The global “neonatal intensive care” market size is poised to reach USD 7.72 billion by 2027 on account of increasing innovations in medical technology. Neonatal intensive care unit or NICU are special nursery care rooms designed for newborns in need of intensive medical care. These neonatal units are equipped with advanced machinery that will help support the preterm babies with their serious medical conditions. According to a recent report published by Fortune Business Insights™ titled, “Neonatal Intensive Care Market Size, Share Industry Analysis, By Product (Neonatal Incubators, Neonatal Phototherapy Equipment, Neonatal Ventilators, Neonatal Monitors, and Others) By End User (Hospitals, and Specialty Clinics), and Regional Forecast, 2020-2027,” the market value stood at USD 4.59 billion in 2019 and is expected to rise at a CAGR of 6.7% in the forecast period set from 2020 to 2027.
Increasing Awareness and Improving Healthcare Infrastructure will Augment Growth
The increasing number of premature birth cases all over the world is a major neonatal intensive care market growth driver. Additionally, the rising number of chronic diseases such as high blood pressure, diabetes, and the increasing adoption of a sedentary lifestyle in people are also contributing to the growth of the market in the forecast period. Moreover, the increasing demand for high-quality care for newborns will aid in the expansion of the market in the coming years.
On the flip side, high purchase and maintenance costs of equipment may cause hindrance to the overall growth of the market in the coming years. This, coupled with the poor accessibility of neonatal care equipment and lack of proper refurbishment may hamper the overall market in the future market. Nevertheless, improving healthcare infrastructure and increasing awareness about neonatal intensive care and innovation and product development will create lucrative growth opportunities for the market in the future years.
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