Neonatal Intensive Care Respiratory Devices Market: Increasing Prevalence of Cardiovascular Diseases to Boost the Demand
Neonatal Intensive Care Respiratory Devices Market: Snapshot
The global neonatal intensive care respiratory devices market is all set to gather handsome amount in the form of revenues during the forecast period of 2018 to 2026. One of the key reasons for this growth is increased number of respiratory diseases in newborn babies. In neonatal respiratory care, newborn babies are given best possible treatment for breathing disorders. For this purpose, babies are admitted in to the NICU, where respiratory devices play a key role in the treatment of respiratory disorders.
In recent years, there is considerable growth in the number of preterm births. As a result, subsequent efforts to improve the survival rates of these premature babies have increased. This factor is working as a driver for the global neonatal intensive care respiratory devices market. Apart from this, the government bodies of major worldwide countries have increased investments in advancing their health care infrastructure. This aside, many key enterprises are entering into partnership agreements. The main motive of these partnerships is penetrating the emerging market. All these factors are expected to stimulate the demand avenues for players in the global neonatal intensive care respiratory devices market.
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Numerous enterprises working in the global neonatal intensive care respiratory devices market are using various tactics to withstand in aggressive competition. They are heavily investing in research and development activities. This effort is helping them to offer technology driven products to end-users such as specialty clinics, NICU hospitals, and nursing homes. Apart from this, they are focused on making the products more cost-effective. All these factors are projected to boost the growth of the global neonatal intensive care respiratory devices market.
On regional front, North America is one of the key regions in the global neonatal intensive care respiratory devices market. This prominence is on the back of growing efforts by government bodies to grow awareness about neonatal diseases and increased research and development activities in the region.
Global Neonatal Intensive Care Respiratory Devices Market - Snapshot
Neonatal respiratory care involves monitoring and treating newborn babies for breathing disorders. Newborn babies who need intensive care are often admitted to the NICU. The NICU has a range of equipment to take care of the babies, and respiratory devices play a vital role in treating respiratory disorders. However, demand for neonatal intensive care respiratory devices is anticipated to decline during the forecast period owing to high cost and technical errors in NICU devices.
The global neonatal intensive care respiratory devices market was valued at US$ 1,500 Mn in 2017 and is projected to expand at a CAGR of 5% from 2018 to 2026 to reach US$ 2,500 Mn by 2026. High incidence rate of respiratory diseases in newborn babies and increase in incidence of preterm births and corresponding efforts to improve survival rates are likely to fuel the growth of the global market from 2018 to 2026. Surge in government investment in health care infrastructure and strategic alliances among players to penetrate the emerging markets are expected to propel the global market during the forecast period.
There have been significant technological advancements in NICU devices for the treatment of various infectious diseases in the past few years. These devices offer affordable medical technologies and integration of various techniques in a single system. These factors fuel demand for advanced equipment in the NICU health care industry. In September 2018, Koninklijke Philips N.V., in collaboration with the Consortium for Affordable Medical Technologies (CAMTech), developed an innovative resuscitation device called Augmented Infant Resuscitator (AIR). It is an add-on device for conventional neonatal bag-valve-mask (BVM) resuscitators that effectively resuscitates asphyxiated newborns and helps reduce neonatal mortality. These advancements in NICU equipment are projected to boost to the market.
In terms of device type, the global neonatal intensive care respiratory devices market has been segmented into nebulizers, inhalers, ventilators, continuous positive airway pressure devices, apnea monitors, and others. The inhalers segment held the smallest market share in 2017. However, the segment is anticipated to expand at a high CAGR during the forecast period. Based on end-user, the global market has been classified into NICU hospitals, specialty clinics, nursing homes, and others. The NICU hospitals segment accounted for the largest market share in 2017. The segment is expected to expand at a significant CAGR during the forecast period.
North America is projected to account for major share of the global neonatal intensive care respiratory devices market from 2018 to 2026, supported by high cost of technologically advanced respiratory devices and rise in prevalence of premature births. Factors such as government initiatives to spread awareness about neonatal diseases and increase in R&D activities augment the market in the region. Moreover, high prices of products, rapid adoption of new devices, and increase in incidence of premature births in the U.S. boost the growth of the neonatal intensive care respiratory devices market in North America. A report published by the WHO in 2016 stated that the U.S. ranked sixth in the world in premature births. According to data released by the FDA (2016), nearly 6% of 4 million births in the U.S. each year requires NICU admission and majority of them is due to preterm birth.
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The neonatal intensive care respiratory devices market in Asia Pacific is projected to expand at a high CAGR during the forecast period due to increase in focus on development of health care infrastructure by both public and private hospitals, high preterm rate, and surge in the number of NICU beds in countries such as South Korea and China. An article published in the Journal of Medical Systems in 2017 indicated that more than 3.5 million preterm births are recoded in India annually.
Key companies operating in the global neonatal intensive care respiratory devices market and profiled in the report include Getinge AB, Vyaire Medical, Inc. (BD), GE Healthcare, Teleflex Incorporated, Drägerwerk AG & Co. KGaA, Medtronic plc, Mercury Medical, Inspiration Healthcare Group plc, and Trudell Medical International.
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CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
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USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
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