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| Global Neonatal Thermoregulation Devices Market Size |
Neonatal thermoregulation devices including neonatal incubators, warmers and
transport incubators have gained utmost importance in maintaining appropriate
body temperature of newborn and preterm infants especially in healthcare
facilities. Preterm infants have underdeveloped thermoregulation system and are
highly susceptible to changes in surrounding temperature due to which
maintaining normal body temperature becomes crucial. Neonatal incubators
efficiently control the temperature in a closed environment and monitors vital
parameters like temperature, heart rate and breathing to ensure healthy development
of the infant.
The global neonatal thermoregulation devices market is estimated to be valued
at US$ 47.27 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity:
The need to maintain precise body temperature of preterm infants provides huge
growth opportunity for neonatal thermoregulation devices market. According to
WHO, approximately 15 million babies are born preterm every year and
prematurity is the leading cause of death among children under 5 years of age.
Maintaining correct temperature is crucial for survival and development of
preterm infants. Growing preterm birth rates especially in developing countries
has increased requirements of incubators and warmers in healthcare facilities.
Development of technologically advanced devices with additional functionalities
to provide enhanced care could further propel the market growth over the
forecast period.
Porter’s Analysis
Threat of new entrants: The neonatal thermoregulation devices market requires
large capital investment for R&D and manufacturing of technologically
advanced devices, which poses a moderate threat of new entrants.
Bargaining power of buyers: The presence of many manufacturers gives buyers the
bargaining power to negotiate on price. However, the need for thermoregulation
devices compels buyers to purchase these essential devices.
Bargaining power of suppliers: Key components for these devices such as sensors
and microprocessors are specialized. This gives suppliers moderate bargaining
power over manufacturers.
Threat of new substitutes: There are no cost-effective substitutes for neonatal
thermoregulation devices currently.
Competitive rivalry: The market comprises many global as well as regional
players offering similar products. This leads to high competitive rivalry.
SWOT Analysis
Strength: Neonatal thermoregulation devices offer accurate temperature
management and monitoring critical for preterm babies. They help reduce
mortality and morbidity.
Weakness: High costs of advanced devices limit market penetration in
price-sensitive regions. Product recalls affect brand name.
Opportunity: Growth in preterm births, especially in developing nations, boosts
demand. Technological advances enable portable, user-friendly devices.
Threats: Stringent regulations delay product approvals. Reimbursement issues
and healthcare budget cuts in some countries hamper market growth.
Key Takeaways
Global
Neonatal Thermoregulation Devices Market Size is expected to witness
high growth over the forecast period owing to the rising preterm birth rates
globally. The global Neonatal Thermoregulation Devices Market is estimated to
be valued at US$ 47.27 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period
2024 to 2031.
Regional analysis: The Asia Pacific region dominates the global market and is
projected to witness the highest growth over the forecast period. Wide patient
pool, escalating healthcare expenditure, and growing awareness about
thermoregulation devices are fueling market growth in the Asia Pacific region.
Key players: Key players operating in the neonatal thermoregulation devices
market are Sysmex Corporation, Danaher Corporation, Nihon Kohden, Siemens,
Abbott, Boule Diagnostics, HORIBA, Bio-Rad Laboratories, BioSystems, Diatron,
Drew Scientific, EKF Diagnostics, Mindray, Ortho Clinical Diagnostics, and
Roche, among others.
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