Certain factors that are driving the incubator devices market growth include the rising prevalence of premature babies, low birth weight of babies, and growing R&D in healthcare.
- In the past decade, the rise in the prevalence of premature babies globally increased the demand for incubators in the market. According to the World Health Organization (WHO), preterm births are on the rise. Each year, nearly 15 million babies are born preterm, which is before 37 completed weeks of gestation. Therefore, the demand for neonatal incubators is expected to rise globally, thus contributing to the growth of the incubator devices market.
- However, the high cost of incubators is one of the major factors hindering the growth of this market. Also, it is accompanied by the absence of proper guidelines regarding the design and function of platelet incubators, which hampers the market. This has particularly been observed in the underdeveloped and developing countries. Other factors, such as lack of awareness among people in emerging countries, is also hampering the growth of the incubator devices market.
Key Market Trends
The Hospitals and Birthing Centers Segment is Expected to Witness a Healthy Growth Over the Forecast Period
An infant incubator is most commonly used in pediatric hospitals, birthing centers, and neonatal intensive care units. Hospitals are considered as major places by the manufacturers of neonatal incubators for selling their products, owing to the fact that they help in building brand image and further expanding their product reach. The increasing government focus on reducing mortality and morbidity rates of infants has also led the hospitals to concentrate on increasing their productivity eventually, by adopting advanced and innovative medical devices, including neonatal incubators.
North America Dominates the Market and is Expected to do the Same in the Forecast Period
The growing number of preterm babies, well-developed healthcare infrastructure, the presence of key manufacturers, and the availability of advanced technologies are the factors contributing to the growth of the incubator devices market in North America. According to the Centers for Disease Control and Prevention (CDC), in 2017, about 1 in 10 babies was born too early in the United States. This indicates the high number of preterm births in the country, which ultimately increases the demand for incubator devices.
The incubator devices market is moderately competitive and consists of a few major players. Companies, like Andreas Hettich GmbH & Co. KG, Atom Medical Corporation, BMT Medical Technology SRO, Drägerwerk AG & Co. KGaA, GE Healthcare, Medhold Medical (PTY) Ltd, Natus Medical Incorporated, Panasonic Healthcare Co. Ltd, Phoenix Medical Systems (P) Ltd, and Thermo Fisher Scientific Inc., among others, hold the substantial market share in the incubator devices market.
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