Certain factors that are driving the market's growth include increasing number of preterm and low-weight births, growing technological advancement in infant and maternal care products, and rising congenital and pregnancy complications due to sedentary lifestyle.
The rise in preterm and low-weight births is one of the major factors for the growth of the fetal and neonatal care equipment market. With the rising number of births, a large number of complications are associated with preterm births, leading to neonatal deaths. In the United States, as per the Centers for Disease Control and Prevention (CDC), preterm births affected about one out of every 10 infants born, in 2016. Moreover, incidence of diseases among new borns have also increased. These factors have increased the demand for fetal and neonatal care equipment in the market.
However, the rising cost of neonatal care, along with advancements in the medical devices, is one of the major factors hindering the fetal and neonatal care equipment market.
Key Market Trends
Neonatal Care Equipment is Expected to Hold a Significant Market Share
Neonatal monitoring instruments and equipment are used in the neonatal intensive care unit (NICU), emergency room, and operating theatre at all levels of hospitals for continuous monitoring of the neonates and infants. The demand for this equipment has increased to increase in preterm births, even in developed.
Preterm born babies are more prone to infections and diseases and require more care. According to a 2018 report by the Centers for Disease Control and Prevention, During 2014-2016, the preterm birth rate rose 3% in the United States, from 9.57% in 2014 to 9.63% in 2015 to 9.85% in 2016. As these babies require more care, an increase in preterm birth is expected to drive the market growth.
North America Dominates the Market and is also Expected to do so during the Forecast Period
North America is expected to dominate the fetal and neonatal care equipment market, due to the presence of well-established healthcare facilities and the rise in the demand for advanced healthcare systems. In the United States, the value-based healthcare model has led to the development of highly specialized NICU centers, with the rise in the number of devices from the US FDA.
Asia-Pacific is also expected to grow at the highest rate during the forecast period, owing to factors, such as increasing healthcare expenditures, high patient pool, and rising private hospitals and diagnostic centers in this region.
The global fetal and neonatal care equipment market consists of a few major players holding the major shares of the market. Companies, like Atom Medical Corporation, Becton, Dickinson and Company, Dragerwerk AG & Co. KGaA, GE Healthcare, Koninklijke Philips NV, Masimo, Medtronic PLC, Natus Medical Incorporated, Phoenix Medical Systems (P) Ltd, and Vyaire Medical, among others, hold substantial shares in the fetal and neonatal care equipment market.
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