Market Size of Incubator Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Incubator Devices Market Analysis
The incubator devices market is expected to register a CAGR of 6.9% during the forecast period.
COVID-19 significantly impacted the market's growth as the adverse effects caused by COVID-19 and the increase in preterm births drove the demand for incubator devices. As per the article published by JAMA in August 2021, women with COVID-19 were more likely to have preterm birth compared to women without COVID-19. Such risks of preterm birth during the pandemic are expected to drive the market's growth. The increasing demand for incubators during the pandemic period was most likely due to the preservation of test samples for COVID-19. According to the Division of Cambridge Innovation Institute data published in May 2021, recognizing the need for COVID-19 PCR test samples, high-end microbiology incubators provide the precise temperature control necessary for effective heat activation and incorporate advanced design features that enhance laboratory safety and usability. Such benefits offered by incubators contributed to the growth of the market during the pandemic period. However, there were already a large number of incubators acquired by end users, such as hospitals, laboratories, and others, during the pandemic period. Hence, it is expected to have a slight decrease in demand for incubators post-pandemic. Furthermore, the demand for incubators is expected to grow in the coming years and is expected to reach pre-pandemic levels in the next five years.
Certain factors driving the incubator devices market growth include the rising prevalence of premature babies, low birth weight of babies, and growing R&D in healthcare.
In the past decade, the rise in the prevalence of premature babies increased the demand for incubators in the market. According to the CDC report published in May 2022, the preterm birth rate in the United States was 10.48% in 2021. Such incidences of preterm births are expected to drive the demand for incubator devices, thereby contributing to market growth during the forecast period.
Also, increasing product launches are expected to contribute to market growth. For instance, in August 2021, Thermo Fisher Scientific launched a CO2 incubator that combines optimal cell growth capabilities with certified cleanroom capability, addressing the growing need for biotechnology.
Thus, the above-mentioned factors are expected to contribute to the market growth during the forecast period. However, the lack of awareness in emerging economies and the high cost of incubators are expected to restrain the market growth during the forecast period.
