Neonatal Infant Care Market Size

Neonatal Infant Care Market Size

Neonatal Infant Care Market size was surpassed USD 2.4 billion in 2019 and is expected to register over 7% CAGR from 2020 to 2026. The growing market size is attributed to increase in number of neonatal healthcare facilities across the globe along with rise in number of premature new-borns in both the developed and developing economies.

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As per the recent statistic published by a research article, around 11% of the total pregnancies result in premature or early deliveries. In the U.S. alone around 450,000 babies are born prematurely and globally over 15 million new births are early or premature. Hence, the new-born babies that need special care and attention will often need to be admitted in the neonatal healthcare facilities providing technologically advanced treatment and specialized nursing care. Currently, the amalgamation of technology with computer intelligence has extended their support to daily caretakers. Various devices including thermoregulators, monitoring devices such as ventilators, blood gas monitoring systems among others are developed with the latest technology for better clinical outcomes.

However, poor accessibility towards neonatal infant care in the lower-middle and low-income countries will be a major market impeding factor. In the rural and remote areas, the pregnant women need to travel long distance for deliveries, thereby resulting in increasing the gap for necessary and better treatment. Hence, such conditions are responsible for high mortality rate of the new-born. Moreover, poor infrastructure and poor-quality equipment are also one of the major threats to the market growth.

The ongoing pandemic of COVID-19 has somewhat impacted the neonatal infant care market. The pandemic has affected millions of people including adults, paediatric and neonates across the globe. The rapid spread of COVID-19 has resulted in several thousands of hospital admissions, thereby providing demand for medical equipment in facilities. The new-borns and paediatrics are at increased risk of COVID-19 infection as they have underdeveloped immune systems. Hence, several government organizations have established specific regulations and standards for testing as well as efficient diagnostic procedures for the new-borns and paediatric. This will result in stimulating the demand for diagnostic and monitoring equipment for neonatal care during pandemic across the globe.