LONDON, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the neonatal infant care market forecasts the rise in the number of prematurely born babies as a major driver of the neonatal infant care market. Premature birth refers to the birth of a child before the completion of 37 weeks of pregnancy. Neonatal infant care is required for premature and sick babies with medical conditions as it provides safe and suitable conditions for the growth of the new born baby. For instance, according to the Centers for Disease Control and Prevention (CDC), a US-based national public health agency, the preterm birth rate increased from 10.09 in 2020 to 10.48 in 2021. Additionally, according to Tommy’s, a UK-based charity organization carrying out research on the causes of miscarriage, stillbirth, and premature birth, live births where the gestational period was under 24 weeks was 0.15% in 2019. About 8% of births in the UK were preterm in 2019, which was around 60,000 babies each year. Therefore, the increasing number of premature births is driving the neonatal infant care market growth.
The global neonatal infant care market size is expected to grow from $2.67 billion in 2022 to $2.91 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The neonatal infant care market size is expected to grow to $3.92 billion in 2027 at a CAGR of 7.8%.
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Technological advancements are a key trend gaining popularity in the neonatal infant care market. Major companies in the neonatal infant care market are focused on launching new technologies to sustain their position and meet consumer demand. For instance, in May 2022, Max Ventilator, an India-based manufacturer of medical devices, launched an innovative multifunctional ventilator for neonatal and adult care. The new product is functioning on non-invasive technology and has multifunctional capabilities. It can be used for non-invasive ventilation and can be used to provide oxygen therapy as well.
Major players in the neonatal infant care market are Atom Medical Corp, Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, GE Healthcare, Ibis Medical, Medtronic PLC, Natus Medical Incorporated, International Biomedical, Koninklijke Philips N.V., Weyer GmbH, Inspiration Healthcare Group plc, Masimo Corp., CooperSurgical Inc., Abbott Nutrition, Edan Instruments Inc., Medela AG, Nihon Kohden Corporation, Getinge AB, Nice Neotech Medical Systems Pvt. Ltd.
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The global neonatal infant care market analysis is segmented by product type into thermoregulation devices, phototherapy devices, monitoring systems, neonatal hearing screening, neonatal infant resuscitator devices, vision screening, others products; by prenatal and fetal equipment into ultrasound and ultrasonography devices, fetal doppler's, fetal magnetic resonance imaging (MRI), fetal monitors; by neonatal equipment into infant warmers and incubators, phototherapy equipment, neonatal monitoring devices and respiratory assistance, monitoring devices; by end-user into hospitals, nursing homes, pediatric and neonatal clinics.
North America was the largest region in the neonatal infant care market in 2022. The regions covered in the neonatal infant care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Neonatal Infant Care Market Global Report 2023 by The Business Research Company provides insights on the neonatal infant care market size, neonatal infant care market segments, neonatal infant care market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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