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The global Neonatal Ventilator Market is estimated to be valued at US$ 422.2 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Neonatal ventilatorsare essentialmedical devices used to provide mechanical ventilationto preterm and critically ill infants suffering from respiratory diseases or conditions that affect normal breathing. Neonatal ventilators helps in the delivery of breaths to support respiration until the infant can breathe independently on their own.
Market key trends:
One of the key trends in the neonatal ventilator market is the development of non-invasive ventilation techniques. Earlier, invasive methods were commonly used which involved endotracheal intubation or tracheostomy. However, non-invasive methods which use nasal prongs or masks are now widely adopted. This is because non-invasive methods have shown to reduce complications and improve clinical outcomes of preterm infants. They also allow early extubation and are more comfortable for the infant. Hence, they are seeing increasing popularity among neonatologists.
Here is the output with market key trends, SWOT analysis and key takeaways for the given neonatal ventilator market:
Market key trends:
The neonatal ventilator market has been witnessing high demand for non-invasive ventilation due to the benefits offered such as lower rates of complications. Non-invasive ventilation reduces the need for intubation and invasive mechanical ventilation. It also allows infants to breathe more comfortably through a non-surgical interface such as nasal masks. Various technological advancements introducing modes that can provide support without the need for intubation are further driving the adoption of non-invasive neonatal ventilators.
SWOT Analysis:
Strength: Neonatal ventilators offer life support to newborn babies suffering from breathing problems. They help treat various respiratory conditions effectively.
Weakness: High costs associated with neonatal ventilators can limit their adoption in price sensitive markets.
Opportunity: Growing preterm birth rates and increasing cases of respiratory distress syndrome present large opportunities.
Threats: Stringent regulatory processes and medical device recalls pose threats. Reimbursement issues in some countries also hinder market growth.
Key Takeaways:
The global neonatal ventilator market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing preterm birth rates worldwide. According to the World Health Organization, preterm birth complications are the leading cause of death among children under 5 years of age, presenting significant need for neonatal ventilators.
North America is expected to dominate the neonatal ventilator market over the forecast period, owing to presence of major players, higher adoption of advanced technologies, and increasing healthcare spending in the region. However, Asia Pacific is likely to exhibit the highest growth rate, led by expanding private and public healthcare sectors, and growing medical tourism in major countries such as China and India.
Key players operating in the neonatal ventilator market are Philips Respironics, Nihon Kohden Corporation, Medtronic Plc, GE Healthcare, CareFusion, ResMed, Hamilton Medical, Drägerwerk AG & Co. KGaA, Smith Medical, Breas Medical, and Becton, Dickson and Company. Major players are focusing on new product launches, in a bid to expand their product portfolios and strengthen their market position.
