices. According to the Centers for Disease Control and Prevention (CDC), the preterm birth rate stands at 10.1% in the United States of America for the year 2020. Globally, around 15 million babies are born preterm every year, according to World Health Organization (WHO). It is also a leading cause of death in children under the age of 5 years.

Respiratory distress syndrome is one of the leading disorders observed in infants born prematurely. It is most frequent in children born before 28 weeks gestation and affects one-third of those born between 28- and 34 weeks’ gestation, while only around 5% of those born after 34 weeks gestation are affected. According to the American Lung Association, annually around 24,000 infants are born with respiratory distress syndrome in the United States of America. Further, the rate of preterm birth is high in Asian Pacific countries. The following chart shows the top 10 countries with the greatest number of preterm births.

Restraint

• Testing and medical approvals for the neonatal care device can serve as its restraint:

When it comes to infant care devices, safety concern is the major priority. Since the baby’s body is much more sensitive than that of adults, it is more prone to allergies, infections, etc. Neonatal care devices must go through rigorous testing and need the approval of medical authorities this can serve as a drawback for the market. Further, it requires a huge amount of investment in R&D.

key developments:

• In June 2021, Abbott introduces a novel device for the treatment of preterm infants with heart openings in India.
• In June 2020, The European Foundation for the Care of Newborn Infants (EFCNI) and GE Healthcare's Maternal-Infant Care division has established a partnership. The collaboration will focus on neonatal temperature management in the NICU, baby resuscitation problems, neurodevelopment, and phototherapy home care.

Impact of COVID-19 Pandemic on the Neonatal Care Device Market:

The outburst of the covid pandemic positively impacted the sales of the neonatal care device market. COVID-19 lead to some serious complication during pregnancy which leads to preterm birth. With the rise in the number of cases, the infants had a high risk of survival, by catching the virus from their mothers.  This led to high demand for the neonatal care device market.

Global Neonatal Care Device Market Scope:

Segmentation

• By Type
  • Medical Light
  • Infant Warmer
  • Incubator
  • Phototherapy Equipment
  • Respiratory Device
  • Neonatal Monitoring Device
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the neonatal care device market size by 2026?
A1. The global neonatal care device market is projected to reach a total market size of US$13.378 billion in 2026.

Q2. What are the growth prospects for neonatal care device market?
A2. The neonatal care device market is projected to grow at a CAGR of 6.08% over the forecast period.

Q3. What is the size of global neonatal care device market?
A3. Neonatal Care Device Market was valued at US$8.849 billion in 2019.

Q4. What factors are anticipated to drive neonatal care device market growth?
A4. The dropping fertility rate and increasing preterm births are the key factors influencing the neonatal care devices market.

Q5. Which region holds the largest market share in the neonatal care device market?
A5. North America holds the largest share of the neonatal care device market due to rising awareness and a high birth rate.