Global Fetal and Neonatal Care Equipment Market - Segmented by Product Type and Geography - Growth, Trends, and Forecast (2018 - 2023)
The fetal and neonatal care equipment market has been estimated to register a CAGR of 7.5% during the forecast period of 2018–2023. Fetal and neonatal care is primarily focused towards the child’s health and diseases from the perinatal period to adolescent stage driven by the technological advancement in infant and maternal care products. With advanced healthcare facilities and high demand for technologically advanced products with rising awareness among the public, North America is expected to dominate this market, followed by Europe.
Increasing Number of Preterm and Low-weight Births
The rise in the preterm and low-weight births of newborns 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. According to World Health Organization (WHO), nearly 5.6 million children under the age of 5 died in 2016, with preterm birth being one of the top five reasons. In 2013, according to an article published in Reproductive Health, BioMed Central, over 60% of preterm births occurred in Sub-Saharan Africa and the South Asia region, contributing to nearly 15% estimated preterm births. The numbers are rising steeply in the low and middle-income countries compared to the developed regions. Other major factors responsible for the growth of the market are the rise in the technological advancement in infant and maternal care products, rise in congenital and pregnancy complications due to sedentary lifestyle, and increased global awareness for prenatal and neonatal care.
High Cost Associated with Neonatal Care
The rising cost of neonatal care with advancement in the medical devices is one of the major factors hindering the fetal and neonatal care equipment market. In the United States, the average cost of infants hospitalized in the neonatal intensive care units (NICUs) is more than USD 3,000 per day. In addition, the NICU patients total healthcare expenditure costs is nearly three times the cost of the patients population in NICUs. Thus, this affects a large number of the population particularly in the developing countries to opt for these services in regular use, impeding the growth of this market.
Other factors affecting the market growth are stringent regulatory policies for new devices approval and limited accessibility in the developing regions.
North America to Dominate the Market
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 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.
Key Developments in the Market