The global “neonatal intensive care” market size is poised to reach USD 7.72 billion by 2027 on account of increasing innovations in medical technology. Neonatal intensive care unit or NICU are special nursery care rooms designed for newborns in need of intensive medical care. These neonatal units are equipped with advanced machinery that will help support the preterm babies with their serious medical conditions. According to a recent report published by Fortune Business Insights™ titled, “Neonatal Intensive Care Market Size, Share & Industry Analysis, By Product (Neonatal Incubators, Neonatal Phototherapy Equipment, Neonatal Ventilators, Neonatal Monitors, and Others) By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2020-2027,” the market value stood at USD 4.59 billion in 2019 and is expected to rise at a CAGR of 6.7% in the forecast period set from 2020 to 2027.
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The report offers a comprehensive overview of the market and its growth trajectories such as growth drivers, restraints, challenges, and upcoming opportunities. The report also offers interesting insights into the market, current neonatal intensive care market trends, and significant industry developments. It also throws light on the names of key players functioning in the market and the key strategies adopted by them to compete for the top position in the market. The report further discusses the segmentation of the market based on factors such as product, end-user, and region in detail, and lists the names of the leading segment. The report offers an overall qualitative and quantitative analysis of the market and is available for sale on the company website.
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Increasing Awareness and Improving Healthcare Infrastructure will Augment Growth
The increasing number of premature birth cases all over the world is a major neonatal intensive care market growth driver. Additionally, the rising number of chronic diseases such as high blood pressure, diabetes, and the increasing adoption of a sedentary lifestyle in people are also contributing to the growth of the market in the forecast period. Moreover, the increasing demand for high-quality care for newborns will aid in the expansion of the market in the coming years.
On the flip side, high purchase and maintenance costs of equipment may cause hindrance to the overall growth of the market in the coming years. This, coupled with the poor accessibility of neonatal care equipment and lack of proper refurbishment may hamper the overall market in the future market. Nevertheless, improving healthcare infrastructure and increasing awareness about neonatal intensive care and innovation and product development will create lucrative growth opportunities for the market in the future years.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Asia Pacific to Rise at a Rapid Growth on Account of Improving Healthcare Infrastructure
With a revenue of USD 2.16 billion earned in 2019, North America is holding the dominant NICU market share. The growth of this region is attributed to the presence of major players in the region and the availability of advanced healthcare facilities. On the other side, the market in the Asia Pacific will witness rapid growth and is anticipated to overcome the market revenue earned by Europe and North America with a remarkable CAGR in the forecast period. This is owing to the improving healthcare infrastructure and medical facilities, and the increasing awareness about neonatal care by various healthcare organizations. However, the slow pace of growth is expected to be witnessed in Latin America and the Middle East and Africa on account of the increasing incidences of respiratory diseases in infants and rising cases of premature birth rates in the respective regions.