Market Trends of Global Fetal and Neonatal Care Equipment Industry
This section covers the major market trends shaping the Fetal & Neonatal Care Equipment Market according to our research experts:
Fetal Care Equipment is Expected to Project Significant Market Growth Over the Forecast Period
Based on the product, fetal care equipment is anticipated to witness significant growth. Fetal care equipment is required for monitoring and care of the fetus. Several fetal care equipment is used, such as fetal dopplers, fetal pulse oximeters, and fetal magnetic resonance imaging(MRI) devices.
The factors contributing to the segment's growth are the rising need for fetal care and product launches. As per the Centers for Disease Control and Prevention (CDC) update in August 2021, in the United States, about 2% to 10% of pregnancies are affected by gestational diabetes. Thus, for the management of gestational diabetes, the demand for fetal care equipment is increasing.
Several companies are engaged in approvals and product launches. For instance, in August 2020, Pulsenmore Ltd., an Israeli firm involved in the manufacturing and marketing ultrasound devices, launched the tele-ultrasound device. This first-ever self-administered ultrasound device enables pregnant women to perform at-home ultrasound scans.
Thus, considering the abovementioned factors, the market is anticipated to grow significantly over the forecast period.
North America Holds Major Share in the Market and Expected To Do Over the Forecast Period
North America is expected to hold a major share in the fetal and neonatal care equipment market and will continue over the forecast period. This can be attributed 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 United States Food and Drug Administration (USFDA).
Moreover, the presence of major key players operating in the industry is boosting the growth of the neonatal and fetal care equipment market over the forecast period. The presence of prominent players results in more product approvals and developments. For Instance, in June 2021, Nuvo Group received the United States Food and Drug Administration approval for the expanded utility of its INVU, a prescription-initiated remote pregnancy monitoring platform to add a new module that enables remote monitoring of uterine activity.
Furthermore, a surge in the number of neonatal fetal deaths in Canada will likely supplement the market growth over the analysis period. For instance, as per data published by the World Health Organization, updated in 2022, the neonatal mortality rate is 3.18 per 1000 live births in Canada and 3.38 per 1000 live births in the United States of America in 2020. Such a high burden of deaths creates the need for neonatal care equipment in the region and is thus expected to drive the growth of the market.
Thus, given the abovementioned factors, the market is expected to witness significant regional growth over the forecast period.
