There has been significant improvements in development of monitoring systems for neonates. The companies operating in neonatal monitoring systems market are concentrating on development of upgraded and improved versions of products, thus confirming accuracy and safety.
According to a research report published by Future Market Insights, the global neonatal thermoregulation market was pegged at US$ 500 Mn in the year 2017 and is estimated to reach valuation of approximately US$ 800 Mn by the end of 2027. The market is likely to witness expansion at moderate single-digit CAGR during the forecast period (2017-2027).
The neonatal incubators segment, by product type is estimated to reach valuation of almost US$ 410 Mn in the year 2027, up from approximately US$ 250 Mn in 2017 and the segment is poised to register 5.2% CAGR throughout the assessment period. The closed segment on the basis of modality pegged to be valued at US$ 270 Mn in the year 2017 and is projected to showcase single-digit CAGR throughout the forecast period. Further, the hospital segment is anticipated to reach valuation of approximately US$ 430 Mn by the end of 2027.
What is the performance of the market in APEJ region?
Geographically, the market in APEJ region is poised to reach valuation of almost US$ 295 Mn by the end of 2027, increased from approximately US$ 170 Mn in the year 2017, witnessing expansion at 5.5% CAGR throughout the assessment period.
What are strategies of leading companies to increase their consumer base?
The companies involved in marketing and manufacturing of neonatal care equipment are changing their focus towards developing economies like India, Brazil, South Africa, Mexico and China. Multinational companies are particularly targeting Asian markets for improving neonatal infant care equipment owing to considerable potential and demand from large customer base. For example, Koninklijke Philips N.V., in 2013 stepped in the child and mother care business segment, where it produces infant warms and incubators at reasonable prices as compared to some other companies in India. The GE Healthcare in December 2013, developed models to enhance quality of neonatal care. This company launched 2 products for the sake of neonatal care in India such as Lullaby Resus and Lullaby Warmer Prime. The prices of these products were 40% lesser than existing offerings from GE. Therefore, such products are easily available in low-middle income countries. Several companies in Asia Pacific region are focusing on development of innovative solutions to meet increasing requirements of neonatal care and treatment market.
What are the factors influencing growth of the global neonatal thermoregulation market?
A limited number of specialists and pediatric clinics is the key problem encountered among different economies. This forced some companies to focus on growing their footprint by opening pediatric clinics at different locations in various economies. However, the U.S. FDA stated Neonatal incubators as class II high-risk medical devices. So these type of devices undergo additional investigation before gaining approval. Imposition of excise duty of 2.3% on all healthcare devices is another key factor, which is likely to limit the growth of the market. Further, pre-marketing approval is very expensive and lengthy procedure, which is impacting on the growth of the market over the forecast period.
What are the leading players operating in the global neonatal thermoregulation market?
Some leading companies in the market are profiled in this report, which include Medical Technology Transfer and Services Asia, GE Healthcare, Inspiration Healthcare Group plc, Atom Medical Corporation, BabyBloom Healthcare BV, Koninklijke Philips N.V., Fisher & Paykel Healthcare, Novos Medical Systems, International Biomedical, Ltd., Fanem Ltda, Pluss Advanced Technologies Pvt. Ltd., Drägerwerk AG & Co. KGaA, Weyer GmbH, and Natus Medical Incorporated.
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