Report : Asia Pacific Neonatal Care Equipment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product [Infant Warmers (Electric Warmers and Non-Electric Warmers), Neonatal Incubators, Convertible Warmers & Incubators, Neonatal Phototherapy Equipment, Neonatal Respiratory Care Devices (Neonatal Ventilators, Continuous Positive Airway Pressure Devices, Resuscitators, and Others), Neonatal Monitoring Devices (Blood Pressure Monitors, Cardiac Monitors, Pulse Oximeters, Capnographs, Extracorporeal Membrane Oxygenation Systems, and Integrated Monitoring Devices), Neonatal Diagnostic Imaging Devices (Ultrasound Systems, X-Ray Imaging Systems, and Others), and Other Products] and End User (Hospitals, Paediatric & Neonatal Clinics, and Nursing Homes)
At 7.6% CAGR, the Asia Pacific Neonatal Care Equipment Market is speculated to be worth US$ 721.63 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific neonatal care equipment market was valued at US$ 464.57 million in 2022 and is expected to reach US$ 721.63 million by 2028, registering an annual growth rate of 7.6% from 2022 to 2028. Neonatal care equipment becoming popular and increased R&D and developments are the critical factors attributed to the market expansion.
The demand for newborn baby care devices has grown exponentially due to the increasing number of preterm births accompanied by increasing complications and growing demand for advanced products to treat jaundice. Increasing pregnancy complications such as infections, pre-eclampsia, fetal growth restriction, associated efforts to increase neonatal and maternal survival rates, and advances in neonatal care are the major factors driving APAC sales of neonatal care devices. As companies worldwide increasingly focus on research initiatives, expansion is the order of the day. Monitoring newborns is one of the complex tasks that can cause complications during transportation, temperature maintenance, or storage due to external disturbances. Research efforts to develop advanced technological devices remain essential to manufacturers. Rapid technological advances favor companies that bring blue spectrum radiation sources and user-friendly control panel phototherapy devices to market.
On the contrary, decreasing birth rates and high prices of products hurdles the growth of Asia Pacific neonatal care equipment market.
The Asia Pacific neonatal care equipment market, based on product, is categorized into infant warmers, convertible warmers & incubators, neonatal diagnostic imaging devices, neonatal respiratory care devices, neonatal monitoring devices, neonatal incubators, neonatal phototherapy equipment, and other products. The neonatal respiratory care devices segment is likely to hold the largest share of the market in 2022. It held 26.2% market share in 2022, amassing US$ 121.50 million. It is projected to garner US$ 194.18 million by 2028 to expand at 8.1% CAGR during 2022–2028.
The Asia Pacific neonatal care equipment market, by end user, is fragmented into hospitals, paediatric & neonatal clinics, and nursing homes. With 46.0% share of the domain the hospitals segment segment dominated the market in 2022. It accrued US$ 213.84 million in 2022 and is estimated to generate US$ 335.23 million by 2028 to grow at a CAGR of 7.8% over the forecast period.
Our regional analysis states that China captured 28.1% market share in 2022. It was assessed at US$ 130.71 million in 2022 and is likely to hit US$ 208.03 million by 2028, exhibiting a CAGR of 8.1% during the forecast period.
Key players dominating the Asia Pacific neonatal care equipment market are BD, Dragerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited., GE Healthcare, Koninklijke Philips N.V., Masimo, Medtronic, Natus Medical Incorporated, and Nihon Kohden Corporation among others.
- In May 2022, Medtronic received FDA clearance for the Nellcor OxySoft SpO2 sensor. The new sensor has helped clinicians to respond quickly to well-informed decisions for their critical care patients.
- In May 2021, Medtronic launched SonarMed airway monitoring system. The device continuously checks for Endotracheal Tube Obstruction and Position for Neonates and Infants providing immediate, actionable intelligence for Clinicians.
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