Market Trends of Incubator Devices Industry
This section covers the major market trends shaping the Incubator Devices Market according to our research experts:
The Hospitals and Birthing Centers Segment is Expected to Witness a Healthy Growth Over the Forecast Period
An incubator is most commonly used in pediatric hospitals, birthing centers, and neonatal intensive care units. Hospitals are considered major end users by the manufacturers of incubators for selling their products since they help build brand image and expand their product reach. The increasing government focus on reducing infant mortality and morbidity rates has also led hospitals to concentrate on increasing their productivity. This is done by adopting advanced and innovative medical devices, including neonatal incubators. For instance, in August 2021, the National Health Mission, India, launched reproductive, maternal, newborn child, and adolescent health (RMNCH +A) to reduce the infant mortality rate to 23% by 2025.
Additionally, innovative product launches are expected to boost the growth of the studied segment during the forecast period. Also, in September 2021, Swiss architect Fabien Roy designed Robust Nest, an incubator for hospitals in Sub-Saharan Africa that functions through power cuts and was useful for preventing mortality due to hypothermia.
Thus the above-mentioned factors are expected to drive market growth during the forecast period.
North America Dominates the Market and is Expected to do the Same Over 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 factors contributing to the growth of the incubator devices market in North America. According to the CDC update in 2022, preterm births affected about one out of every 10 infants in the United States in 2021. This indicates the high number of preterm births in the country, which ultimately increases the demand for incubator devices.
Additionally, the high healthcare expenditure in the United States is expected to contribute to market growth. According to the data published by the United States Centers for Medicare and Medicaid Services in 2021, United States healthcare spending grew by 9.7% in 2020, reaching USD 4.1 trillion. Such high healthcare spending is expected to contribute to the growth of the market during the forecast period.
Also, the incidence of preterm births in Canada is expected to drive the demand for incubator devices. According to the NCBI article published in August 2021, the mean preterm birth rate for the study cohort was 7.96%. The report also mentioned that from January to December 2020, the preterm birth rate in Ontario was 7.87%. Such an incidence of preterm birth rates in Canada is expected to drive the growth of the market in this region.
Furthermore, the increasing number of product launches is expected to drive the market's growth. For instance, in August 2021, the Baker company launched ReCO2evr, a new rapid recovery cell culture that will bring even more value to its customers in the field of microbiology, cell culture, and biological safety.
Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period.
