A ventilator is a medical device commonly used in medical settings to provide mechanical exchange for oxygen and carbon dioxide. This process is also known as artificial respiration. Ventilators, which are used during the treatment of neonates are known as neonatal ventilators. The neonatal respiratory failures are majorly treated with the help of neonatal ventilators. Neonatal ventilators are designed to facilitate air supply into and out of the lungs of a patients, who are physically unable to breathe.
The neonatal ventilator market is expected to be valued at US$ 322.5 million in 2019, and is expected to exhibit a CAGR of 7.1% over the forecast period (2019-2027).Rising incidence of preterm births and rising incidence of respiratory disease in neonates are expected to propel the neonatal ventilator market growth.
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Rising incidence of preterm births with respiratory disorders and mortality rates are expected to increase demand for neonatal ventilators, which in turn is expected to fuel the neonatal ventilator market growth over the forecast period. Preterm births is one of the leading causes of infant mortality, specifically due to respiratory failures in neonates. For instance, according to the World Health Organization report published in 2016, every year about 15 million babies are born prematurely globally and that is over one in 10 of all babies born across the globe.
Introduction of non-invasive ventilators is one of the major factor that is expected to drive the neonatal ventilator market growth over the forecast period. Non-invasive ventilators aids in improving the survival rate of neonates by enhancing oxygenation and alveolar ventilation. These ventilators has also the ability to increase patient compliance, reduce risk of infection, faster recovery time, and shorter hospital stays. For instance, in November 2019, Nihon Kohden launched new NKV-550 series ventilator system for neonates and adult patients. The new ventilator is designed for easy transition between invasive ventilation, non-invasive ventilation, and high-flow oxygen therapy.
High prices of neonatal ventilators are expected to hamper the adoption rates in many economies across the globe over the forecast period, which is further expected to hamper the market growth. Moreover, lack of adequate healthcare infrastructure to conduct smooth operating of ventilators are expected to hinder the market growth in lower income economies.
Geographical expansion of neontal ventilator manufacturers towards North America is expected to boost the market growth
Several neonatal ventilators manufacturers are expanding their presence across the globe. North America held the dominant position in neonatal ventilator market during the forecast period, owing to the increasing number of neonates affected with chronic respiratory failure diseases in the region. For instance, according to the WHO reports in 2018, the U.S. witnessed a 2% increase in the preterm birth rate, which is expected to further increase over the forecast period.
Moreover, increasing product launches by key players is expected to boost growth of the market over the forecast period. For instance, in January 2016, Maquet Medical Systems USA launched new intensive care ventilator ‘Servo-n’, which is a dedicated neonatal intensive care solution.
Furthermore, Asia Pacific is expected to witness significant growth of the neonatal ventilator market over the forecast period. For instance, technological innovations in the field of non-invasive neonatal ventilators, growing population of neonates, and economic growing investments in healthcare industry is expected to drive the Indian neonatal ventilator market over the forecast period.
Key Players
Major players operating in the neonatal ventilator market include Philips Respironics, Nihon Kohden Corporation, Medtronic Plc, GE Healthcare, CareFusion, ResMed, Hamilton Medical, Drägerwerk AG & Co. KGaA, Smith Medical, Breas Medical, and Becton, Dickson and Company.
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