Neonatal Intensive Care Market to Rise at a CAGR of 5.5% Between 2017 and 2025
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TMR has envisaged the global neonatal intensive care market to expand at a CAGR of 5.5% during the forecast tenure 2017-2025. In 2017, the market had been valued at a US$5.9 bn. By 2025, it could obtain a valuation of US$9.0 bn. On the basis of product, the market has been predicted to testify the lead secured by respiratory devices in the coming years. By geography, North America could take the driver’s seat in the market with a US$3.3 bn expected to be earned by the final forecast year.
Important Applications of Neonatal Care Equipment Set Tone for Healthy Growth
The growing number of applications of neonatal medical care equipment and devices has been envisioned to augment the demand for neonatal intensive care. Some of the significant applications include thermoregulation, monitoring, and respiratory assistance. The increasing occurrence of premature births could be another factor creating demand in the world neonatal intensive care market. The regulation of the body temperature of premature babies could be a major application of infant warmer devices. Besides helping to keep the babies warm, the devices aid them to attain thermoregulation.
Other devices such as incubators could find more applications in the world neonatal intensive care market. Transporter incubators are used to transfer sick or premature babies from one hospital to another or from one location to another. An incubator could also be used to maintain suitable environmental conditions for newborns.
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Exorbitant Medical Cost for Using Preterm Birth Care Discourages Rise in Growth
High medical expenses associated with preterm birth have been foreseen to decline the growth of the international neonatal intensive care market. The need for technologically sophisticated medical equipment such as ventilators, radiant warmers, and incubators for neonatal intensive care units (NICUs) incurs a higher expenditure, thus adding to the total medical cost. Furthermore, the risk of infant mortality even after using neonatal intensive care and lack of proper diagnosis to foresee the chances of preterm birth could be other factors restricting market growth.
However, the inevitable need of providing neonatal intensive care to premature babies could sustain the demand in the market. Emerging regions such as Asia Pacific and the Middle East and Africa experiencing a rising outbreak and incidence of epidemics causing gestation problems such as preterm birth have been forecast to offer scores of opportunities in the international neonatal intensive care market. Advanced medical care facilities in developed regions such as North America could also produce healthy growth prospects in the near future.
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