Portland, OR — (PRESS RELEASE JET) — 09/26/2017 — 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 a 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 have led to the emergence of advanced infant incubators such as infant incubators with the 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 an increase in the incidence of preterm birth rates. Moreover, growth in a 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 infants 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 the 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 a 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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Key Findings of the Infant Incubator Market:
-The neonatal intensive care units end-user segment is anticipated to grow at 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 the 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 the remarkable position with a one-sixth share in 2016, registering a CAGR of 5.4% from 2017-2023.
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