Neonatal Intensive Care Market Research Report Information, By Product (Incubator, Warmer, Respiratory Equipment, Phototherapy Equipment, Surgical & Monitoring Equipment), By End-User (Hospitals, and Maternal-Fetal Medicine Centers) And by Region (North America, Europe, Asia-Pacific, And Rest of The World) Industry Forecast Till 2032
In 2023, the Neonatal Intensive Care Market was estimated at USD 9.86 billion. The market is expected to expand from USD 10.49 billion in 2024 to USD 17.0 billion by 2032, with a compound annual growth rate (CAGR) of 6.22% over the forecast period (2024-2032). Rising preterm birth rates and developments in neonatal care technology are driving market expansion.
Preterm births are a serious public health concern and have driven the Neonatal Intensive Care Market. According to the WHO, preterm birth occurs before 37 weeks of gestation, and around 13.4 million babies were born prematurely in 2020. The rising occurrence of preterm births is due to a variety of variables, including maternal health, lifestyle choices, and socioeconomic status, all of which demand improved newborn care services.
The primary reason of the growth in preterm births is high-risk pregnancies. Other risk factors include advanced maternal age; most women in this group have more medical difficulties, which increases their chance of preterm delivery. These women are often 35 years or older, making them more susceptible to health issues such as hypertension or diabetes, all of which increase the risk of having a preterm baby. A second risk factor is multiple pregnancies, which are becoming more prevalent as people use assisted reproductive technologies, increasing the chance of premature delivery.
Market Segment insightsThe Neonatal Intensive Care Market is divided into several product categories, including incubators, warmers, respiratory equipment, phototherapy equipment, and surgical and monitoring equipment.
The Neonatal Intensive Care Market is divided into two segments based on the end user: hospitals and maternal-fetal medicine centers.
Regional insightsThe Neonatal Intensive Care Market has been classified by region: North America, Europe, Asia-Pacific, India, and the Rest of the World. North America held the biggest market share in 2023. However, Asia-Pacific is expected to develop at the fastest CAGR of 9.84% over the forecast period.
The Neonatal Intensive Care Market in North America is quickly expanding, indicating a considerable increase in premature deliveries caused by a variety of factors such as maternal health concerns, lifestyle choices, and multiple pregnancies. Furthermore, improved awareness of newborn health and advances in healthcare techniques help to improve neonatal care. Additionally, increased spending on healthcare services and infrastructure promotes the spread of neonatal intensive care.
The Neonatal Intensive Treatment Market in Europe is expanding rapidly, driven by rising public awareness of neonatal health and the significance of specialist treatment, which boosts demand for NICU services. Furthermore, neonatal items feature a high level of technological innovation, resulting in better patient outcomes.
The Asia-Pacific area, which includes countries such as India and China, continues to have a very high birth rate, fueling the demand for neonatal critical care services. In addition, the growing number of highly trained neonatologists and healthcare professionals with expertise in neonatal care, as well as the rapid expansion of private hospitals and healthcare facilities in countries such as China and Southeast Asia, are improving access to neonatal intensive care units (NICUs).
Major PlayersMajor participants in the Neonatal Intensive Care Market are GE Healthcare, Koninklijke Philips N.V., Dragerwerk AG & Co. KGaA, Nihon Kohden, Medtronic Plc, Shenzhen Comen Medical Instruments Co., Ltd. (China), Fanem (Brazil), and Natus (US).