LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global neonatal incubators market is expected to grow at a CAGR of almost 12% during the forecast period.
This research report titled ‘Global Neonatal Incubators Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global neonatal incubators market is estimated to grow lucratively owing to its various advantages enabling the fast recovery and well-being of neonates. The device has enhanced the survival rate of pre-term and critically ill infants. The device helps to reduce hypothermia. All these factors contribute to the sales of neonatal incubators in various hospitals and clinics. Key vendors are focusing on developing advanced products and investing significantly in research and development (R&D) to have a competitive edge over the emerging vendors in the market.
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Technavio’s healthcare and life science research analysts categorize the global neonatal incubators market into the following segments by end-user. They are:
- Hospitals
- Maternity clinics
- ASCs
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Hospitals
Hospitals are the major end-users that influence the market growth of neonatal incubators contributing about 60% market share in 2016. The manufacturers of neonatal incubators consider hospitals as a major place to sell their products as it helps to build brand image and further expand their product reach. Hospitals focus on increasing their efficiency by adopting advanced medical devices such as neonatal incubators due to increasing government focus on reducing mortality and morbidity rates of infants.
According to Neha Noopur, a lead orthopedics and medical devices research analyst from Technavio, “The large multispecialty hospitals, more than 500-bed hospitals, work either through private entities or government sponsorship, serving population around that area. These hospitals have a large number of patient inflow due to which they procure medical devices and equipment in bulk. They are closely engaged with the manufacturers of medical devices, government organizations, and reimbursement authorities.”
Maternity clinics
Maternity clinics are specialized centers for treating women during pregnancy and childbirth. These clinics also provide neonatal care and have NICU as one of their operating features. There is growing preference toward specialty and personalized care among individuals to receive better care and treatment, which further increases the demand for maternity clinics globally.
“Growing awareness regarding safe maternity care by various government and non-profit organizations fuel the growth of maternity clinics worldwide. The emerging economies have witnessed growing demand for maternity centers due to rising awareness among woman regarding safety measures they should consider during pregnancy. The maternity clinics contributed 30% share in global neonatal incubators market in 2016, due to increased demand for maternity clinics worldwide,” adds Neha.
ASCs
ASCs contributed 10% of the market share in global neonatal incubators market in 2016. ASCs provide same-day surgical care along with diagnostics and preventive procedures. They provide cost-effective care and are considered as a convenient alternative to hospitals. ASCs have very few suppliers for procurement of medical devices they require for treatment. They usually depend on third-party vendors for procurement of medical devices as their operations are decentralized.
The increased need for treatment of chronic medical conditions outside hospitals due to growing focus toward more consumer-friendly outpatient services has increased the demand for ASCs in the medical environment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Atom Medical
- Drägerwerk
- GE Healthcare
- Natus Medical
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