Constant innovation, technological developments, and development of multi-specialty products. Design and features of the device are being focused on especially to meet the needs of both user and patient. Mode of operation, power source, heating-cooling mechanism, functionality, performance, and safety features are also some of the important areas in the development of neonatal infant care equipment.
Companies are also focusing on developing smart infant monitoring system that can help to curb infant mortality rate. Moreover, the demand for portable equipment for neonatal care is also increasing, this is driving the use of advanced technology in the global neonatal infant care equipment market. The high cost of neonatal infant care equipment is one of the biggest challenges, however, manufacturers are using advanced technology to develop and provide neonatal equipment at child care hospitals at an affordable price.
According to the report by Persistence Market Research (PMR), the global neonatal infant care equipment market is likely to witness a robust growth during 2017-2024. By the end of 2024, the global market for neonatal infant care equipment is estimated to surpass US$ 2,600 Million revenue.
Thermoregulation Devices to Gain Maximum Share in the Global Neonatal Infant Care Equipment Market
Based on the product type, compared to various infant care equipment, thermoregulation devices are expected to account for the largest market share during the forecast period. Towards 2024 end, thermoregulation devices are projected to exceed US$ 1,300 Million in terms of value.
On the basis of the end user, hospitals are expected to witness the highest growth in the global market for neonatal infant care equipment market. Increasing number of hospitals have neonatal intensive care unit that provides care for newborn. Hence, hospitals use various neonatal infant care equipment as per the level of complexity.
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North America to Lead the Global Market for Neonatal Infant Care Equipment
Region-wise, North America is likely to dominate the global neonatal infant care equipment market. North America is estimated to bring in more than US$ 1,000 Million revenue by 2024 end. Changing labor treatments, increasing maternal age and development of technically advanced devices are some of the factors driving the demand for neonatal infant care equipment in North America. Manufacturers are also focusing on developing smart neonatal infant care equipment, providing extra care, since it’s the most delicate part of life.
Key Companies in the Global Neonatal Infant Care Equipment Market
Some of the leading companies operating in the global neonatal infant care equipment market for are GE Healthcare, Medtronic, Natus Medical Incorporated, Koninklijke Philips N.V., Pluss Advanced Technologies Pvt. Ltd., Medical Technology Transfer, Services Asia, Fisher & Paykel Healthcare Limited, and BabyBloom Healthcare BV.
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