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The neonatal ventilator is medical device that aid in offering proper ventilation to the premature & newborns infants. The neonatal ventilator helps neonates to breathe through artificial breathing mechanisms. The ventilator assists in breathing by placing a tube called endotracheal tube in the patient’s windpipe. These neonatal ventilators promote alveolar gas exchange such as oxygenation and carbon dioxide (CO2) elimination by producing positive pressure to inflate the lungs of a neonate, who is incapable of adequate independent breathing. Moreover, these ventilators support preterm and critically ill neonates who suffer from respiratory failure or disorders and who generally have high airway resistance, small tidal volumes, and high respiratory rates.
The global neonatal ventilator market was valued at $328.65 million in 2019, and is projected to reach $555.80 million by 2027, registering a CAGR of 6.7% from 2020 to 2027.
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The major factors that boosts the growth of the neonatal ventilator market include rise in number of preterm births with the respiratory disorders, increase in regulatory approvals & product launches, rise in awareness regarding the treatments for chronic respiratory diseases, technological advancements in non-invasive neonatal ventilators, and wide usage of invasive neonatal ventilators in neonatal intensive care units (NICUs).
In addition, rise in in adoption of advanced neonatal ventilator by hospitals, increase in number of intensive care unit (ICU) admissions of critically ill neonates, development of well-equipped neonatal intensive care unit (NICU) centers, increase in government initiatives towards prevention along with effective treatment of respiratory disorders, and rise in demand for the neonatal ventilators that provides non-invasive ventilation fuel the global neonatal ventilator market.
However, high cost of neonatal ventilators and stringent regulatory requirements expected to hinder growth of the market. On the other hand, COVID-19 pandemic has resulted in nationwide lockdowns, thereby impacting every industry vertical. Likewise, the neonatal ventilator market is also affected by the pandemic. The neonatal ventilator industry is currently facing newer challenges to cope up with the demand and supply of neonatal ventilator components owing to the COVID-19 pandemic. The impact of COVID-19 pandemic remained positive for key players in the neonatal ventilator industry. A rise in demand for neonatal ventilators is expected to be observed in countries where a large population base is affected by COVID-19. This is anticipated to become a burden on companies to provide equipment in limited period. Moreover, in some COVID-19-affected countries, governments may cease export of ventilators and oxygen delivery equipment, which may lead to shortage of equipment in other countries.
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The global neonatal ventilator market is segmented into type and end user. On the basis of type, the market is categorized into invasive and non-invasive. Presently, invasive segment dominates the global market in 2019, and is anticipated to continue this trend during the forecast period. The key factors such as technological advancements in invasive neonatal ventilators, in incidences of premature babies, rise in awareness among healthcare professionals about these devices, surge in investment for R&D activities, rise in number of ICU beds, increase in usage in hospitals, and surge in launches of invasive neonatal ventilators by key players drives the growth the market.
By end user, it is classified into hospitals and clinics. The hospitals segment accounted for maximum market revenue in 2019, and is anticipated to maintain its dominant position during the forecast period. This is attributed to the preference among individuals for hospitals due to availability of advanced neonatal ventilators as compared to clinics. Moreover, increase in number of hospitals and rise in demand for ventilators is highest as major proportion of births happens in hospital settings will drive market growth.
North America accounted for the largest share of the global neonatal ventilator market in 2019, and is expected to remain dominant throughout the forecast period. This was attributed to the large number of ICU beds, huge patient population in need of ventilation, increase in prevalence of respiratory diseases, and rise in demand for advanced healthcare facilities. Moreover, higher number of R&D activities to develop novel neonatal ventilators, availability of favorable government policies, and presence of major players operating in the countries in this region are other factors that fuel the growth of the market. Asia-Pacific is expected to experience the highest growth rate during the forecast period, majorly owing to rise in number of preterm births, surge in government spending on the development of healthcare infrastructure and increase in expansions of hospitals & clinics in the region.
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The Major Key Players Are:
Vyaire Medical Inc., Carl Reiner GmbH, Draegerwerk AG & Co. KGaA, Fritz Stephan GmbH, General Electric Company (GE Healthcare), Getinge AB, Hamilton Medical AG, Inspiration Healthcare Group plc (SLE Limited), Medtronic Plc. and Smiths Group Plc.
Key Findings Of The Study
Based on type, the invasive segment held largest share in the global market in 2019.
On the basis of end user, the hospitals segment held largest market share in 2019 and is expected to remain dominant throughout the forecast period.
Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 10.0% during the forecast period.
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