The neonatal intensive care market will reach $4.4 billion globally by 2031 at an 8.2 percent compound annual growth rate, according to a study from Allied Market Research.
The study surveyed market shares for neonatal products, applications and end users. It also looked into leading regions and companies within the market.
The main drivers of growth are a rise in neonatal hypothermia, low birth weights and interest from manufacturers and developers in creating instruments for neonatal intensive care, according to an Oct. 10 news release.
The high cost of neonatal care has restricted growth. Supply chain issues caused by COVID-19 also hampered the market.
From a product standpoint, neonatal care respiratory devices had the highest market share in 2021 with a projected CAGR of 9 percent from 2022 to 2031 due to care advancements and a rise in respiratory illness.
For application, neonatal hypothermia and low birth weights accounted for three-fifths of the global neonatal intensive care market in 2021. The segment is projected to have an 8.6 percent CAGR from 2022 to 2031.
For the end-user category, neonatal and pediatric hospitals also accounted for three-fifths of the market. It is also projected to have an 8.6 percent CAGR during the forecast period.
Asia-Pacific was the leading region, making up one-third of the global market.