Neonatal Medicine Market is estimated to achieve a market size of USD 7,171 Million by 2030 growing at a CAGR of 7.2% from 2022 to 2030
The Global Neonatal Medicine Market is expected to grow at a CAGR of around 7.2% from 2022 to 2030 and expected to reach the market value of around USD 7,171 Million by 2030.
Neonatal Medicine Market Report Key Highlights
- Global neonatal medicine market size was USD 3,861 million in 2021 and is expected to grow at CAGR of 7.2% from 2022 to 2030
- North America neonatal medicine market is expected to lead the market share
- According to our neonatal medicine industry analysis, the US recorded more than USD 800 million in shares in 2021
- Asia-Pacific neonatal medicine market is expected to grow with fastest CAGR during the forecast period from 2022 to 2030
- Among product types, thermoregulation devices occupied more than 30% of the total market share
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|Market||Neonatal Medicine Market|
|Neonatal Medicine Market Size 2021||USD 3,861 Million|
|Neonatal Medicine Market Forecast 2030||USD 7,171 Million|
|Neonatal Medicine Market CAGR During 2022 – 2030||7.2 %|
|Neonatal Medicine Market Analysis Period||2018 – 2030|
|Neonatal Medicine Market Base Year||2021|
|Neonatal Medicine Market Forecast Data||2022 – 2030|
|Segments Covered||By Product Type, By End-Use And By Geography|
|Neonatal Medicine Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Atom Medical Corp, Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, GE Healthcare, Ibis Medical, Medtronic, Natus Medical Incorporated, International Biomedical, Koninklijke Philips N.V., Phoenix Medical Systems Pvt Ltd, Nice Neotech Medical Systems Pvt. Ltd., and among others.|
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
The growing prevalence of preterm births is the major factor responsible for neonatal medicine market growth. Preterm and low-weight babies are prone to numerous medical conditions; as a result, the neonatal medicine industry is in demand. According to the CDC 2020 report, preterm births affect 1 of every 10 infants born in the US. The growing adoption of the neonatal ventilator is one of the primary trends in the neonatal medicine market that is fueling the demand.
Neonatal Medicine Market Dynamics
The increasing demand for thermoregulation is one of the primary factors boosting the neonatal medicine market share. According to our neonatal medicine market forecast, congenital heart disease (CHDs) is one of the most common types of disease in neonates that is propelling the demand from 2022 to 2030. Another element driving the worldwide neonatal medication market value is the rising prevalence of sepsis. The exorbitant expense of this treatment, on the other hand, would stifle market expansion. Furthermore, a shortage of medical personnel may limit the market’s growth. Furthermore, rising government investments in the neonatal industry, as well as improved healthcare infrastructure in emerging nations, are some of the factors generating significant development prospects for the market in the approaching years.
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Neonatal Medicine Market Segmentation
The neonatal medicine market is segmented as product type end-use, and regions.
By product type, the market is segmented as thermoregulation devices, phototherapy devices, monitoring systems, neonatal hearing screening, vision screening, and among others. By end-use, the market is segmented as hospitals, nursing homes, and pediatrics & neonatal clinics.
Based on product type, thermoregulation devices will record a significant market share in the neonatal medicine market. As thermoregulation is an acute factor for treating sick neonates and newborns it gains significant importance in the neonatal medicine market globally. Thermoregulation devices comprise neonatal incubators, warmers, and neonatal cooling systems.
In December 2013, GE Healthcare announced the launching of new low-cost infant warmers. The products involve an easy-to-use infant warmer and the Lullaby Resus, a resuscitation device. Both the devices cost 20 to 40% lower than the existing offerings from GE Healthcare. The infant warmer would cost around INR 80,000 while existing once are priced at INR 1.35 lakhs.
Neonatal Medicine Market Regional Outlook
North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the neonatal medicine market industry.
North America will dominate the regional neonatal medicine market. The factor that contributes to regional growth involves the high prevalence of preterm deaths and technological advancements attribute to the growth of the North American neonatal medicine market. An estimated 15 million babies are born early annually as per the statistic released by the World Health Organization (WHO). Approximately 1 million children die annually due to complications associated with preterm birth. The majority of survivors face a lifetime disability involving learning disabilities, and visual, and hearing problems.
On the other hand, Asia-Pacific neonatal medicine market will grow stupendously in the coming years by recording the largest CAGR for the neonatal Medicine market. New technological advancements with the strong support of new treatment options enhance the APAC neonatal market to grow fully. As there is enormous pressure on the healthcare system for improving the quality of care, the best outcomes can be achieved by keeping track of costs. Digital technology such as smartphone-based solutions is a relatively low-cost way of providing reliable and technically sound healthcare information knowledge that can help improve neonatal health outcomes. The smartphone’s access now provides a platform that can be leveraged for a variety of interventions, involving enhancing the knowledge of healthcare providers for best neonatal healthcare practices.
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Neonatal Medicine Market Players
Some of the leading neonatal medicine companies/competitors are Atom Medical Corp, Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited, GE Healthcare, Ibis Medical, Medtronic, Natus Medical Incorporated, International Biomedical, Koninklijke Philips N.V., Phoenix Medical Systems Pvt Ltd, Nice Neotech Medical Systems Pvt. Ltd., and among others.
Some of the key observations regarding the Neonatal Medicine industry include:
- In May 2020, Drägerwerk AG & Co. KGaA announced the launching of new products namely, Babylog VN600 and VN800 ventilators for premature babies. The collaboration enhances the product portfolio and its customer base in the global market
- In September 2018, Koninklijke Philips N.V. announced the successful development of the Augmented Infant Resuscitator (AIR)-an add-on device for conventional neonatal bag valve mask (BVM) resuscitator that assists caregivers in effectively resuscitating asphyxiated newborn babies.
- In January 2017, Natus Medical Inc. announced the acquisition of GN Otometrics from GN Store Nord A/S (GN.CO). The acquisition enhances and strengthens the firms hearing screening, balance care tools, and hearing diagnostics portfolio with GN Otometrics solutions in the field of neonate medical diagnostic market.
Questions Answered By This Report
- What was the market size of Neonatal Medicine Market in 2021?
- What will be the CAGR of Neonatal Medicine Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Neonatal Medicine Market?
- Which region held the largest share in Neonatal Medicine Market in 2021?
- What are the key market drivers of Neonatal Medicine Market?
- Who is the largest end user Neonatal Medicine Market?
- What will be the Neonatal Medicine Market value in 2030?
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