PORTLAND, Oregon and PUNE, India, November 1, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Infant Incubator Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global infant incubator market was valued at $268 million in 2016, and is projected to reach $401 million by 2023, growing at a CAGR of 5.9% from 2017 to 2023. The neonatal intensive care unit (NICU) incubator segment accounted for nearly three-fifths share of the total market in 2016.
Infant incubator is a biomedical device with a rigid box-like chamber, which provides humidity, warmth, and oxygen to the newborn in a controlled environment. Infant incubator improves infant survival rate by maintaining thermal stability within the chamber and providing an infection free environment to the infant. Technological advancements in the neonatal care devices has led to the emergence of advanced infant incubators such as infant incubators with controlled light environment, minimized heat loss, and incubators with microprocessor-based servo-controlled temperature systems.
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The prime factors that drive the growth of the infant incubators market is increase in incidence of preterm birth rates. Moreover, growth in number of NICU admissions, and inflow of technologically advanced infant incubators has further accelerated the demand of infant incubators globally to initiate the proper treatment of infant at the earliest. However, the scarcity of NICU units globally and inflated cost of infant incubators hampers the growth of the market. Nevertheless, funding by government and private organizations toward development of neonatal healthcare facilities in emerging economies is expected to provide lucrative growth opportunities for the infant incubators market.
The transport infant incubator accounted for about one-third share of the total market in 2016. This is owing to the fact that transport infant incubator is used more commonly in emergency situations to transfer infant safely from one location to another within controlled environment. However, the neonatal intensive care unit (NICU) incubator is expected to register growth of CAGR 4.3% throughout the forecast period. This is due to the rise in the number of NICU installations by hospitals and high investment by key players in bringing innovation to infant incubators.
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In terms of application, neonatal hypothermia dominated the market with nearly half of the market share in 2016. This is attributed to the fact that neonatal hypothermia is recognized as the key contributor to the mortality and morbidity risk of newborns. The neonatal intensive care units end user segment dominated the market with about two-fifths share in 2016. This is attributed to the high number of NICU admissions globally. They are also preferred as primary location for keeping premature baby for proper treatment. However, pediatric hospitals are expected to show fastest growth at a CAGR of 6.3% during the forecast period. This is owing to the increase in adoption of infant incubators in these hospitals.
KEY FINDINGS OF THE INFANT INCUBATOR MARKET STUDY
- The neonatal intensive care units end user segment is anticipated to grow with a CAGR of 6.0% during the forecast period.
- The U.S. was the highest shareholder in the North America infant incubators market in 2016 and poised to retain its lead from 2017-2023.
- The lower birth weight application registered fastest growth with a CAGR of 6.4% during 2017-2023. India is expected to grow at the remarkable rate of 6.5% during the forecast period.
- The birthing centers end user segment held remarkable position with one-sixth share in 2016, registering a CAGR of 5.4% from 2017-2023.
In 2016, Asia-Pacific and LAMEA collectively accounted for about one-fourth share of the market and is expected to continue this trend. This is due to increase in adoption of infant incubators technologies and high incidences of preterm babies specifically in China, India, and the other developing economies. Moreover, rise in investments towards development of healthcare-information technology (HCIT) done by key players in the infant incubators field is the main reason for the growth of the market in Asia-Pacific region.
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The key players in the global infant incubator market include General Electric Company, Atom Medical Corporation, Natus Medical Incorporated, Bistos Co., Ltd., Medicor Elektronika Zrt., Fanem Ltd, Inspiration Healthcare Group plc, Phoenix Medical Systems, Drägerwerk AG, and Cobams plc. The other prominent players in the value chain include Ginevr Limited, Returns Ozcan Inc., Olidef, JW Medical LLC, PT. Fyrom International, Beijing Julongsanyou Technology CO., Ltd., and Mediprema SAS.
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SOURCE Allied Market Research