At 7.2% CAGR, the North America Neonatal Care Equipment Market is projected to be worth US$ 1,169.45 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the North America neonatal care equipment market was valued at US$ 772.51 million in 2022 and is expected to reach US$ 1,169.45 million by 2028, registering an annual growth rate of 7.2% from 2022 to 2028. Rising number of premature and low weight births and surge in number of NICU admission are the critical factors attributed to the market expansion.   

According to Scientific Reports, remarkable advances in neonatal intensive care units (NICUs) over the past 50 years have improved survival and reduced morbidity in preterm and sick newborns. Delivering very low birth weight (VLBW) or preterm infants in hospitals with a stage III/IV NICU is now a standard of care. Increasing competition has prompted hospitals to expand the scope of care and high-risk patients. To maintain the proliferation of NICU units and beds in a more significant proportion of hospitals with maternity services and delivery of neonatal intensive care beyond regional or academic centers. The trend of increasing neonatal admissions to NICUs with older gestational age, higher birth weight, and lower disease severity increased over time.

Incubators are in high demand in neonatal intensive care unit (NICU) facilities for premature babies. According to the World Health Organization (WHO), around 15 million babies are born prematurely worldwide. Such a higher number has led to increased hospitalization of newborns in NICUs. According to March of Dimes, a US non-profit organization, more than half of all NICU admissions were preterm. According to the Centers for Disease Control and Prevention (CDC), 1 in 10 infants was born prematurely in 2020. This leads to increased NICU admissions and the need for NICU facilities. Public and private organizations are taking the initiative to increase the availability of NICUs to meet the demand. For example, in September 2017, BC Children's Hospital, Vancouver announced the opening of the Teck Acute Care Center and claimed to have North America's first NICU to provide critical care to mothers and infants in the same room. Neonatal devices are used extensively in neonatal intensive care units (NICUs), where complex machines and monitors have been designed to meet the unique needs of neonates. Thus, the growing demand and need for NICUs are propelling the growth of the neonatal care equipment market.

On the contrary, decreasing birth rates and high prices of products hurdles the growth of North America neonatal care equipment market.

The North America 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 26.0% market share in 2022, amassing US$ 201.07 million. It is projected to garner US$ 313.12 million by 2028 to expand at 7.7% CAGR during 2022–2028.

The North America neonatal care equipment market, by end user, is fragmented into hospitals, paediatric & neonatal clinics, and nursing homes. With 63.5% share of the domain the hospitals segment segment dominated the market in 2022. It accrued US$ 310.86 million in 2022 and is estimated to generate US$ 877.96 million by 2028 to grow at a CAGR of 7.3% over the forecast period.

Our regional analysis states that US captured 79.7% market share in 2022. It was assessed at US$ 615.84 million in 2022 and is likely to hit US$ 939.46 million by 2028, exhibiting a CAGR of 7.7% during the forecast period.    

Key players dominating the North America 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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