Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Neonatal Medicine Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The Global Neonatal Medicine Market is expected to grow at a CAGR of around 6.8% from 2020 to 2027 and reach the market value of over US$ 5,724.6 Mn by 2027.
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North America will dominate the regional market of neonatal Medicine. The factor that contributes to regional growth involves high prevalence of preterm deaths and technological advancements attribute for the growth of North American regional market for neonatal medicine. 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. Majority of survivors face a lifetime disability involving learning disabilities, visual, and hearing problems.
On the other hand, Asia Pacific regional market will grow stupendously in the coming years by recording largest CAGR for the neonatal Medicine market. New technological advancements with a 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, best outcomes can be achieved by keeping a track on cost. Digital technology such as smart phone based solutions is relatively low-cost way of providing reliable and technically sound healthcare information knowledge can help improve neonatal health outcomes. The smart phones access now provides a platform that can be leveraged for a variety of interventions, involving enhancing knowledge of healthcare providers for best neonatal healthcare practices.
COVID-19 Impact on Neonatal Medicine Market
According to the Center for Disease Control and Prevention, rates of COVID-19 in neonates does not appear to be affected by the delivery mode, method of infant feeding, or contact with mother with suspected or confirmed COVID-19. However, as per the recommendations by Infection Prevention and Control Practice (IPCP), that neonates and their mother both should be isolated for routine healthcare delivery. The rapid spread of COVID-19 has resulted in several thousands of hospitals admissions, thereby offering demand for medical equipment in facilities. Thus neonates are at high risk of COVID-19 infection as they had an underdeveloped immune system. Hence, several government organizations have established a specific regulation and standards for testing as well as efficient diagnostic procedure for the new-born and pediatrics. This ultimately results into stimulating demand for diagnostic and monitoring equipment for neonatal care during pandemic globally.
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Segmental Analysis
The neonatal medicine market is segmented as product type and end-use.
By product type, 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 significant market share in the neonatal medicine market. As thermoregulation is at acute factor for treating sick neonates and newborns it gains significant importance in the neonatal medicine market globally. Thermoregulation devices comprises of neonatal incubators, warmers, and neonatal cooling systems.
In December 2013, GE Healthcare announced 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 that of existing offerings from GE Healthcare. The infant warmer would cost around INR 80,000 while existing once are priced at INR 1.35 lakhs.
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Competitive Analysis
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 Neonatal Medicine industry include:
- In May 2020, Drägerwerk AG & Co. KGaA announced launching of new product namely, Babylog VN600 and VN800 ventilators for premature babies. The collaboration enhances the product portfolio and its customer base in the global market.
- In January 2017, Natus Medical Inc. announced acquisition with 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 neonates medical diagnostic market.
- In September 2018, Koninklijke Philips N.V. announced successful development of the Augmented Infant Resuscitator (AIR)-an add on device for conventional neonatal bag valve mask (BVM) resuscitator that assist care givers to effectively resuscitate asphyxiated newborn babies.
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