Neonatal Care Equipment Market is expected to reach US$ 3,103.81 Million by 2028

Neonatal Respiratory Care Devices Segment to Lead Market during 2022–2028

According to our new research study on "Neonatal Care Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, and End User," the neonatal care equipment market was valued at US$ 1,934.24 million in 2021 to US$ 3,103.81 million by 2028; it is estimated to grow at a CAGR of 7.0% from 2022 to 2028. The report highlights the prevailing trends and the factors driving the market growth.Increasing awareness of neonatal diseases across developing nations, and efforts by the government to increase survival rates of pre-term birth cases. However, lower penetration of care equipment in lower-income countries hampers the growth of the neonatal care equipment market.

Based on product, the neonatal care equipment market is segmented into infant warmers, neonatal diagnostic imaging devices, neonatal respiratory care devices, neonatal monitoring devices, neonatal incubators, neonatal phototherapy equipment, and others. The infant warmer segment is further bifurcated into electric warmers and non-electric warmers. The neonatal diagnostic imaging devices is further segmented into ultrasound systems, x-ray imaging systems, and others. The neonatal respiratory care devices are further segmented into neonatal ventilators, continuous positive airway pressure devices, resuscitators, and others. The neonatal monitoring devices are further segmented into blood pressure monitors, cardiac monitors, pulse oximeters, capnographs, extracorporeal membrane oxygenation systems, and integrated monitoring devices. The neonatal respiratory care devices segment held the largest market share in 2021 and is expected to continue its dominance during the forecast period. Moreover, the same segment is expected to register a higher CAGR during the forecast period. Major factors driving the neonatal care equipment market growth for the neonatal respiratory care devices segment are the increasing importance of ventilators in treating respiratory distress syndrome, pneumonia, and other respiratory diseases in newborns and the introduction of more accurate and technologically advanced products to the market.

Impact of COVID-19 Pandemic on Neonatal Care Equipment Market

Premature infants and term infants with medical disorders requiring prolonged hospitalization are prone to hospital-acquired (nosocomial) infection; thus, the adoption of neonatal care equipment in baby care facilities was adversely affected in the wake of the COVID-19 outbreak. Moreover, the COVID-19 outbreak resulted in a high unemployment rate in the region and hampered disposable incomes and health insurance benefits.

The COVID-19 pandemic significantly impacted the neonatal care devices market. Lockdown and fear of contagion were the main reasons for delayed health searches, leading to troubled pregnancies. The COVID-19 pandemic resulted in a significant decrease in NICU admissions and neonatal CPR, which impacted sales of neonatal care equipment. Infection with COVID-19 during pregnancy increased the risk of pregnancy problems such as preterm birth, premature rupture of membranes, and, in rare cases, maternal death. As a result, vigilance was exercised in further investigation and monitoring of possible infections in newborns born to COVID-19 infected mothers, and appropriate care was given to both mother and baby. The COVID-19 pandemic demonstrated the criticality of health in social and economic growth, which reinforced the need for greater health investments to secure people's well-being and build long-term health systems in South and Central America. Due to the factors mentioned above, the COVID-19 pandemic was expected to have a short-term negative impact on the neonatal care equipment market; however, the market was expected to show growth post-pandemic changes.

Several players in the neonatal care equipment market are engaged in meeting the growing demands for neonatal care equipment, including GE Healthcare; Koninklijke Philips N.V.; Medtronic; Dragerwerk AG & Co. KGaA; Nihon Kohden Corporation; Natus Medical Incorporated; Fisher & Paykel Healthcare Limited.; Masimo; BD; and Novos are among the leading companies operating in the market. 

The report segments the neonatal care equipment market as follows:

The neonatal care equipment market is segmented into product and end-user. Based on product, the neonatal care equipment market is segmented into infant warmers, neonatal diagnostic imaging devices, neonatal respiratory care devices, neonatal monitoring devices, neonatal incubators, neonatal phototherapy equipment, and others. Based on end-user the neonatal care equipment market is segmented into hospitals, paediatric and neonatal clinics, and nursing homes. Based on geography, the neonatal care equipment market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the rest of South & Central America).