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New-age Technology is Poised to Change Lifestyles—Can Conventional Products Survive?
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The neonatal care market is at a juncture where the rate of innovation in devices is much lower, resulting in flat prices and mid-single digit market growth, largely driven by replacement sales. This is especially true for phototherapy units and some respiration assistance devices. However, with increasing demand to provide cost-effective care and predict neonatal health, trends such as predictive analytics, multi-parameter analysis, and wireless capabilities have provided a new direction to the classical incubator or neonatal monitor. Since decades, neonatal care devices, such as incubators, ventilators, and cooling devices, to manage birth asphyxia have been high-cost models that have prevented smaller hospitals and low-resource settings to be able to provide access in proportion to the demand for neonatal care. However, as traditional markets such as North America and Europe saturate and get driven purely on replacement, the growth potential in markets in the Asia-Pacific region remains high.Access to quality neonatal care is a concern currently limiting the growth of the market in low-resource regions. Good neonatal care is still not available in all parts of the world, leading to a disparity in neonatal survival rates. As an example, neonatal cooling devices are still cost prohibitive in most hospitals in Southeast Asia, preventing adequate management of birth asphyxia. However, this is expected to get addressed with start-ups aiming to reduce cost, improve last-mile care, and develop solutions that can overcome logistic hindrances to provide care to neonates born in remote locations or displaced population. The landscape has been dominated by multinationals that have been key market participants since decades with challenges posed by local participants offering comparable solutions at competitive prices.Phase change materials and other technologies are being evaluated to develop thermoregulation solutions that are affordable to install and inexpensive to operate and maintain. Wearables are also expected to disrupt the neonatal monitoring space by providing less bulky, low-cost solutions. Low-cost resuscitation technology, while increasing the availability of care also creates room for errors in ventilation and air pressure. Companies have an opportunity to develop cost-effective platforms that can improve last-mile connectivity and global neonate health outcomes.This study provides an overview of the neonatal care market opportunity, in terms of hard numbers, unmet needs, and game changing strategies. It provides 5-year forecasts for revenue and units shipped year-on-year as well as market share of companies participating in the landscape.
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