Innovations in monitoring technologies and demand for safer and efficient neonatal intensive care units (NICUs) have been the contributing towards increasing neonatal monitoring equipment sales.
Innovations in monitoring technologies and demand for safer and efficient neonatal intensive care units (NICUs) have been the contributing towards increasing neonatal monitoring equipment sales.
Fact.MR, Dublin: Neonatal monitoring equipment market is projected to show a steady growth of 5.7% CAGR for forecast period 2018-2028. The demand is driven by increment in Food and Drug Administration (FDA) approvals for neonatal monitoring equipment and development of advance diagnostic devices for neonatal intensive care units (NICU) centers. According to market research firm Fact.MR, growing awareness regarding procedural pain, discomfort, and excessive sensory stimuli has been propelling the demand for non-obtrusive neonatal monitoring technologies.
“Neonatal monitoring equipment market players are focusing on developing predictive neonatal monitoring equipment for faster and easier measurement of multiple physiological parameters. As they aim for expanding product portfolio, their focus on family centered neonatal care will increase, helping them in meeting the growing requirements and demand,” said a lead analyst at Fact MR
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Neonatal monitoring equipment market – Key findings
- Worldwide sales of neonatal monitoring equipment are predicted to cross 1,070,000 units by the end of 2028.
- North America will cover 33% of total global market shares by 2026.
- Hospitals will cover 40% of total market share of neonatal monitoring equipment.
- Pulse oximetry emerges as a key patient monitoring technology, ensuring improved care and safety for newborns and infants in NICUs
- Rising demand for psychological data analysis is fuelling uptake of predictive monitoring at NICUs
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Neonatal monitoring equipment market – Key Driving Factors
- Rising cases of premature birth and infant mortality and demand of complex monitoring equipment for premature neonates contribute to market growth.
- Introduction of noninvasive pulse oximeters for screening the newborns are drivers.
- Demand for predictive monitoring equipment for early detection and diagnosis of ailment is contributing towards increase in sales.
- Introduction of portable neonatal monitoring equipment will bolster the demand for advanced monitoring equipment.
Neonatal monitoring equipment market – Key Restraints
- Stringent regulatory policies by different regulatory bodies like FDA, NMPA etc restricts the market growth.
- Wide number of clinical trials conducted to pass and gain the approval from the government agencies delays the manufacturing of the equipment, thus leading to decline in market growth.
- Changes in approval procedures, customer data protection regulations and other formalities increases the healthcare cost which negatively affects the market.
Neonatal monitoring equipment market – Covid-19 Impact
COVID-19 pandemic shattered the world healthcare economy. However it positively affected the neonatal monitoring equipment market. During COVID-19, US FDA provided relaxations for neonatal monitoring and imaging systems. The updated guidelines stated that during public emergency, no objection will be taken towards certain imaging systems and its analysis software, for faster availability of neonatal monitoring equipment. This boosted the sales and complimented the market growth.
Competitive Landscape
Some of the leading neonatal monitoring equipment manufacturers are Perkin Koninklijke Philips NV, Nihon Kohden Corporation, General Electric Healthcare Limited, Drägerwerk AG & Co. KgaA., Masimo Corporation, and Opto Circuits (India) Ltd.
In addition to portfolio expansions, leading players in the neonatal monitoring equipment market are focusing on the maintenance of hospital to home point of care (PoC) continuum and incorporating value added service. They are also emphasizing on the development of predictive monitoring system including ECG for early detection of sepsis and sleep apnea in babies.
More Insights on the Neonatal monitoring equipment market
In its latest report, Fact.MR offers unbiased analysis of the global neonatal monitoring equipment market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (Ventilator, Pulse Oximeter, Capnography Meter, Cardiorespiratory Monitor, Bilirubinometer, EEG Monitor, Blood Pressure Monitor) and end user (hospitals, neonatal clinics, Nursing homes, diagnostics centers) across six regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and Middle East & Africa).
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Source: Fact.MR