Market Trends of North America Fetal and Neonatal Monitoring Industry
This section covers the major market trends shaping the North America Fetal & Neonatal Monitoring Market according to our research experts:
Cardiac Monitors Segment is expected to Grow with a High CAGR During the Forecast Period
A neonatal cardiac monitor is designed to continuously measure and display multiple vital physiological parameters of newborn and premature infants, especially those under critical care. The neonatal monitoring system is capable of monitoring parameters such as electrocardiogram, respiration rate, heart rate, blood pressure, peripheral capillary oxygen saturation (SpO2), and body temperature. Neonatal monitoring instruments such as Cardiac monitors are used in neonatal intensive care units (NICU), emergency rooms, and operating theatres at all levels of hospitals for continuous monitoring of neonates and infants.
Most of the babies admitted to the NICU are preterm babies, born before 37 weeks of gestational period or with a birth weight of fewer than 5.5 pounds. Preterm babies are more prone to infections and diseases and require more care.
Additionally, preterm births among African-American women accounted for 14.4% of all preterm births in the United States, which was about 50% higher than the rate of preterm births among white (9.3%) or Hispanic women (10%). Premature babies in the NICU are fragile and at risk of sudden changes in oxygenation and carbon dioxide levels, which can cause severe complications. Continuous measurement of blood gases, heart rate, and other vital parameters can be performed with neonatal monitoring devices. Additionally, increasing product approvals are expected to drive market growth.
United States Holds the Major Share, and it is Expected to Dominate the Market Over the Forecast Period
The United States is found to promote research and development for fetal and neonatal medical devices and hence, has very high expenditures on healthcare. As a result of these policies, many companies globally are encouraged to operate in this region. Moreover, most of the population in developed countries like the United States are covered under medical and health insurance and can afford these care units. Hence, the United States region is expected to cover a large share of the neonatal intensive care market. As per the data published by the Centers for Medicare & Medicaid Services (CMS), in the United States, national healthcare spending is projected to grow at an average rate of 5.5% per year by 2027, reaching nearly USD 6.0 trillion by 2027. Healthcare spending is projected to grow 0.8% faster than the GDP per year by 2027. As a result, the healthcare share of GDP is expected to rise to 19.4% by 2027.
Additionally, the increasing adoption of fetal and neonatal monitoring devices by Hospitals in the United States is also expected to contribute to the growth of the market. For instance, in November 2021, Saratoga Hospital in New York United States received Neonatal Cardiac Monitors for the mother and will provide advanced cardiac monitoring to the newborns.
Similarly, in September 2020, Chilidren Health of Orange Country (CHOC) Children's Hospital launched an innovative telehealth program to help improve the short and long-term outcomes of high-risk patients with complex congenital heart defects.
Thus, the above-mentioned factors are expected to drive the growth of the market in the United States during the forecast period.
