PUBLISHER: Grand View Research | PRODUCT CODE: 1363045
PUBLISHER: Grand View Research | PRODUCT CODE: 1363045
The global neonatal critical care equipment market size is expected to reach USD 4.8 billion by 2030, based on a new report by Grand View Research, Inc.. It is projected to register a CAGR of 7.50% from 2023 to 2030. The significant number of neonatal deaths and preterm births, along with the availability of financial assistance for equipment research & procurement, is expected to boost market growth. For instance, in April 2023, the Eunice Kennedy Shriver National Institute of Child Health and Human Development (NICHD) introduced new funding for the Neonatal Research Network (NRN) participant centers.
Advancements in monitoring and sensing devices have enabled faster and easier measurement of the physiological parameters of neonates. In addition, technological advancements in neonatal critical care have led to the launch of modern devices, including ventilators, imaging systems, and advanced wireless monitoring systems. For instance, in November 2022, GenWorks launched a series of technologically advanced newborn care equipment and devices, including Lullaby Resus Prime, Lullaby Warmer, Brainz Monitor, and Bilicare. The company launched these products to address the challenges associated with hypothermia in newborns in India.
The COVID-19 pandemic negatively impacted the market for neonatal critical care equipment owing to supply chain disruptions, difficulties in raw material procurement, and issues regarding the transportation of medical devices. However, regulatory policies were relaxed during the pandemic, leading to access to advanced equipment in the Neonatal Intensive Care Units (NICUs). A NICU survey published in the Frontiers Journal in January 2021 revealed a negligible prevalence of COVID-19 in NICU patients. In most NICUs, during the beginning of the pandemic, the interaction between neonates and parents was limited, and mothers who tested positive for COVID-19 infection were separated from their infants for 14 days.