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(Health-NewsWire.Net, May 18, 2021 ) The fetal and neonatal care equipment market is projected to grow from an estimated USD 6.4 billion in 2018 to USD 8.4 billion by 2023, at a CAGR of 5.7% during the forecast period.
Factors Driving the Market Growth:
Growth in the global fetal and neonatal care equipment market is mainly driven by the huge patient population of preterm and low-weight birth babies in both developed and developing markets, inflow of technologically advanced products, rising awareness across developing nations, and growing number of NICU admissions.
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Incubators segment to dominate the overall neonatal care equipment market in 2018
The neonatal care equipment segment comprises infant warmers, incubators, convertible warmers & incubators, phototherapy equipment, respiratory devices, and neonatal monitoring devices. The incubators segment is expected to account for the largest share in the global neonatal care equipment market in 2018. The development of novel neonatal incubators and availability of MRI-compatible incubators in the market is a key driver of market growth. However, market growth is hindered due to the high cost of incubators (up to USD 20,000 per unit) and increasing home deliveries in developing countries.
The fetal dopplers is expected to be the fastest-growing product segment in the fetal care equipment market during the forecast period
Based on type of product, the fetal care equipment segment is further categorized into, ultrasound devices, fetal doppler, fetal magnetic resonance imaging (MRI) systems, fetal monitors (further classified into antepartum/external fetal monitors and intrapartum/internal fetal monitors), and fetal pulse oximeters. The fetal dopplers segment is expected to register the highest growth rate during the forecast period. The growing demand for digital Dopplers over conventional Dopplers and increasing launches of home-use products are some of the key factors propelling market growth of the fetal Dopplers market
North America to dominate the fetal and neonatal care equipment market in 2018
Geographically, the fetal and neonatal care equipment market is segmented into North America (US and Canada), Europe (Germany, France, the UK, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), and the Rest of the World (RoW). North America is expected to account for the largest share of the overall fetal and neonatal care equipment market in 2018 followed by Europe. The large share of North America can be attributed to the high premature birth rate in the region, presence of good reimbursement structure, and the availability of well-equipped NICU centers.
Some of the prominent players in the fetal and neonatal care equipment are GE Healthcare (U.K.), Philips Healthcare (Netherlands), Drägerwerk AG & Co. KGaA (Germany), Medtronic plc (Ireland), and Masimo Corporation (U.S.).
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