Neonatal Critical Care Equipment Market Size, Share & Trends Analysis Report By Type (Thermoregulation, Phototherapy, Monitoring, Respiratory), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2022 - 2030

Neonatal Critical Care Equipment Market Growth & Trends

The global neonatal critical care equipment market size is expected to reach USD 1.36 billion in 2030, expanding at a CAGR of 8.70%, according to a new report by Grand View Research, Inc. Rising number of preterm births, increasing incidence of newborn jaundice, and launch of new products are some of the factors responsible for market growth. The Neonatal Intensive Care Unit (NICU) provides treatment to premature infants and those having breathing problems, anemia, heart defects, and other problems requiring critical care.

The majority of admissions in the NICU comprise premature babies. To support their treatment, various organizations are providing financial assistance to healthcare providers. For instance, in October 2018, the Australian Government announced a provision of AUD 600,000 to the Miracle Babies Foundation to support the families of premature babies. The number of cases of jaundice and respiratory problems in neonates is on rising and precautionary measures are being taken by government authorities. For instance, the government is increasing the number of NICU facilities to tackle health-related problems in neonates.

Neonatal deaths are a major concern in both developing and developed economies, however, with a significant difference in death rates. According to OECD, in 2018, countries in Southeast and South Asia reported neonatal deaths as compared to East Asian countries. A mortality rate of more than 20 per 1,000 live births was recorded in India & Myanmar, with more than 40 per 1,000 in Pakistan.

On the other hand, countries such as Australia, Japan, Singapore, Korea, and China have reported around 2 deaths per 1,000 live births. Although the death rate in the U.S. is lesser than that in developing economies, it is still significant, with 47% of 2.4 million newborn deaths (112,800) in 2019 recorded during the neonatal period. To counter this problem, there is a growing demand for neonatal monitoring and care equipment.

Moreover, considering the high number of newborn deaths in developing economies, startups are focusing on product innovations. Coeo Labs, an Indian MedTech startup, designed a neonatal CPAP system that can help reduce deaths due to Respiratory Distress Syndrome (RDS) during neonatal transportation. Moreover, financial assistance is being provided to local manufacturers in India as part of the government’s Make in India program.

The COVID-19 pandemic has, in some countries, led to pregnant women receiving less care due to lockdown restrictions, resulting in complications causing stillbirth. According to a study published in August 2020 in The Lancet Global Health, stillbirths in Nepal increased from 14 per 1,000 births before lockdown (late March 2020) to 21 per 1,000 births by end of May 2020—an increase of almost 50%. Such situations have amplified the production of neonatal critical care equipment to ensure that premature babies are protected from the virus.

Neonatal Critical Care Equipment Market Report Highlights

• Based on type, the respiratory equipment segment dominated the market in terms of revenue share in 2021 due to the high prevalence of respiratory disorders among the newborn babies
• North America dominated the neonatal critical care equipment market in 2021 due to the strategic presence of major players and high healthcare expenditure and measures adopted by organizations to improve healthcare for neonatal
• The Asia Pacific is likely to register remarkable growth pertaining to a high birth rate in the region
• The manufacturers of neonatal critical care equipment are undertaking research and development activities to provide innovative products, to cater to the increasing demand for NICUs globally
• In December 2019, Masimo received FDA clearance for its RD SET pulse oximetry sensors for newborns (over 3 kgs in weight). Initially available to neonates under 3 kgs, the approval makes it available to all newborns in the U.S.