Research Report Insights (RRI) has released a new market report titled “Neonatal Infant Care Equipment Market: Global Industry Analysis and Forecast, 2016–2024.” According to the report, the neonatal infant care equipment market is expected to witness healthy growth in 2016, with global revenues reaching US$ 1.5 Bn.
The latest report analyzes the global neonatal infant care equipment market in terms of revenue and volume contribution. This report covers the key trends, drivers, restraints, and opportunities influencing growth of the global neonatal infant care equipment market over an eight-year forecast period (2016–2024).
Today, prematurity is one of the major causes of neonatal deaths worldwide. It has been seen each year around one million newborns die prematurely and those who survive suffer from various disabilities. So this is the prime factor behind the rising demand for neonatal infant care equipment. Theses includes devices are utilized in various applications for neonatal care such as respiratory assistance, monitoring, thermoregulation, and others.
In this segment, the key drivers are the increasing rate of premature births, increasing age of maternal population, technological advancements, high birth rates especially in emerging economies, and increasing awareness levels about neonatal care. The market is also driven by the introduction of multi-specialty neonatal infant care products by international as well as regional players in the market.
For better equipped clients who have crystal clear decision-making insights, impact analysis of key growth drivers and restraints is done based on the weighted average model. Restraining factors which are currently hampering market growth include lack of technical personnel and availability of substitute technologies. Companies are launching innovative products to overcome restraining factors.
Furthermore, for address the rising needs of the medical industry across the globe, especially in countries such as China, India, and Africa, companies are developing integrated products too. The report is divided into few sections for understanding consumption patterns and assess opportunities in the global neonatal infant care equipment market.
On the basis of products, the market is segmented into thermoregulation devices, phototherapy equipment, monitoring systems, hearing screening, and vision screening. Revenue from the monitoring systems segment is projected to rise at the highest CAGR of 8.0% during the forecast period. The thermoregulation devices segment is expected to dominate the market, accounting for a maximum share of the overall market by 2024.
By end user, the market is segmented into hospitals, pediatric and neonatal clinics, and nursing homes. Revenue from the pediatric and neonatal clinics segment is projected to increase at a CAGR of 7.8% during the forecast period.
In terms of value, North America dominates the market with over 35% market share in 2015 followed by Europe. While in Asia Pacific, this market is projected to expand at the highest CAGR of 7.9% during the forecast period.
The report also contains company profiles of some of prime players in the global neonatal infant care equipment market are 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), and Inspiration Healthcare Group plc., Fanem Ltda.