by The global Neonatal Thermoregulation Devices Market is estimated to be valued at US$ 41.03 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neonatal thermoregulation devices help maintain normal body temperature in premature and low birth weight babies. These devices include incubators, warmers, and hypothermia devices and help ensure the baby’s safety and comfort.
Market key trends:
Rising preterm birth rates globally is a major factor driving the neonatal thermoregulation devices market. According to the World Health Organization, preterm birth complications are the leading cause of death among children under 5 years of age, with approximately 1 million deaths in 2015. In the United States, preterm birth rates have increased by 20% over the past 20 years, to nearly 1 in 10 infants, according to the Centers for Disease Control and Prevention. New technological advancements are expanding the capabilities of neonatal incubators, warmers, and cooling systems. Companies are focusing on developing smart and portable devices for neonatal care in hospitals as well as at home. Growing neonatal intensive care units in developing regions also provide opportunities for market growth.
SWOT Analysis
Strength: Neonatal thermoregulation devices help maintain body temperature of newborn babies which is crucial for their growth and development. These devices offer accurate thermoregulation.
Weakness: High costs associated with these specialized devices make it difficult for widespread adoption, especially in developing regions. Lack of adequate healthcare infrastructure and skilled professionals also limit market growth.
Opportunity: Growing awareness about importance of temperature control for preterm and newborn babies present an opportunity for market expansion. Increasing private and public healthcare spending in emerging nations offers new avenues.
Threats: Presence of alternative traditional and low-cost thermoregulation methods act as a threat. Stringent regulatory approval process and inconsistent reimbursement policies also restrict market growth.
Key Takeaways
The global Neonatal Thermoregulation Devices Market Growth is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing prevalence of preterm births worldwide. According to the World Health Organization, an estimated 15 million babies are born preterm each year. Thermoregulation devices help maintain normal body temperature in preterm infants, which is crucial for their survival and development.
Regional analysis: North America is expected to dominate the global neonatal thermoregulation devices market during the forecast period. This is attributed to growing at-risk newborn population, high adoption of innovative neonatal care technologies, and presence of major industry players in the region. Meanwhile, Asia Pacific is poised to exhibit the fastest growth rate owing to rising healthcare spending, increasing patient awareness, and improving medical infrastructure in developing countries such as India and China.
Key players operating in the neonatal thermoregulation devices market are GE Healthcare, Draegerwerk AG, Philips Healthcare, Medtronic plc, Fisher & Paykel Healthcare Corporation, Hill-Rom Holdings Inc., Spectrum Medical, L&T Healthcare, Jiangsu Yuyue Medical Equipment Co., Ltd., and Nanjing Xinbai Medical Devices Co., Ltd. Major players are focusing on new product launches and leveraging digital platforms to expand their market share globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
