Neonates or newly born babies require special assistance and/or monitoring due to medical conditions such as low birth weight and premature birth. In order to ensure proper care and healthy development, these infants are placed in a special wards and given care, which is referred to as neonatal care. Neonatal equipment comprises devices and equipment used in a neonatal intensive care unit (NICU), pediatric intensive care unit (PICU), or outside to take proper care of newly born babies. Neonatal equipment includes devices that are utilized in various applications for neonatal care such as respiratory assistance, monitoring, thermoregulation, and others. The global neonatal infant care equipment market is projected to be valued at US$ 1,519.0 Mn by the end of 2016 and is further expected to reach US$ 2,686.7 Mn by the end of 2024, expanding at a CAGR of 7.4%.
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Factors driving the market
The global neonatal infant care equipment market is mainly driven by the introduction of multi-specialty neonatal infant care products by international as well as regional players in the market. Companies are launching innovative products to overcome restraining factors such as lack of technical personnel and availability of substitute technologies, which are currently hampering market growth. Furthermore, companies are developing integrated products to address the varying needs of the medical industry across the globe, especially in countries such as China, India, and Africa.
On the basis of products, neonatal infant care equipment market is segmented into thermoregulation devices, phototherapy equipment, monitoring systems, hearing screening, and vision screening. By end user, the neonatal infant care equipment market is segmented into hospitals, pediatric and neonatal clinics, and nursing homes.
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The global neonatal infant care equipment market was valued at US$ 1,417.6 Mn in 2015. North America was the largest market for neonatal infant care equipment, accounting for over 35% revenue share of the overall market in 2015, followed by Europe with around 29% share. The Asia Pacific neonatal infant care equipment market is expected to exhibit the highest CAGR of 7.9% during the forecast period (2016–2024), followed by North America. Introduction of multi-specialty neonatal infant care products by international as well as regional players in the market is predicted to boost the global neonatal infant care equipment market growth in the near future. Neonatal manufacturers in APAC are focused on increasing their distribution network in countries such as India, China, and Australia to increase their sales and cater to the growing demand from end users such as hospitals and nursing homes.
By product, the thermoregulation devices segment accounted for about 52% share of overall market value in 2015. By end user, the hospitals segment was valued at US$ 747.6 Mn in 2015 and is expected to increase at a CAGR of 7.3% during the forecast period to account for US$ 1,407.4 Mn by 2024.
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Key players in the global neonatal infant care equipment market include GE Healthcare, Koninklijke Philips N.V., Medtronic, Drägerwerk AG & Co. KGaA, Natus Medical Incorporated, Fisher & Paykel Healthcare Limited, Pluss Advanced Technologies Pvt. Ltd., Weyer GmbH, BabyBloom Healthcare BV, Novos Medical Systems, Medical Technology Transfer and Services Asia (MTTS Asia), Inspiration Healthcare Group plc., Fanem Ltda.
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