by The global Neonatal Thermoregulation Devices Market is estimated to be valued at US$ 41.03 billion 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 in maintaining normal body temperature in newborn babies. These devices include neonatal incubators, neonatal warmers, and skin surface devices. Neonatal incubators are specially designed closed medical devices used for providing a stable and controlled environment for premature or sick newborn babies. Factors such as premature birth, low birth weight, and presence of infections increase the risk of temperature instability in newborn infants. Neonatal thermoregulation devices aid in providing stable temperature and nurturing environment to such at-risk newborns.
Market key trends:
Rising prematurity rates globally is a major driver for the neonatal thermoregulation devices market. According to World Health Organization, around 15 million babies are born preterm each year. Preterm birth complications are the leading cause of death among children under 5 years of age. Advancements in neonatal care have improved survival rates of preterm babies. Growing adoption of innovative neonatal technologies for improved care of premature infants is also fueling the market growth. Integration of next-gen monitoring systems and internet of medical things into neonatal incubators enhances care delivery. In addition, manufacturers are launching portable and energy-efficient neonatal warmers suitable for resource-constrained settings to increase access to thermoregulation devices.
Porter’s Analysis
Threat of new entrants: The neonatal thermoregulation devices market has moderate threat of new entrants due to significant capital investment required to established their brands and distribution channels in this market.
Bargaining power of buyers: The bargaining power of buyers is moderate given the availability of various neonatal thermoregulation devices from multiple manufacturers globally.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of numerous component suppliers in the market.
Threat of new substitutes: There is low threat of substitution as there are limited substitutes available for neonatal thermoregulation devices.
Competitive rivalry: The competitive rivalry is high among existing players due to presence of numerous established brands operating in the global market.
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 rate of preterm births and growing awareness about thermoregulation importance during neonatal care.
North America holds the largest share of the global neonatal thermoregulation devices market due to increasing cases of preterm birth and well established healthcare infrastructure in the region. Europe is also anticipated to witness significant growth during the forecast period owing to rising demand for advanced thermoregulation devices.
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., Nanjing Xinbai Medical Devices Co., Ltd. GE Healthcare holds largest market share due to its wide product portfolio including neonatal warming devices. In addition, Philips Healthcare is also a leading player in global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
