Number of pages: 100 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global neonatal & fetal care equipment market was valued at US$ 8.04 billion in 2022 and is expected to register a revenue CAGR of 6.38% to reach US$ 14.03 billion by 2031.
Neonatal & Fetal Care Equipment Market Fundamentals
Neonatal and fetal care equipments are specialized medical devices used in labor and delivery units and neonatal intensive care units (NICUs) to monitor, support, and provide medical interventions for newborns and unborn babies. This equipment is designed to ensure the well-being and survival of premature or critically ill infants. Fetal heart monitors devices are used to monitor the fetal heart rate and detect any abnormalities or distress during labor.
Neonatal & Fetal Care Equipment Market Dynamics
The rise in preterm birth rates globally is a significant driver for neonatal care equipment. For instance, according to an article published by ‘March of Dimes,’ it was recorded that in 2021, there were 383,979 preterm births in the United States, i.e., representing 10.5% of live births. Preterm infants require specialized medical equipment to support their development and address associated health challenges, such as respiratory distress syndrome, apnea, and temperature regulation. Additionally, advances in medical technology have led to the development of innovative neonatal and fetal care equipment. These advancements include sophisticated monitoring systems, improved incubators, and more precise ventilation techniques. Technological innovations drive market growth by enhancing patient care, improving outcomes, and increasing efficiency. For instance, in June 2020, Koninklijke Philips N.V. launched a novel product called Avalon CL Fetal and Maternal Pod and Patch, a remote monitoring device allowing continuous maternal and fetal heart rate monitoring. The increasing number of NICU admissions, particularly for high-risk and critically ill newborns, drives the demand for neonatal care equipment. In addition, the expanding population of premature infants, infants with congenital anomalies, and infants born to mothers with medical complications contribute to this trend. There is a growing emphasis on point-of-care testing in neonatal and fetal care. Moreover, point-of-care testing devices, such as blood gas analyzers and handheld diagnostic devices, enable rapid and accurate diagnosis, reducing the turnaround time for critical test results and facilitating prompt interventions. Rising awareness about the importance of neonatal and fetal care, along with government initiatives and policies promoting maternal and child healthcare, has contributed to the market’s growth.
Additionally, key players in the neonatal and fetal care equipment market often engage in strategic collaborations and partnerships to expand their product portfolios, enhance research and development capabilities, and strengthen their market presence. These collaborations drive technological advancements and foster innovation in the industry. Manufacturing and academic institutions' investments in research and development activities fuel the development of novel and advanced neonatal and fetal care equipment. R&D efforts aim to improve existing devices' efficacy, safety, and usability and explore new treatment modalities. There is a rising trend towards home-based care for neonatal and fetal patients, especially for infants with chronic conditions or those requiring long-term care. This has increased demand for portable, user-friendly, and cost-effective equipment used in a home setting.
However, neonatal and fetal care equipment can be expensive, making it challenging for healthcare facilities, especially in resource-constrained settings, to invest in advanced equipment. The high cost of equipment can limit accessibility and adoption, particularly in developing regions with limited healthcare budgets. Adequate training and expertise are required to operate and interpret neonatal and fetal care equipment results accurately. However, there is a shortage of skilled healthcare professionals, including neonatologists, pediatricians, and NICU nurses, in many regions. This shortage can limit the effective utilization of equipment and the provision of optimal care. Developing regions often face challenges related to limited healthcare infrastructure, including inadequate NICU facilities and a shortage of specialized equipment. The lack of proper infrastructure can hinder the effective delivery of neonatal and fetal care, resulting in suboptimal outcomes for newborns and mothers. Access to neonatal and fetal care equipment may be limited in remote or rural areas due to geographical challenges, inadequate transportation infrastructure, or a lack of healthcare facilities. This can result in delayed or suboptimal care for newborns and mothers in these regions. Furthermore, economic factors, including limited healthcare budgets and reimbursement policies, can pose challenges to the adoption and utilization of neonatal and fetal care equipment.
Neonatal & Fetal Care Equipment Market Ecosystem
The global neonatal & fetal care equipment market has been analyzed from the following perspectives: by product type, end user, and region.
Neonatal & Fetal Care Equipment Market by Product Type
Based on the product type, the global neonatal & fetal care equipment market is segmented into neonatal care equipment and fetal care care equipment.
