May 18, 2024

Neonatal Thermoregulation Devices Market is Estimated to Witness High Growth Owing to Advancements in Temperature Management Technology

The neonatal thermoregulation devices market provides a wide range of equipment vital for maintaining normal body temperatures in newborn infants. Products such as neonatal incubators and warmers help regulate an infant’s temperature through conduction, convection and radiation. With increasing rates of preterm births which make infants susceptible to temperature fluctuations, the demand for such thermoregulation devices is growing.

The Global neonatal thermoregulation devices market is estimated to be valued at US$ 47.27 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in The Neonatal Thermoregulation Devices are Sysmex Corporation (Japan), Danaher Corporation (US), Nihon Kohden (Japan), Siemens (Germany), Abbott (US), Boule Diagnostics (Sweden), HORIBA (Japan), Bio-Rad Laboratories (US), BioSystems (Spain), Diatron (Hungary), Drew Scientific (US), EKF Diagnostics (UK), Mindray (China), Ortho Clinical Diagnostics (US), and Roche (Switzerland), among others.

The growing prevalence of preterm births globally presents lucrative opportunities for players in the neonatal thermoregulation devices market. According to the World Health Organization, an estimated 15 million babies are born preterm each year. Maintaining optimal temperature is crucial for the survival of preterm infants.

Technological advancements in temperature management solutions have widened the scope of neonatal thermoregulation. Products now feature non-contact infrared thermometers, open platforms, and ‘smart’ devices connected to hospital networks. New innovations focus on enhancing efficiency, safety and control over an infant’s thermal environment.

Market drivers

The rising rate of preterm births is a major factor propelling the neonatal thermoregulation devices market. According to the Centers for Disease Control and Prevention, 1 in 10 infants is born preterm in the US. Preterm new borns have underdeveloped thermoregulation abilities, increasing the risk of hypothermia and requiring external thermal regulation. Growing awareness about temperature management and its role in improving neonatal outcomes also drives adoption of these advanced devices.

Current challenges in the Neonatal Thermoregulation Devices Market
The neonatal thermoregulation devices market faces various challenges like lack of awareness about the advantages of thermoregulation devices in developing regions, high cost of neonatal intensive care units and devices, and shortage of skilled professionals. In remote areas where advanced medical facilities are not available, new born infants are at risk of hypothermia or hyperthermia which requires advanced thermoregulation devices. However, due to lack of awareness and affordability issues, such advanced life-saving devices cannot benefit all premature and low birth weight infants.

SWOT Analysis
Strength: Advancing technologies of neonatal thermoregulation devices enhanced safety and efficacy. They provide accurate temperature control and monitoring for optimal care of newborn infants.
Weakness: High costs of devices limit their widespread adoption. Lack of standardized protocols for usage.
Opportunity: Growing preterm births and low birth weight babies in developing nations present opportunities. Investments in raising awareness and skill development can expand market reach.
Threats: Recession and budget cuts may reduce spending on advanced healthcare. Competition from inexpensive traditional methods can hamper device adoption.

Geographical Regions
North America dominates the neonatal thermoregulation devices market currently in terms of value due to availability of advanced healthcare facilities and presence of major players. The U.S. accounts for the largest share. However, Asia Pacific region is poised to be the fastest growing market during the forecast period due to improving medical infrastructure and rising healthcare expenditures in emerging countries like India and China. Rise in preterm births also contributes to market growth in Asia Pacific.

Europe holds the second position in terms of value in neonatal thermoregulation devices market. This can be attributed to better access to healthcare facilities and growing birth rates. Availability of reimbursement policies for preterm birth in countries like the U.K., Germany, France, Italy, and Spain support market growth in Europe.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it