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Neonatal Infant Care Market Report 2024 - Neonatal Infant Care Market Growth, Share, And Forecast
Neonatal Infant Care Market
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According to The Business Research Company's, The neonatal infant care market size has grown strongly in recent years. It will grow from $2.89 billion in 2023 to $3.13 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to improved preterm birth survival rates, focus on neonatal nutrition, maternal and infant healthcare programs, increased awareness about neonatal care, patient rehabilitation and functional restoration.
The neonatal infant care market size is expected to see strong growth in the next few years. It will grow to $4.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to personalized neonatal medicine, development of neonatal vaccines, neonatal telehealth services, focus on neuroprotection in neonates, genetic screening for neonatal disorders. Major trends in the forecast period include technological advancements in neonatal equipment, increased focus on developmentally supportive care, home-based neonatal care solutions, advancements in neonatal imaging, sustainable and eco-friendly neonatal products.
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Market Drivers and Trends:
The rise in infant mortalities is expected to propel the growth of the neonatal infant care market going forward. Infant mortality refers to the death of infants who are under the age of one year, and it is an important public health statistic that reflects the overall health and well-being of a population. Neonatal infant care is used to prevent infant mortalities with neonatal intensive care units (NICUs), as they provide specialized care and support for premature infants, helping them survive and thrive. For instance, in November 2023, according to the Centers for Disease Control and Prevention, a US-based health government agency, there were 20,538 infant deaths in 2022, which is an increase of 3% from 2021, which is 19,928 infant deaths. Therefore, the rise in the number of infant mortalities drives the growth of the neonatal infant care market.
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.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Atom Medical Corp., Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, GE Healthcare Technologies Inc., Ibis medical equipment and systems Pvt. Ltd., Medtronic plc, Natus Medical Incorporated, International Biomedical Ltd., Koninklijke Philips NV, Weyer GmbH, Inspiration Healthcare Group plc, Masimo Corp., CooperSurgical Inc., Abbott Laboratories, Edan Instruments Inc., Medela AG, Nihon Kohden Corporation, Getinge AB, Nice Neotech Medical Systems Pvt. Ltd., Becton, Dickinson and Company, Hill-Rom Holdings Inc., Edwards Lifesciences Corporation, Cardinal Health Inc., Smiths Medical International Ltd., Hamilton Medical AG, Vyaire Medical Inc., ResMed Inc., Air Liquide Medical Systems Pvt. Ltd., Draeger Medical Systems Inc., Thermo Fisher Scientific Inc., PerkinElmer Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., Illumina Inc., Qiagen N.V., Roche Diagnostics International Ltd., Siemens Healthineers AG, Beckman Coulter Inc., BioMérieux SA, Cepheid Inc., Hologic Inc., Luminex Corporation, Meridian Bioscience Inc., Quidel Corporation, Danaher Corporation, B. Braun Melsungen AG
Neonatal Infant Care Market 2024 Key Insights:
• The neonatal infant care market size is expected to see strong growth in the next few years. It will grow to $4.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Rising Preterm Births Propel The Neonatal Infant Care Market
• Technological Advancements Drive The Neonatal Infant Care Market
• North America was the largest region in the neonatal infant care market share in 2023
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