NICU Catheters Market to Expand at 4.7% CAGR, Reaching US$ 670 Million by 2031, Reveals TMR Report

WILMINGTON, DE / ACCESSWIRE / June 15, 2023 / The global NICU catheters market is anticipated to grow at a 4.7% CAGR from 2023 to 2031. A market valuation of US$ 670 million is expected by the end of the forecast period.

The global neonatal intensive care market is expected to witness significant growth due to factors such as increasing prevalence of chronic disorders in newborns, rising incidence of preterm births, growing awareness about prenatal and neonatal care equipment, high birth rates in developing regions, and supportive government policies. Additionally, technological advancements in neonatal care devices, increased per capita expenditure, and investments in healthcare infrastructure are further anticipated to drive market growth, creating substantial opportunities.

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Factors such as increased birth rate, a rise in infants with critical illnesses or injuries requiring intensive care, and the emergence of healthcare policies promoting accessibility and affordability are expected to fuel market growth. To meet the demand for care, the number of neonatal intensive care units (NICUs) is increasing, with efforts to create new facilities and enhance existing ones to address concerns about overcrowding.

Key Takeaways from the Market Report

• The global NICU catheters market is expected to be worth US$ 460.57 million as of 2023.
• From 2023 to 2031, the market is expected to grow with a CAGR of 4.7%.
• By type, Peripherally Inserted Central Catheters (PICCs)segment is expected to grow at a CAGR of 5.2% during the forecast period.
• By end-user, the hospital segment is expected to lead the market while exhibiting a CAGR of 5% during the forecast period.
• As per TMR projections, the demand for NICU catheters in China is projected to grow at a CAGR of 4.8% during the forecast period.

NICU Catheters Market: Growth Drivers & Trends

• The demand for NICU catheters is expected to rise due to the rise in preterm and low birthweight deliveries and the increasing demand for specialized neonatal care. Factors like diaper advancements and the shift towards wireless monitoring are also contributing to the expansion of the market.
• The market is driven by factors such as higher birth rates and a growing number of infants requiring intensive care due to critical illnesses and injuries like congenital heart defects or premature birth.
• Technological advancements in neonatal intensive care devices, along with increased per capita expenditure and rising investments in healthcare infrastructure, are expected to generate significant opportunities and drive market growth.

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NICU Catheters Market: Regional Analysis

• North America is expected to dominate the market by accumulating over 40% market share by end of the forecast period. The regional demand for NICU catheters is projected to rise with a CAGR of 4.5% during the forecast period. T
• he well-developed and structured healthcare systems in North America, along with a strong focus on research and development, are driving the growth of the market in the region. The rising prevalence of congenital disorders in newborns, increasing neonatal population, and government support further contribute to market growth in North America.
• The market in Asia Pacific is expected to grow with a CAGR of 4.6% during the forecast period owing to the high preterm birth rate. In 2022, South Asia had higher preterm birth rates, ranging from 3.2% in Ghana to 15.7% in Pakistan, accounting for 49% of neonatal deaths in the region, according to Organization for Economic Cooperation and Development.
• In the Asia Pacific region, the growing mortality rate among mothers drives the expansion of the NICU catheter market, attributed to poverty and weak healthcare systems in the countries.

NICU Catheters Market: Prominent Players

The global market for NICU catheters is characterized by several regional and global entities. Some key NICU catheters providers profiled by TMR include:

• Becton, Dickinson, and Company
• Smiths Medical
• ICU Medical Inc.
• Vygon SA
• Footprint Medical Incorporated
• Utah Medical Products Inc.
• Cardinal Health, Inc.
• Argon Medical Devices Inc.
• NeoMedical Inc.
• Marian Medical, Inc.
• Angiplast Pvt. Ltd.
• Vigmed AB (Greiner Bio-One International GmbH)
• Bactiguard AB
• Advin Health Care
• Pergo
• Sterimed Group
• B. Braun Melsungen AG

Prominent developments in the NICU catheters market domain by key players are as follows:

• ICU Medical's acquisition of Smiths Medical's division for US$ 2.35 billion in September 2021 expanded ICU Medical's global presence in the NICU catheter market. This acquisition has enhanced ICU Medical's supply chain stability, and facilitates global scaling of operations.
• Vigmed AB launched an online training portal in January 2021, providing healthcare professionals easy access to training modules for their CLiP and SWiTCH automatic safety IV and arterial catheters. Specially tailored product training programs are available for CLiP Neo, CLiP Winged, CLiP Ported, and SWiTCH catheters.
• In December 2020, Bactiguard AB established a partnership with Libera Medica S.L. for Spain. This collaboration involves an exclusive distribution agreement for Bactiguard's portfolio.

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NICU Catheters Market- Key Segments

Type

• Peripherally Inserted Central Catheters (PICCs)
• Central Venous Catheters (CVCs)
• Umbilical Venous Catheters (UVCs)
• Others

End User

• Hospitals
• Specialty Clinics
• Ambulatory Surgical Centers
• Others

Region

• North America
• United States
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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