World News: 09:55 GMT Wednesday 12th June 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, June 12, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
The global fetal and neonatal equipment market will grow at a CAGR of 7.4% during the forecast period.
The market is classified into different product categories: patient monitoring, diagnostic devices, warmers, incubators, and phototherapy equipment. The rise in patient monitoring especially fetal and neonatal care equipment have seen increased adoption in basic to advanced equipment across the globe.
The rise in adoption of such devices in developing countries with various agreements and policies have helped the market to grow faster. Fetal and neonatal care equipment is mostly used in emergency and life-threatening complication. Factors driving the market include congenital diseases, premature health, lifestyle, and chronic conditions such as anaemia, bronchopulmonary dysplasia, hyperbilirubinemia, and intraventricular haemorrhage. The market is growing significantly due to the technological advancement of patient monitoring, respiratory, and phototherapy devices. According to WHO, every year there are about 15 million infants born preterm, which is the primary reason for higher mortality. Most of the emerging economies like India, China, Indonesia, Malaysia, Philippines, and Bangladesh have the highest preterm due to poor infrastructure and lack of trained professionals.Proper prenatal care and appropriate medical care is important for a healthy pregnancy. Further, features such as lightweight, compact, advanced featured, and remote-based monitoring has enabled end-users to rely on effective patient monitoring devices. The fetal and neonatal care equipment markets are expected to see steady growth in the future. The market is not much explored in developing markets and is going to create a huge market opportunity for the global market. The market is fueled by innovation and new technological techniques & procedures. The increase in demand for more advanced & customized diagnosis and treatment with the availability of vast healthcare services globally have pushed the market to produce safe, efficient, and cost-effective products in the market. The advancement in technology has shifted most of the developed economies towards high-quality care.
Also, connectivity via wireless technologies has eliminated the need for bedside transmitters as mobile app integration has become more seamless in an individual's daily routine. Few devices are proactive in anticipating the health information and deliver it timely with supportive communication and coordination among the providers involved in the healthcare delivery services. The competition among leading vendors is due to the availability of a wide range of fetal and neonatal care equipment with different brand names in the market. This provides an opportunity for healthcare consumers (fetal and neonatal care facilities) to choose products based on brand, price, features, model, and discount. Most of the vendors are focusing on providing bundling product models for increasing their sales and having a larger market share in terms of revenue.
Many vendors have established their market presence globally and focus strongly on marketing and selling their products by competing with small and regional vendors. Therefore, the competition among the vendors is expected to hinder the market growth, yet the market will have more products developed and launched in the market. Most of the vendors are primarily focusing on research and development to offer fast technological progress. Manufacturers including major and mid-sized companies in the fetal and neonatal equipment market are competing with newer products, advanced features, quality, safety, and efficacy.
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Related Topics: Medical Devices
Globe Newswire: 09:55 GMT Wednesday 12th June 2019
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