Neonatal Equipments Market Is Driven by The Rising Awareness about The Importance of Neonatal Care in Ensuring The Health of Newborns
The prime driver for the global neonatal equipment market is the rising awareness about the importance of neonatal care in ensuring the health of newborns. Due to this, governments in many developing countries are proactively supporting the adoption of advanced neonatal equipment. This is likely to remain a key driver for the global neonatal equipment market in the coming years.
The steady technological innovation in medical devices has also been a key driver for the neonatal equipment market in the recent past. The progressive improvements brought about in the design of neonatal equipment have served to boost patient confidence, which has helped achieve widespread adoption. The rising investment in the healthcare sector is likely to make this a key driver for the global neonatal equipment market in the coming years.
Neonatal equipment comprises a wide range of medical systems used especially to monitor newborn babies. Neonatal equipment is vital in ensuring the health of the baby, as newborns are susceptible to even relatively minor pathogens and need constant care. The importance of neonatal equipment is illustrated by the fact that around 40% of total child deaths across the world happen in the neonatal stage. Complications in premature births and asphyxia are the key concerns addressed by neonatal equipment.
The report presents a detailed review of the historical growth trajectory exhibited by the global neonatal equipment market. Furthermore, the latest figures of the neonatal equipment market are assessed in the report, and provide a solid basis for reliable forecasts regarding the market’s growth trajectory in the coming years. The segmentation and hierarchy of the global neonatal equipment market is examined in the report by various criteria, which helps provide readers with a clear picture of the influential dynamics in the market.
The report examines the various product segments of the global neonatal equipment market in order to provide a granular view of the market’s performance. The neonatal equipment market is divided into monitoring devices, thermal control equipment, life saving equipment, and therapy equipment. Of these, the monitoring devices segment is sub-segmented into pulse oximeters, bilirubinometers, and apnea monitors. Key sub-segments of the thermal control equipment market are incubators, radiant warmers, and transport incubators, while the life saving equipment segment comprises ventilators, concentrators, and CPAP machines.
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Regionally, North America is the leading contributor to the global neonatal equipment market. This is primarily due to the widespread availability of advanced healthcare technologies in North America and the steady government support for the same, which has facilitated easy incorporation of advances in neonatal equipment.
Despite North America’s sustained dominance in the global neonatal equipment market, Asia Pacific is likely to emerge as a key regional market in the coming years. Governments in several Asia Pacific countries have adopted a proactive stance in terms of enhancing the healthcare sector in the respective country, which is likely to remain a key driver for the Asia Pacific neonatal equipment market in the coming years.
Some of the leading players in the global neonatal equipment market are GE Healthcare, Medtronic plc, and Philips Healthcare. While the market is dominated by multinational players with a diverse product catalog and widespread regional reach, smaller players also have significant resources in terms of specific technologies or devices and thus perform a key role in the global neonatal equipment market.