Neonatal Thermoregulation Market : Latest Innovations, Drivers and Industry Key Events 2019 – 2023
Global Neonatal Thermoregulation Market is expected to hold a market value of USD 500 million and register a CAGR ~ 5.0 % during the forecast period of 2018–2023
It is estimated that the Global Neonatal Thermoregulation Market is expected to hold a market value of USD 500 million and register a CAGR ~ 5.0 % during the forecast period of 2018–2023. Thermoregulation is the ability to create equilibrium between heat production and heat loss in order to maintain body temperature within a certain normal range. The provision of a thermoneutral environment is an essential component of the immediate and long-term care of newborn infants. With the surge in the birth rates of newborns, the equipment used for blood sampling and monitoring the baby is steadily increasing. According to a data published by the Centers for Disease Control and Prevention in January 2017, there were 3,945,875 births in the US in 2017. This means birth rate in US in 2017 was 12.2 per 1000 population. Moreover, rising prevalence of diseases in neonates fuels the growth of the market. However, stringent government regulation for product approval and possible side-effects for the neonates may hamper the market growth during the assessment period.
The global neonatal thermoregulation market is currently dominated by many market players. The key players in the market are engaged in new product launches and strategic collaborations to strengthen its market position. For instance, in November 2016, Drägerwerk AG & Co. KGaA introduced IncuWarmer Babyleo TN500 which offers optimal thermoregulation in open care, closed care and transition to the premature baby.
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The Americas is anticipated to dominate the global neonatal thermoregulation market owing to a well-developed healthcare sector, and rising prevalence of diseases. The involvement of government in creating awareness about the neonatal diseases also fuels the growth of the market. For instance, US government has programs like Screening Quality Assurance Programs and Heritable Disorders Program at Health Resources and Service Administration (HRSA). Thus, such initiatives and programs by the government as well as non-government organizations support the market growth. Europe is expected to hold the second largest position in the global neonatal thermoregulation market. The market growth in this region is attributed to the availability of funds for research. Asia-Pacific is anticipated to be the fastest growing region in the market due to the presence of a huge patient population, and continuously developing economies, According to a report published by the International Journal of Social and Developmental Concerns in October 2017, in Malaysia, growth of the public primary as well as secondary care facilities has decreased in the past few years and it has not kept pace with the rapid urbanization. Thus, such factors restraint the growth of the market in this region. On the other hand, the Middle East & Africa has the least share of the market.
The Global Neonatal Thermoregulation Market has been segmented into product type, modality, end-user, and region.The market, on the basis of product type, has been segmented into warmer, neonatal incubators, and neonatal cooling systems.The market, based on warmer, has been further segmented into radiant warmers and wall mount warmer.
The market, by neonatal incubators, has been sub-segmented into intensive care incubator and transport incubator.The market, by modality, has been segmented into open and closed.The market, by end-user, has been segmented into hospitals, pediatric and neonatal intensive care units, nursing homes, and others.
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Some of the key players in the global neonatal thermoregulation market are Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Natus Medical Incorporated, Inspiration Healthcare Group plc., , Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare, International Biomedical, Ltd., Atom Medical Corporation, Fanem Ltd, and Novos Medical Systems.