The fetal care equipment segment dominates the global market with the largest revenue share of 63%. Fetal care equipment is primarily used during the prenatal period to monitor the health and well-being of the fetus. This fetal care equipment, such as fetal heart monitors and ultrasound devices, is essential for monitoring fetal development, detecting abnormalities, and assessing fetal well-being. Fetal care equipment allows for early detection of fetal abnormalities and conditions, such as fetal distress, growth restriction, congenital anomalies, and chromosomal abnormalities. Additionally, fetal care equipment provides non-invasive monitoring methods, such as ultrasound and Doppler technology, which are widely used in prenatal care. This equipment has seen significant technological advancements, leading to improved accuracy, ease of use, and accessibility. Advanced imaging technologies, wireless monitoring systems, and portable devices have made fetal monitoring more effective, convenient, and reliable. These technological advancements have driven the adoption and demand for fetal care equipment. Moreover, fetal care equipment plays a vital role in prenatal screening and diagnosis, including genetic testing, ultrasound imaging, and fetal DNA analysis. These diagnostic capabilities are essential for identifying fetal abnormalities and genetic conditions, providing expectant parents with crucial information for making informed decisions about their pregnancy and potential interventions. The trend of delayed childbearing and the rise in high-risk pregnancies, such as those involving advanced maternal age or underlying medical conditions, have contributed to the increased utilization of fetal care equipment. Monitoring the fetal health in these high-risk cases is crucial for timely interventions and ensuring the well-being of both the mother and the baby. Fetal care equipment has been a subject of extensive research and development, leading to continuous technological innovations and advancements. Manufacturers and researchers have dedicated efforts to improve fetal care equipment's safety, accuracy, and capabilities, further driving its dominance in the market.
Neonatal & Fetal Care Equipment Market by End User
Based on the product, the global neonatal & fetal care equipment market is segmented into hospitals, clinics, and others.
The hospitals accounted for the largest revenue share of 56% in 2022, attributed to the increasing number of premature births, which has led to the growing need for neonatal admissions. Hospitals are the primary healthcare settings where neonatal and fetal care equipment is utilized to monitor, diagnose, and treat infants and fetuses with medical conditions or complications. Hospitals procure a range of specialized equipment and devices to cater to the unique needs of neonates and fetuses. These include incubators, ventilators, fetal monitors, neonatal monitoring systems, phototherapy equipment, infusion pumps, respiratory support devices, and other medical instruments required for diagnosis, treatment, and monitoring.
Neonatal & Fetal Care Equipment Market by Region
Based on the region, the global neonatal & fetal care equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America region dominated the global neonatal & fetal care equipment market with the largest revenue share of about 41%. North America has a well-developed healthcare infrastructure, including hospitals, clinics, and neonatal intensive care units (NICUs). These facilities have state-of-the-art neonatal and fetal care equipment, enabling high-quality care for newborns and expectant mothers. North America is at the forefront of technological advancements in the healthcare industry. The region has a strong presence of leading medical device manufacturers and research institutions, driving innovation in neonatal and fetal care equipment. The availability of advanced technology and cutting-edge products contributes to the dominance of North America in the market. North America, particularly the United States, has one of the highest healthcare expenditures globally. The region's significant healthcare spending allows for procuring advanced medical equipment, including neonatal and fetal care equipment. The availability of financial resources contributes to the dominance of North America in the market. North America has witnessed an increase in preterm birth rates, which drives the demand for neonatal care equipment. Preterm infants require specialized medical care and monitoring, leading to higher adoption of neonatal care equipment in the region. North America, particularly the United States, has well-established healthcare services and medical equipment reimbursement systems. Favorable reimbursement policies encourage healthcare facilities to invest in neonatal and fetal care equipment, ensuring access to advanced technologies and treatments for newborns and mothers. North America has a growing emphasis on early intervention and comprehensive neonatal care. This focus is driven by the desire to improve newborn outcomes and reduce neonatal mortality rates. As a result, there is a higher demand for neonatal care equipment to support specialized care and interventions. North America invests significantly in research and development activities related to healthcare and medical devices. The region's strong research infrastructure and funding support contribute to developing innovative neonatal and fetal care equipment.
Additionally, clinical research studies conducted in North America further drive advancements in the field, reinforcing the region's dominance in the market. North America has a well-defined regulatory framework for medical devices, ensuring safety and efficacy standards. This regulatory framework, including the U.S. Food and Drug Administration (FDA) in the United States, provides a streamlined approval process for new products, fostering innovation and market dominance in the region. North America fosters collaborations and partnerships between healthcare institutions, industry players, and academic research centers. These collaborations facilitate knowledge sharing, technological advancements, and the development of new neonatal and fetal care equipment, reinforcing the region's leadership in the market. North America places a strong emphasis on healthcare quality and patient safety. This focus drives the adoption of advanced neonatal and fetal care equipment that can contribute to better patient outcomes. The region's commitment to delivering high-quality healthcare further strengthens its dominance in the global market.
The prominent players operating in the global neonatal & fetal care equipment market are:
Neonatal and fetal care equipment are specialized medical devices used in labor and delivery units and neonatal intensive care units (NICUs) to monitor, support, and provide medical interventions for newborns and unborn babies.
Cardinal Health, Koninklijke Philips N.V., GE Healthcare, and Medtronic Plc. are some of the major market players in the global neonatal & fetal care equipment market.
High costs for the neonatal & fetal care equipment system and economic constraints are some of the restraints obstructing the growth of the global market.
The hospitals segment dominates the global neonatal & fetal care equipment market.
Growing technological advancement and the increasing amount of premature birth are some of the major factors driving the global market.
*Insights on financial performance are subject to the availability of information in the public domain