Global Incubator Devices Market - Segmented by Incubator Type, Technology, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global incubator devices market is expected to register a CAGR of nearly 6.9% during 2018 to 2023 (the forecast period). Incubators are devices that facilitate the growth of an organism by providing them an optimum temperature and environment. Developed healthcare infrastructure, increasing demand for neonatal incubators, and higher healthcare expenditure in North America has aided in the region dominating the market globally.
Rising Prevalence of Premature Babies
In the past one decade, the rise in the prevalence of premature babies globally, has increased the demand for incubators in the market. According to world health organization (WHO), the preterm birth are on a rise. Each year, nearly 15 million babies are born preterm that is before 37 completed weeks of gestation. In 2015, preterm birth complications were responsible for nearly 1 million deaths. Therefore, a rising demand of neonatal incubators is expected globally, thus, contributing to the growth of the incubator devices market.
Other factors, such as growing R&D in healthcare and low birth weights of babies, are some of the major factors leading to the growth of this market.
High Cost of Incubators
The high cost of incubators is one the major factors hindering the growth of this market. Also, it is accompanied by absence of proper guidelines regarding the design and function of platelet incubators, which hampers the market. This has particularly been observed in 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.
US is expected to Hold the Largest Market Share
The United States is expected to have the largest market share in the forecast period. The growing number of preterm babies, well-developed healthcare infrastructure, presence of key manufacturers and high technologies are the factors contributing to the growth of incubator devices market in the United States. Large population in the Asia-Pacific region, with emerging economies and huge agricultural facilities, makes this region very promising for the growth of the market.
Key Developments in the Market