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Neonatal Intensive Care Respiratory Devices Market to Show 5.8% CAGR till 2028; Urgent Need to Provide Effective Treatment Options will Aid Growth: Fortune Business Insights™

03-30-2022 08:47 AM CET | Health & Medicine

Press release from: Fortune Business Insights

Neonatal Intensive Care Respiratory Devices Market

Neonatal Intensive Care Respiratory Devices Market

The global neonatal intensive care respiratory devices market size market is projected to grow from USD 1,636.2 million in 2022 to USD 2,431.3 million in 2028. Fortune Business Insights™ published this information in a new study, titled, "Neonatal Intensive Care Respiratory Devices Market, 2022-2028." As per the study, the market is set to exhibit a CAGR of 5.8% in the forecast period between 2022-2028. It stood at USD 1,546.9 million in 2020 and was not affected severely amid the COVID-19 pandemic owing to the rare occurrence of coronavirus in neonates. Various renowned companies operating in the market are striving to deliver effective treatment options to enhance the overall neonatal health. Inspiration Healthcare plc, for instance, acquired SLE worth £18 million in June 2020 to develop novel neonatal intensive care respiratory care devices.

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What is the Scope of this market?
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

Geographical Analysis:
• North America (The U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and the Rest of Latin America)
• The Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)
Drägerwerk AG Launches ICU Ventilators at Arab Health 2020 in Dubai
In January 2020, Drägerwerk AG, a German medical and safety technology provider, introduced various state-of-the-art products, such as anesthesia workstation and ICU ventilators at the Arab Health 2020, Dubai. It exhibited two new ventilators, namely, Evita V800 and V600 specially designed to help doctors with daily clinical tasks in the ICU.

Report Coverage-
Our analysts have conducted qualitative and quantitative research, as well as used a mix of both primary and secondary sources to gather vital information. They have taken data from paid sources, such as press releases, databases, company journals, and others to deliver a complete picture of the market for neonatal intensive care respiratory devices. To collect information about the competitive landscape, such as acquisitions, mergers, partnerships, joint ventures, and collaborations, they have conducted interviews with reputed figures.

Drivers & Restraints-
Rising Development of Ventilators and CPAP Systems to Augment Growth
The high demand for therapeutically effective devices has resulted in the increasing need for premium-quality neonatal equipment. Hence, renowned companies are developing innovative products with unique features. It is set to propel the neonatal intensive care respiratory devices market growth in the upcoming years. Besides, technological advancements worldwide are giving rise to the development of classified accessories, CPAP systems, and ventilators in developed and developing nations. In November 2018, for instance, SLE unveiled OxyGenie Auto O2 controller. It is meant for SLE 6000 and can keep the neonate's SpO2 level in range. However, in low-income countries, the lack of WHO guidelines regarding the usage of neonatal intensive care respiratory devices may lead to the inappropriate management of patients, thereby hindering growth.

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Devices Segment to Remain at the Forefront in the Near Future
Based on end-users, the market for neonatal intensive care respiratory devices is segregated into specialty clinics and hospitals. Here's a glimpse of the product type criterion:
• By Product Type: The market is bifurcated into devices and accessories & consumables. Amongst them, the devices segment procured the largest neonatal intensive care respiratory devices market share in 2020. This growth is attributable to the rising number of advanced product launches. Additionally, the urgent need to manage respiratory diseases in neonates, such as pneumonia and respiratory distress syndrome would accelerate the segment's growth.

Regional Insights-
Europe to Remain in the Second Position Followed by North America: Fortune Business Insights™
• North America: Geographically, North America is expected to lead throughout the forthcoming years by holding USD 692.1 million in 2020 in terms of revenue. The introduction of several advanced neonatal intensive care respiratory devices in the U.S. by reputed medical device companies would aid growth. Also, the surging incidence of neonatal respiratory distress syndrome is anticipated to accelerate regional growth.
• Europe: The region is set to hold the second position because of the increasing sales of the product. Coupled with this, rising investments in research and development activities to create unique devices will spur growth.
• Asia Pacific: It is likely to showcase the highest CAGR on account of the development of healthcare infrastructure for establishing fully-equipped ICU for neonates. At the same time, the high demand for accessories & consumables in the region would drive growth.

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Competitive Landscape-
Key Players Aim to Gain Fast Track Approvals to Distribute Their Products Worldwide
The market contains a few companies that account for the largest shares. Fisher & Paykel Healthcare Corporation is in the leading position because of its persistent R&D activities to launch novel neonatal intensive care respiratory devices. Some of the others are focusing on gaining fast track approvals from regulatory bodies to market and distribute their products. Below is one of the latest industry developments:
• April 2019: Dräger received the U.S. FDA clearance for Seattle Positive Airway Pressure (PAP) plus system. It is developed by Seattle Children's Research Institute. The system makes breathing easy for infants with respiratory distress. It features the Bubble Continuous Positive Airway Pressure (CPAP) technology.

Fortune Business Insights™ lists out the names of prominent neonatal intensive care respiratory devices manufacturers present in the global market. They are as follows:
• Airon Corporation (Florida, U.S)
• Drägerwerk AG & Co. KGaA (U.K, Europe)
• Fisher & Paykel Healthcare Limited (Auckland, New Zealand)
• GaleMed Corporation (Taiwan)
• GE Healthcare (Chicago, U.S)
• Hamilton Medical (Bonaduz, Switzerland)
• Medtronic (Dublin, Ireland)
• SLE (U.K, Europe)
• Other Players

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About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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