Neonatal Care Equipment Market is projected to reach USD 8.4 billion by 2023 from USD 6.4 billion in 2018, at a CAGR of 5.7%. Factors such as Rising number of preterm and low-weight births, growing number of NICU admissions, and increased awareness of neonatal and fetal care across developing nations are expected to propel the growth of the market.
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Key Market Players
Some of the prominent players in the fetal and neonatal care equipment are GE Healthcare (U.K.), Philips Healthcare (Netherlands), Drägerwerk AG & Co. KGaA (Germany), Medtronic plc (Ireland), and Masimo Corporation (U.S.).
GE Healthcare held the leadership position in the overall fetal and neonatal care equipment, which can be attributed to its domination in almost all market segments. The company has a broad product portfolio which includes products under various categories such fetal monitors, Ultrasound, infant warmers, phototherapy equipment, and incubators, among others. In order to sustain its leadership position in the fetal and neonatal care equipment market, the company focuses on new product launches and expansions and inorganic growth strategies such as collaborations and agreements. In 2018, the company launched ultrasound product, namely Versana Essential and in 2015 the new Vscan Access (a portable ultrasound system) in certain countries of Africa and Southeast Asia. The company also acquired Monica Healthcare (UK), a monitoring technology company that offers advanced fetal monitoring devices.
Philips Healthcare held leadership position in the fetal and neonatal care equipment market, due to its broad product portfolio and strong market presence in more than 100 countries, including mature and emerging markets. The company focuses on agreements, partnerships, collaborations and new product launch growth strategies to increase its market share. In 2018, the company launched Avalon beltless solution for continuous maternal and fetal monitoring and eL18-4 transducer in 2017 which are available for its EPIQ 7 and 5 and Affiniti 70 ultrasound systems. Furthermore, in 2018 Philips and Hologic, Inc. entered into an agreement to provide integrated imaging solutions for women’s health.
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Incubators segment to dominate the overall neonatal care equipment market in 2018
The neonatal care equipment segment comprises infant warmers, incubators, convertible warmers & incubators, phototherapy equipment, respiratory devices, and neonatal monitoring devices. The incubators segment is expected to account for the largest share in the global neonatal care equipment market in 2018. The development of novel neonatal incubators and availability of MRI-compatible incubators in the market is a key driver of market growth. However, market growth is hindered due to the high cost of incubators (up to USD 20,000 per unit) and increasing home deliveries in developing countries.
The fetal dopplers is expected to be the fastest-growing product segment in the fetal care equipment market during the forecast period
Based on type of product, the fetal care equipment segment is further categorized into, ultrasound devices, fetal doppler, fetal magnetic resonance imaging (MRI) systems, fetal monitors (further classified into antepartum/external fetal monitors and intrapartum/internal fetal monitors), and fetal pulse oximeters. The fetal dopplers segment is expected to register the highest growth rate during the forecast period. The growing demand for digital Dopplers over conventional Dopplers and increasing launches of home-use products are some of the key factors propelling market growth of the fetal Dopplers market
North America to dominate the fetal and neonatal care equipment market in 2018
Geographically, the fetal and neonatal care equipment market is segmented into North America (US and Canada), Europe (Germany, France, the UK, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), and the Rest of the World (RoW). North America is expected to account for the largest share of the overall fetal and neonatal care equipment market in 2018 followed by Europe. The large share of North America can be attributed to the high premature birth rate in the region, presence of good reimbursement structure, and the availability of well-equipped NICU centers
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