Neonatal Critical Care Equipment Market Worth $1.3 Billion By 2027

The global neonatal critical care equipment market size is expected to reach USD 1.3 billion in 2027, expanding at a CAGR of 9.4%, according to a new report by Grand View Research, Inc. High number of preterm births, prevalence of neonatal jaundice, and innovative product launches are some of the factors responsible for market growth. The Neonatal Intensive Care Unit (NICU) provides treatment to premature infants and those having breathing problems, anemia, heart defects, and other problems requiring critical care.

The majority of admissions in the NICU comprise of the premature/preterm babies. To support their treatment, various organizations are providing financial assistance to healthcare providers. For instance, in October 2018, the Australian Government announced a provision of AUD 600,000 to the Miracle Babies Foundation to support the families of premature babies. The overall assessment of the market reveals that the number of cases of jaundice and respiratory problems in neonates is increasing and precautionary measures are being taken by government authorities. For instance, governments are increasing the number of NICU facilities in order to tackle health related problems in neonates.

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Further Key Findings from the Study Suggest:

  • The Respiratory equipment segment dominated the market in terms of revenue share in 2019 due to the high prevalence of respiratory disorders among the newborn babies
  • North America dominated the market in terms of revenue share in 2019 due to high healthcare expenditure and measures adopted by organizations to improve healthcare for neonatal
  • BC Children’s Hospital, Vancouver, announced to launch Teck Acute Care Centre and claimed to have North America’s first NICU to provide care to mother and infant in the same room
  • On the other hand, Asia Pacific is likely to exhibit the fastest CAGR of 10.9% from 2020 to 2027 pertaining to a high birth rate in the region
  • The manufacturers of neonatal critical care equipment are undertaking research and development activities to provide innovative products, in order to cater to the increasing demand for NICUs globally
  • In January 2016, Maquet Medical Systems USA (Getinge Group) launched two ventilators for use in NICU, the Servo-U and Servo-n.

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