Global Incubator Devices Market Size, Share, Forecast Report, 2020-2027

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Incubator devises market is projected to grow at a considerable CAGR of around 6% during the, forecast period (2019-2025). The increasing number of premature births across the globe is a major factor to drive the incubator devices market during the forecast period. Incubator devices have several applications in medical treatment, genetic engineering, laboratory, biological application, and tissue culture. In the medical treatment, an incubator is used to perform hatching of eggs and to take care of premature babies. In the laboratory incubator devices are used to cultivate and store bacterial cultures.



In biology, incubator devices are used to perform cell aeration, food processing, plant and animal studies pharmaceutical studies, biochemical studies, hematological studies, solubility studies, food processing, cell aeration, plant and animal studies, and fermentation studies. The ongoing technological advancements in the manufacturing of the incubator devices are further anticipated to drive the growth of the incubator devices market. The rising innovations and improvement in the hatching centers for more effective and efficient hatching of poultry are also anticipated to promote the growth of the incubator devices market during the forecast period.



The increasing government and private funding in researches related to biotechnology is another key factor to increase the demand for incubator devices which in turn is anticipated propelling the growth of the global incubator devices market. Incubator devices have their application in microbiology laboratories to perform several experiments related to the media cultures such as cell culture and bacteria culture among others. However, stringent government regulations, high cost of these devices, and a huge number of product recalls are among the key factors that are anticipated to promote the growth of the global incubator devices market during the forecast period.



Segmental Outlook



The incubator devices market is segmented on the basis of product type, and end-user. Based on product type, the market is segmented into neonatal incubators, microbiological incubators, and others that include hatching incubators, Peltier cooling incubators, and compressor cooled incubator. Based on end-user, the market is segmented into hospitals, diagnostic labs, and others. Hospitals are anticipated to make major contributions towards the growth of the global incubator devices market due to the high use of these devices to take care of premature babies. The segmental growth is attributed to the extensive use of incubator devices for the treatment of premature babies in hospital settings. In addition, hospitals offer enhanced healthcare facilities as compared to other end-users. Additionally, an increasing number of hospitals in emerging economies further contribute to the segmental growth of the market.



The neonatal incubator will be considerable segment by product type



The neonatal incubator is anticipated to hold a major market share based on the product type. According to the estimation of the WHO, 15 million babies are born preterm (before 37 completed weeks of gestation), and this number is rising. Preterm birth complications are the leading cause of death among children under 5 years of age and are responsible for around 1 million deaths on a yearly basis. As per the estimation, three-quarters of these mortalities could be prevented with current, cost-effective interventions. Neonatal incubators are used to save these babies therefore, the high usage of these neonatal incubators is anticipated to drive the growth of this market segment.



Regional Outlook



The global incubator devices market is further segmented on the basis of geography including North America, Europe, Asia-Pacific and Rest of the World. North America held the major share in the market in 2018. The regional growth is attributed to the increasing healthcare expenditure in the US and the presence of well-developed healthcare infrastructure in the country. According to the Centers for Disease Control and Prevention (CDC), in 2017, about 1 in 10 babies were born prenatally in the US which indicates the high number of preterm births in the country that increases the demand for the incubator devices in the country which will drive its market growth. Further, the significant amount of investment done by the government in the R&D of biotechnology is anticipated to provide growth to the regional market.



Asia-Pacific will augment with the significant growth rate in the Incubator Devices market



The major economies contributing to the regional growth of the market include China, Japan, and India. The growing usage of hatching incubators for the hatching of eggs is anticipated to drive the growth of this region. Further, improving healthcare expenditure in the emerging countries along with the rising preference towards advance technology



Market Players Outlook



Some of the key players in the market include Bionics Scientific Technologies Ltd., Boekel Scientific, Inc., Binder GmbH, Andreas Hettich GmbH & Co.KG, GE Healthcare, Thermo Fisher Scientific Corp., ThermoCare Ltd., VWR International Ltd., Natus Medical Inc., Panasonic Healthcare Co., Ltd., Atom Medical Corp. and so on. These market players adopted various organic and inorganic growth strategies such as mergers and acquisitions and product launch in order to expand their share in the market and gain a competitive advantage over other players.