Fetal And Neonatal Monitoring Market to Accumulate around US$ 12,960.0 Million by 2027 | CAGR: 6.9%: Coherent Market Insights
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The global Fetal and Neonatal Monitoring Market was evaluated at US$ 7,592.4 million in 2019 and is further expected to exhibit a massive CAGR of 6.9% over the forecast period (2019-2027).
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A number of organizations and government agencies have been taking initiatives to improve fetal and neonatal healthcare facilities. This is one of the most vital factors accelerating the global Fetal and Neonatal Monitoring Market development. According to the UNICEF estimates, 2013, an average of 353,000 babies are born each day around the world and their birth rate is 18.9 births per 1,000 population or 4.3 births every second. For instance, in 2014, the government of India developed the India Newborn Action Plan (INAP) in response to the global Every Newborn Action Plan (ENAP). The program was launched at the World Health Assembly and was aimed at reducing preventable newborn deaths and stillbirths in the country and bring down the neonatal mortality rate and stillborn rate to single digits by the year 2030.
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Rising prevalence of hospital-acquired infections (HAIs) are claimed to hamper the immune system of babies and neurodevelopmental outcomes of infants admitted to neonatal intensive care unit is yet another factor boosting the global market growth. The National Institute of Child Health and Human Development (NICHD) Neonatal Network, reported that around 20% to 25% of low birth weight infants, who survived over three days, were found to have one or more episodes of blood culture proven sepsis, with the majority being caused by gram-positive organisms, predominantly coagulase-negative staphylococci in the U.S.
Manufacturers across the globe are taking initiatives in order to curb the hospital-associated infections (HAIs) for neonates and infants, with the help of partnership programs with the globally recognized medical centers. For instance, in September 2012, Maxima Medical Center collaborated with Royal Philips Electronics to launch a medical facility for mothers and children with improved clinical care such as introducing single-patient rooms and the Sacred Hour (family bonding in the first hour of a baby’s life) and to reduce hospitalization cost for their treatment. Advancements in technology in fetal and neonatal care devices such as wireless fetal monitors, integrated fetal monitors, and electronic fetal monitoring are leading to increasing adoption of these fetal and neonatal care equipment. In 2017, Biotricity, Inc. received ethics approval to conduct a study that is expected to investigate and validate a mobile wireless fetal heart rate variability (HRV) monitor. Therefore, such technological advancements, in terms of usage and portability, are said to be augmenting the demand for fetal and neonatal care equipment, thereby boosting the global market expansion.
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Key Takeaways of the Fetal and Neonatal Monitoring Market:
- Among the various product types, the ultrasound devices segment would potentially acquire the largest share in the global fetal care equipment market over the forecast timeline, due to the frequent use of this device during pregnancy for diagnosing the abnormalities or monitoring the growth of the infants.
- The monitoring devices segment is projected to hold the largest market fragment in the global neonatal care equipment market over the forecast period, owing to the higher need for continuous monitoring of baby’s blood pressure and heart rate, especially during the first few minutes post-birth, to ensure proper health of the newborn baby.
- The hospital’s end-user segment is expected to exhibit high growth over the forecast period, owing to the presence of magnificent neonatal intensive care units (NICU) for high-risk newborns and rising adoption of technologically advanced devices to ensure better patient care and safety.
- The well-known players trading in the global Fetal and Neonatal Monitoring Market are Koninklijke Philips N.V., General Electric Company, Medtronic plc, Dragerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited., FUJIFILM SonoSite, Inc., Masimo, Natus Medical Incorporated, Atom Medical Corporation, and CooperSurgical Inc.
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