Neonatal & Fetal (Labor & Delivery) Care Equipment Market by Product Type (Neonatal Care Equipment and Fetal (Labor & Delivery) Care Equipment), End User (Hospitals & Clinics and Diagnostic Centers) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global neonatal & fetal (labor & delivery) care equipment market was pegged at ~US$ 7.11 billion in 2020. The market is expected to witness a CAGR of ~5.5% from 2021 to 2031.
Factors contributing to the growth of the neonatal & fetal (labor & delivery) care equipment market include the growing number of FDA approved product, increasing premature birth rate, an increasing number of neonatal centers globally are some of the other factors driving the neonatal & fetal (labor & delivery) care equipment market. However, factors such as the expensive nature of advanced neonatal equipment and the rising preference for refurbished equipment in emerging countries are likely to restrain the market growth to a certain extent.
Companies in the market are strategically focusing on collaborating with hospitals and expanding their presence in various regions. For instance, in July 2020, TriHealth and Cincinnati Children’s Hospital Medical Center collaborated to expand their special delivery unit at the Cincinnati Children’s Fetal Care Center. The collaboration is aimed at providing optimum care for healthy moms expecting a baby with known medical conditions that require specialized care at the hospital. Such initiatives are positively impacting the neonatal & fetal care equipment market.
According to the World Health Organization (WHO), preterm birth complications are the leading cause of death among children under 5 years of age. Preterm births were responsible for approximately 1 million deaths in 2015. WHO has estimated that approximately 15 million premature babies are born every year. Moreover, according to the Center for Disease Control and Prevention, in 2019, preterm birth affected 1 of every 10 infants born in the U.S. Thus, the increasing number of preterm births and increasing incidences of hospital-acquired infections in neonates is leading to the greater number of admissions in neonatal & fetal centers. This in turn is boosting the growth of the neonatal & fetal (labor & delivery) care equipment market.
Players in the neonatal & fetal care equipment market are focused on developing technologically advanced products. For instance, in December 2020, Medtronic launched its pediatric and neonatal acute dialysis machine viz. ‘Carpediem’ in the U.S. Carpediem system is indicated for patients with acute kidney injury or requiring hemodialysis or hemofiltration therapy. Moreover, researchers are trying to develop systems that are cost-effective and which can also be used in home care settings. Such factors are anticipated to fuel the neonatal and fetal care equipment market growth during the forecast period.
Neonatal treatment in neonatal care units is cost-intensive and presents a significant challenge. This is due to the high cost of advanced neonatal and fetal care equipment. This is anticipated to hinder the market growth. Further, lower birth rates in developed countries, limited access to well-equipped neonatal and fetal care units, and increasing preference for refurbished systems in emerging countries will restrain market growth to a certain extent.
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Factors attributing to the growth of the neonatal & fetal (labor & delivery) care equipment market in this region include high birth rates, increasing premature birth rates, and increasing incidences of hospital-acquired infections in newborns. Moreover, rising healthcare expenditure, growing awareness related to fetal & neonatal care, and new product launches by players in this region are anticipated to propel neonatal & fetal (labor & delivery) care equipment market growth during the forecast period.
Some of the prominent players operating in the global neonatal & fetal (labor & delivery) care equipment market include General Electric Company, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, Fisher & Paykel Healthcare Limited., Medtronic, Cardinal Health, Masimo, Natus Medical Incorporated, EDAN Instruments, Inc., and Phoenix Medical Systems (P) Ltd, among others.