Neonatal Infant Care Equipment Market Worth US$ 2.6867B by 2024

(Newswire.net — June 19, 2017) New York City, New York — Persistence Market Research (PMR), in its report, projects the global neonatal infant care equipment market to register a healthy 7.4% CAGR. The market is estimated to surpass US$ 2,000 million in revenues by 2024-end. North America will remain the most lucrative region for market growth during the forecast period, followed by Europe. North America held over 30% revenues share of the market in 2016. Market growth in Asia Pacific will exhibit a comparatively higher CAGR, owing to highest birth rate in this region.

Thermoregulation devices are expected to be dominant product in the global neonatal infant care equipment market during the forecast period. Sales of thermoregulation devices accounted for more than 50% market share in 2016. In addition, demand for monitoring systems is expected to exhibit a relatively higher growth rate in the market during the forecast period.

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Demand for Neonatal Infant Care Equipment to Remain Highest From Pediatric & Neonatal Clinics

Although hospitals will remain major end-users of neonatal infant care equipment, pediatric & neonatal clinics are expected to witness highest consumption rate of these equipment during the forecast period. Demand for neonatal infant care equipment from nursing homes is estimated to gain an uptick by the end of 2024.

Key market players are focusing on making heavy investments in integrated product development for meeting evolving requirements from the medical sector globally. Leading manufacturers in Asia Pacific are focusing on creation of an enhanced distribution network across India, China and Australia. Major global market players enlisted in PMR’s report include Koninklijke Philips N.V., Dragerwork AG & Co., KGaA, Fisher & Paykel Healthcare Limited, Weyer GmbH, Novos Medical Systems, Inspiration Healthcare Group plc, GE Healthcare, Medtronic, Natus Medical Incorporated, Pluss Advanced Technologies Pvt. Ltd., BabyBloom Healthcare BV, Medical Technology Transfer and Services Asia (MTTS Asia), and Fanem Ltda.

Multi-specialty Product Launch by International and Regional Players to Drive Market Growth

Surging premature birth incidences are expected to be a major factor propelling growth of the global neonatal infant care equipment market. Advancements in innovative techniques and improvements in older equipment technology are expected to play an indispensable role in driving market growth. In addition, multi-specialty product launch by international as well as regional players will further fuel demand for neonatal infant care equipment globally.

Demand for advanced monitoring & diagnostic for infants is estimated to witness a surge, coupled with technological upgradation in phototherapy and monitoring devices. These factors are expected to fuel market growth by 2024-end. Moreover, increasing availability of neonatal infant care equipment and surging awareness about these equipment, especially across developing economies, is further expected to drive growth of the market during the forecast period.

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Factors Impeding Growth of the Global Neonatal Infant Care Equipment Market Include

• High costs of brain monitoring devices and ventilators

• Absence of product differentiation

• Inadequate technical resource pool

• Availability of substitute technology