Neonatal & Prenatal Care Market to Grow with a CAGR of 6.35% through 2028
Rising incidence of preterm births and government
initiatives to provide better care for prenatal and neonatal infants is
expected to drive the Global Neonatal & Prenatal Care Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Neonatal
& Prenatal Care Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Neonatal
& Prenatal Care Market stood at USD 7.68 billion in 2022 and is anticipated
to grow with a CAGR of 6.35% in the forecast period, 2024-2028. The significant
driver behind the growth of the neonatal and prenatal care market is the rapid
technological innovations and infrastructural developments in the healthcare
sector.
Furthermore, the substantial investments made by
governing bodies and healthcare providers are expected to contribute positively
to the global growth of the neonatal and prenatal care market in the upcoming
years. Additionally, the high birth rate in emerging nations is projected to
further bolster the market growth until 2028.
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Several factors contribute to the growth of the
neonatal and prenatal devices market. Firstly, the high birth rate in
developing countries drives the demand for advanced medical devices and
technologies to cater to the needs of newborns. Additionally, the rising
prevalence of preterm births, which pose unique healthcare challenges, further
fuels the market growth.
Governments around the world have recognized the
importance of improving survival rates for neonates and have implemented
initiatives to address this issue. These efforts include funding research,
developing healthcare infrastructure, and promoting awareness about neonatal
health and care equipment. As a result, the market is expected to witness
significant expansion.
Furthermore, the increasing prevalence of neonatal
hospital-acquired infections has raised concerns among healthcare
professionals. This has led to a greater emphasis on infection control measures
and the adoption of specialized equipment designed to minimize the risk of
infections in neonatal units.
It is worth noting that maternal and infant care has
emerged as a global priority. The UN Foundation highlights the alarming fact
that approximately 800 women die every day from preventable conditions related
to pregnancy or childbirth. This has intensified the demand for neonatal &
prenatal care, as healthcare providers strive to improve outcomes for both
mothers and infants. In addition, hospital-acquired infections (HAIs) continue
to be a significant concern for premature and medically fragile infants who
require extended hospitalization. The focus on infection prevention and control
in neonatal units has prompted the development of innovative devices and
strategies to minimize the risk of HAIs.
The major factors driving the growth of the neonatal
and prenatal devices market include the rising incidence of preterm births,
increasing awareness of prenatal and neonatal care, and government initiatives
aimed at providing better care for prenatal and neonatal infants. Babies born
with low birth weight, weighing less than 5.8 pounds, are especially vulnerable
to various health risks. Preterm births are one of the primary contributing
factors to low birth weight. These preterm and low-weight babies are prone to
various medical conditions and infections, necessitating the use of different
neonatal and prenatal devices for their treatment. This is expected to fuel the
growth of the market over the forecast period of the study. For instance,
according to a research study published in July 2020 titled "Global Burden
of Preterm Birth," approximately 15 million babies are born preterm
worldwide each year, with a global preterm birth rate of about 11%. Similarly,
the European Union Research and Innovation Magazine reported in July 2020 that
around 500,000 premature babies are born every year in Europe. The number of
premature babies in the region is increasing due to the rising prevalence of
diabetes and obesity among women, as well as the rise in multiple births due to
fertility treatments. These factors are expected to further contribute to the
growth of the neonatal and prenatal devices market.
The Global Neonatal & Prenatal Care Market is
segmented into equipment, application, end user, regional distribution, and
company.
Based on equipment, the Incubators segment is
projected to hold a significant market share during the forecast period.
Neonatal incubators play a crucial role in providing respiratory support to
infants, ranging from extra oxygen to CPAP or mechanical ventilation.
Temperature regulation is a critical factor in neonatal incubator cases, as
severe temperature differences can lead to heat loss, hypothermia, and apnea,
which are closely linked to airflow and air velocity. In emerging markets,
there is a growing focus on low-cost alternative neonatal incubators like
MiraCradle and Embrace Nest in India, which offer a more affordable option for
hospitals and patients. Various companies are actively promoting unique infant
incubators with improved efficacy. For example, in April 2022, nearly two
hundred portable incubators, developed using technology co-invented by a
Stanford MBA over ten years ago, were sent to Ukraine to provide life-saving
warmth to prematurely born babies in hospitals and bomb shelters. Similarly,
Dräger's new Ponta and Ambia ceiling supply systems, implemented on September
30, 2021, offer hospitals enhanced flexibility in designing workstations that
meet specific clinical requirements in the operating room, ICU, and NICU. The
increasing number of preterm births is further driving the growth of this
segment, and the market is expected to witness a high CAGR throughout the
forecast period.
Based on region, North America segment is expected to
grow during the forecast period. North America is projected to dominate
the neonatal and prenatal devices market throughout the forecast period. This
can be attributed to the presence of well-established healthcare facilities and
the increasing demand for advanced healthcare systems. In the United States,
the value-based healthcare model has led to the development of highly
specialized NICU centers, supported by the growing number of devices approved
by the United States Food and Drug Administration (USFDA). Furthermore, the
market growth is bolstered by the presence of major key players in the
industry, resulting in more product approvals and advancements. For example, in
June 2021, Nuvo Group received approval from the United States Food and Drug
Administration for the expanded utility of its INVU, a prescription-initiated
remote pregnancy monitoring platform, which now includes a new module for
remote monitoring of uterine activity.
Moreover, the rise in neonatal fetal deaths in Canada
is expected to contribute to the market growth during the analysis period.
According to the World Health Organization's updated data for 2022, the
neonatal mortality rate in Canada was reported as 3.18 per 1000 live births,
while in the United States of America, it was 3.38 per 1000 live births in
2020. This high burden of deaths underscores the need for neonatal and prenatal
devices in the region, thereby driving the market growth. Considering these factors,
significant regional growth is anticipated in the neonatal and prenatal devices
market throughout the forecast period.
Major companies operating in Global Neonatal
& Prenatal Care Market are:
- Atom Medical Corporation
- GE Healthcare
- Getinge AB
- Koninklijke Philips NV
- Masimo Corporation
- Medtronic PLC
- Natus Medical Incorporated
- Phoenix Medical Systems (P) Ltd
- Vyaire Medical Inc.
- Becton, Dickinson and Company
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“The increasing prevalence of hospital-acquired
neonatal ailments and complications is a key driver for market growth.
Additionally, the rising cases of premature birth with low immunity and weight
contribute to the growing demand for FNC equipment worldwide. Maternal and
fetal care is rapidly emerging as a global priority to prevent fatalities
during pregnancy and childbirth. Moreover, technological advancements and
innovations in patient monitoring, respiratory, and phototherapy devices aim to
enhance user-friendliness, cost-effectiveness, and accuracy, thereby fueling
market growth. Furthermore, features such as light-weight, compact designs, and
remote monitoring facilities in the equipment are driving its adoption in
medical institutions. Factors such as improving fertility rates, awareness
campaigns by government and non-government organizations (NGOs) for fetal and
neonatal care, and extensive research and development (R&D) efforts are
projected to further propel the market.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Neonatal & Prenatal Care Market Segmented
By Equipment (Prenatal {Fetal Doppler, Fetal MRI, Fetal Monitor, Fetal Pulse
oximetry and others}, Neonatal {Incubators, Neonatal monitoring device {Apnea,
Blood pressure, cardio} Phototherapy equipment, Hearing and vision screening
instrument, pulse oximetry}), By Application (ENT, Cardiovascular, Respiratory
and others), By End User (Hospitals, Pediatric & Neonatal Clinics, Nursing
Homes), By
Region and Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Neonatal & Prenatal Care Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
Global Neonatal & Prenatal Care Market.
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