Market Trends of Neonatal and Prenatal Devices Industry
This section covers the major market trends shaping the Neonatal & Prenatal Devices Market according to our research experts:
Incubators Segment is Anticipated to have a Highest Share in the Studied Market Over Forecast Period
Neonatal incubators are often necessary for infants. The infants need respiratory support, ranging from extra oxygen to continuous positive airway pressure (CPAP) or mechanical ventilation. The temperature regulation of infants is among the major factors to be controlled in neonatal incubator cases. The companies have varied devices on several parameters, among which temperature regulation is very important, as severe temperature differences lead to neonate heat loss, hypothermia, and apnoea, which are closely related to airflow and air velocity. In the emerging markets, the growing focus is being seen on low-cost alternative neonatal incubators, such as MiraCradle and Embrace Nest in India, which are much cheaper than the incubators' original cost, and thus could be more affordable to hospitals and patients in several places across the country.
Several companies are engaged in conducting promotional activities to introduce unique infant incubators with improved efficacy. For instance, in April 2022, nearly two hundred portable incubators that were developed by utilizing technology co-invented by a Stanford MBA more than 10 years ago, were sent to Ukraine to offer life-saving warmth to babies born prematurely in hospitals and bomb shelters. Similarly, Dräger's new Ponta and Ambia ceiling supply systems, which went into effect on September 30, 2021, give hospitals a great deal of flexibility when designing workstations that support particular clinical requirements in the operating room, ICU, and NICU.
The increasing number of preterm births is further boosting segment growth. With that, the market is expected to witness a high CAGR over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to hold a major share in the neonatal and prenatal devices market and will continue over the forecast period. This can be attributed to the presence of well-established healthcare facilities and the rise in the demand for advanced healthcare systems. In the United States, the value-based healthcare model has led to the development of highly specialized NICU centers, with the rise in the number of devices from the United States Food and Drug Administration (USFDA).
Moreover, the presence of major key players operating in the industry is boosting the growth of the neonatal and prenatal devices market over the forecast period. The presence of prominent players results in more product approvals and developments. For Instance, in June 2021, Nuvo Group received the United States Food and Drug Administration approval for the expanded utility of its INVU, a prescription-initiated remote pregnancy monitoring platform to add a new module that enables remote monitoring of uterine activity.
Furthermore, a surge in the number of neonatal fetal deaths in Canada will likely supplement the market growth over the analysis period. For instance, as per data published by the World Health Organization, updated in 2022, the neonatal mortality rate is 3.18 per 1000 live births in Canada and 3.38 per 1000 live births in the United States of America in 2020. Such a high burden of deaths creates the need for neonatal and prenatal devices in the region and is thus, expected to drive the growth of the market.
Thus, given the abovementioned factors, the market is expected to witness significant regional growth over the forecast period.
