Global Neonatal Warming Equipment Market – Overview
Neonatal care equipment are usually provided to preterm infants or newborn infants (up to 28 days) whose medical conditions are severe. Neonatal care equipment helps to supply oxygen, provide heat (in case of excessive heat loss) and help in monitoring vital parameters. Blood pressure monitors, cardiopulmonary monitors, bililights, endotracheal tube, incubators, nasal cannula, pulse oximeter, radiant warmer and ventilators are some of the neonatal care equipment.
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Global Neonatal Warming Equipment Market – Competitive Landscape
The competition in the global neonatal warming equipment market is high. The companies in the market are constantly doing R&D activities and introducing new products to stay ahead of the competition. Some of the key players in the in the global neonatal warming equipment market are GE Healthcare, Philips Healthcare, Smiths Medical, Fisher & Paykel Healthcare Corp., Phoenix Medical Systems Pvt Ltd. and Ibis Medical.
Global Neonatal Warming Equipment Market – Drivers and Restraints
The market for neonatal warming equipment is expected to witness double digit growth rate compounded annually during the forecasted period. Rising incidences of preterm delivery is driving the growth of neonatal warming equipment market. It has been estimated by the World Health Organization (WHO) that around 15 million preterm births occur every year worldwide. Also, increasing prevalence rate of hospital acquired infections across the globe will propel the growth of neonatal warming equipment market since infants are susceptible to infections.
In addition to this, launch of technologically advanced neonatal warming equipment in market will further augment the growth of the market. Furthermore, entry of large number of companies into the manufacturing of neonatal warming equipment will also boost the growth of neonatal warming equipment market.
Moreover, improving government initiatives will also support the growth of neonatal warming equipment market. For instance, the American Academy of Pediatrics (AAP) has added a level (level IV) in neonatal nursing that will draw the utilization of neonatal warming equipment extensively. Likewise, increasing number of hospitals worldwide will also elevate the growth of neonatal warming equipment market since according to government regulation; every hospital must have at least one neonatal intensive care unit (NICU) comprising of all neonatal care equipment.
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Global Neonatal Warming Equipment Market – Geographical Outlook
Based on the geographical segmentation, there are five key regions of the global neonatal warming equipment market. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, currently, the global neonatal warming equipment market is being dominated by the regional segment of North America. The region is expected to continue to dominate over the course of the given forecast period ranging from 2020 to 2030. North America accounts for the largest share of total neonatal warming equipment market. This large market size is attributed to the high disposable income of the population in this region. Also, major manufacturers of neonatal warming equipment are domiciled in North America that also helped the region to contribute the largest market share.
On the other hand, the regional segment of Asia Pacific is expected to witness a promising growth rate in the coming years of the forecast period. One of the key factors driving the market growth has been the increased spending by emerging economies for the development of their healthcare infrastructure.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.