Market Scenario:
Newborn screening programs offering numerous benefits are anticipated to favor the market growth. Fetal and neonatal care equipment are generally used for treatment and assessment of newborn babies and comprises devices which help to monitor and diagnose both the mother and the fetus. The equipment which helps to monitor, diagnose, and also treat newborn babies are referred to as neonatal care equipment.
Market Research Future (MRFR) speculates that the global Fetal and Neonatal Care Equipment Market is predicted to register a CAGR of 6.8% during the forecast period (2018-2023).
Market Potential and Pitfalls:
The fetal and neonatal care equipment is growing at a breakneck speed owing to factors such as private and public initiatives in order to support patient care coupled with the increasing number of neonatal care facilities across the globe. Newborn screening programs (NBS) offer a number of benefits such as it predicts whether the baby is at risk for certain medical conditions, which further impacts the market growth positively. Governments, as well as non-government organizations, are actively focusing on providing better maternal and fetal care options which are further contributing to the growth of the market. For instance, the American Society of Hematology in June 2018 had led a campaign in order to fight against sickle cell disease in the African region and urged the Sub-Saharan Africa government to invest in the newborn screening.
New innovative devices launch and technological advancements in the fetal and neonatal care equipment market are estimated to propel the market growth across the globe. Technological advancements help to detect multiple compounds through neonatal dried blood specimens. Right after the success of newborn screening in phenylketonuria, prominent competitors are introducing brand new models with performance improvements. With the launch of improved performance instruments of the pulse oximeter and mass spectroscopy, the market is propelling at a stellar rate. For instance, in September 2016, the launch of PerkinElmer’s QSight 210 MD system uses tandem quadrupole analysis which offers faster scanning, higher sensitivity, and robust screening.
On the contrary, increased preferences for refurbished devices across the developing nations is considered to vitiate the market growth in the coming years. Moreover, the presence of fragmented players and lower birth rate in the established countries are some of the major concerns likely to deter the market growth.
Competitive Dashboard:
• Philips Healthcare
• Fisher & Paykel Healthcare Limited
• Vyaire Medical Inc
• Edan Instruments Inc
• Toitu Co. Ltd
• Masimo Corporation
• Phoenix Medical Systems Pvt. Ltd
• Cardinal Health
• Natus Medical Incorporated
• Medtronic Plc
• GE Healthcare
• Atom Medical Corporation
Fetal and Neonatal Care Equipment Market: Segmental Analysis:
• The fetal & neonatal care equipment market has been segmented on the basis of product, type, and end user.
• By mode of type, the global fetal and neonatal care equipment market has been segmented into fetal pulse oximeters, fetal monitors, fetal MRI systems, fetal ultrasound devices, and fetal doppler devices.
• By mode of product, the global fetal and neonatal care equipment market has been segmented into neonatal phototherapy equipment, infant warmers, convertible warmers & incubators, neonatal incubators, neonatal monitoring devices, respiratory care devices, and neonatal diagnostic imaging devices.
• By mode of end-user, the global fetal and neonatal care equipment market has been segmented into fertility centers, hospitals & clinics, and others.
Regional Insights:
The fetal and neonatal care equipment market span across regions namely, Europe, America, Asia-Pacific, and the Middle East & Africa.
Considering the global scenario, the American region is considered to dominate the fetal and neonatal care equipment market. The growth is credited to the rising R&D budgets by the commercial as well as government biotechnological and pharmaceutical companies. Moreover, with the surging adoption of advanced technologies, the market in this region is likely to boost.
Europe is predicted to occupy the second position due to the availability of funding for research in the European nations along with the presence of strong academic and research base.
The Asia Pacific region is estimated to expand at the fastest rate due to the increased neonatal population, improved healthcare infrastructure, and rising mortality rate of neonates. For instance, as per data published by UNICEF, the neonatal mortality rate was 24% in 2017 in India.