New York, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fetal And Neonatal Monitoring Devices Global Market Report 2023" - https://www.reportlinker.com/p06277236/?utm_source=GNW
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The global fetal and neonatal monitoring devices market will grow from $7.62 billion in 2022 to $8 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The fetal and neonatal monitoring devices market is expected to grow to $9.31 billion in 2027 at a CAGR of 3.9%.
The fetal and neonatal monitoring devices market consists of sales of instruments such as ultrasound devices, fetal dopplers, fetal MRI systems, fetal monitors, and fetal pulse oximeters.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Fetal and neonatal monitoring devices are used to assess fetal heart rate and contractions of the uterus during pregnancy and childbirth.
Asia Pacific was the largest region in the fetal and neonatal monitoring devices and equipment market in 2022.North America was the second-largest region in the fetal and neonatal monitoring devices and equipment market.
The regions covered in the fetal and neonatal monitoring devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main equipment of fetal and neonatal monitoring devices and equipment are fetal and neonatal.Neonatal monitoring devices and equipment are used for the monitoring of various body parameters of the newborn.
The fetal and neonatal monitoring devices and equipment are portable or non-portable.Fetal care equipment types are ultrasound devices, fetal dopplers, fetal MRI systems, fetal monitors, and fetal pulse oximeters.
Neonatal care equipment types are infant warmers, incubators, convertible warmers and incubators, phototherapy equipment, respiratory devices, neonatal monitoring devices, and diagnostic imaging devices. The various end-users are hospitals, diagnostic centres, pediatric clinics, and ambulatory surgical centres.
The increasing prevalence of preterm births and the low body weight of infants act as a factor driving the fetal and neonatal monitoring devices market growth.Preterm birth refers to the premature birth of a child before 37 weeks gestation period, which leads to poor health and growth, mental retardation, visual and hearing impairments, cerebral palsy, and others.
According to World Health Organization (WHO), around 1 million babies die each year and preterm birth was found to be one of the top reasons for the deaths.According to the report by WHO, nearly 15 million babies are born preterm every year and this number is expected to have a continuous rise shortly.
The increasing prevalence and need to reduce the infant mortality rates with improving healthcare conditions drives the fetal and neonatal monitoring devices market. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2021 the preterm birth rate in American women was 10.5%.
The fetal and neonatal monitoring device market is restricted by stringent regulatory policies governing this market.The fetal and neonatal device manufacturers need to pass through several tests and requirements laid down by different regulatory bodies.
Regulations like FDA’s Center for Devices and Radiological Health (CDRH), NMPA regulations, EU directives lay down some stringent regulations for this equipment.The changes related to customer data protection such as the European Union’s General Data Protection Regulation (GDPR), changes to equipment approval procedures, and other regulatory changes lead to increased healthcare costs.
For instance, according to a report by Ernst and Young, Fortune 500 companies are spending $7.8 billion to comply with GDPR. The GDPR is an EU law on the data protection and privacy of individuals residing in the European Union and the European Economic Area (EEA). Furthermore, the FDA is requesting more clinical data to support claims resulting in increased processing times of 510(k)s by over 55% over the last decade, thus delaying the operating cycle of manufacturers in this market.
Fetal and neonatal monitoring device manufacturers are increasingly innovating and integrating technologies such as wireless technology with patient monitoring devices to efficiently diagnose and monitor fetuses and newborns.Wireless sensor technology such as biosensor monitoring devices, wireless fetal heart rate monitoring devices is multi-sensor systems implanted or embedded into the skin, consisting of a sensor that transmits data for real-time monitoring of a patient’s medical condition.
For instance, the National Institute of Neurological Disorders and Stroke developed SARA, a scanning device that can detect fetal brain activity with the help of flashes of light transmitted through the mother’s abdomen.Philips developed a new cordless fetal monitoring device that helps in ensuring the safety of the mother as well as the child without any inconvenience and risk.
These technological innovations eliminate poor reception of observation and help caregivers in monitoring more efficiently.
Hong Kong’s Department of Health, a regulatory body for fetal and neonatal monitoring devices of Hong Kong, sent a medical device safety alert to Guangzhou Sunray Medical Apparatus Co., Ltd, a medical device manufacturer, concerning its maternal and fetal monitor. The safety alert was sent as the Guangzhou Sunray maternal and fetal monitor was delivering inaccurate ultrasound-derived fetal heart rate recordings due to software-related issues. These devices impacted patients’ health with delayed intervention resulting in severe injury or death to the fetus. To reduce incidences associated with these devices MRHA sent a medical device safety alert to correct the device.
Similarly, in January 2021, Medtronic plc, received Class II recall notice from the Food and Drug administration for its Neonatal valves due to problematic design. The faulty device resulted in shunt malfunction in certain cases.
The countries covered in the fetal and neonatal monitoring devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The fetal and neonatal monitoring devices and equipment market research report is one of a series of new reports that provides fetal and neonatal monitoring devices and equipment market statistics, including fetal and neonatal monitoring devices and equipment industry global market size, regional shares, competitors with a fetal and neonatal monitoring devices and equipment market share, detailed fetal and neonatal monitoring devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the fetal and neonatal monitoring devices and equipment industry. This fetal and neonatal monitoring devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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