Rockville , March 27, 2023 (GLOBE NEWSWIRE) -- The global fetal and neonatal heart monitor market reached US$ 8.9 billion in 2023. Between 2023 and 2033 global fetal and neonatal heart monitor sales will surge at 5.5% CAGR over the next ten years. The worldwide market value will reach US$ 15.2 billion.
Increasing incidence of premature birth and growing need for monitoring fetal and neonatal heart rates to reduce mortality rates are key factors driving the global market. Further, rising usage of fetal heart monitors for countering the premature fetal mortality rate will boost sales.
Fetal and neonatal heart monitors are systems or devices that are routinely used in obstetrics and gynecology interventions to monitor and examine fetal heart rate.
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Measuring fetal heart rate (FHR) gives reliable information on the condition of the fetus. Hence, it helps healthcare professionals to take proper steps for treating the underlying problem.
The global fetal and neonatal heart monitor market will accelerate significantly in the coming years as awareness about preterm birth and stillbirth increases.
The rate of preterm and stillbirth births has been rising over the past decade, leading to a growing demand for fetal and neonatal heart monitoring devices.
As per the Centers for Disease Control and Prevention, around 1 in 10 babies were affected by preterm birth. In 2021, the preterm birth rate increased by 4%, from 10.1% in 2020 to 10.5%. Premature newborns are more susceptible to infections and diseases. Hence, they are kept under continuous surveillance using monitoring devices including heart monitors.
Advancements in technology, such as development of wireless monitoring systems, are also contributing to the growth of the fetal and neonatal heart monitor market. These systems provide real-time data on a baby’s heart rate.
They allow healthcare professionals to take the necessary precautions to ensure the health and safety of the baby. Moreover, these systems can be used both in hospital settings and at home.
Government and other healthcare organizations such as the World Health Organization (WHO) are putting various efforts to reduce rising cases of stillbirths. Huge investments are being made to modernize healthcare setups. This will boost fetal & neonatal heart monitor sales.
High adoption of fetal and neonatal heart monitoring devices in neonatal intensive care units (NICUs) will create lucrative growth prospects.
Currently, tabletop devices segment dominates the global market. This is due to various advantages that tabletop fetal and neonatal heart monitoring devices offer.
However, the portable & handheld devices sales may outpace the tabletop ones. This is attributable to rising adoption of portable & handheld fetal and neonatal heart monitoring across hospitals and neonatal clinics.
Cardiotocograph is likely to hold a bigger chunk of market through 2032. This is due to its ability to monitor the fetal heart rate (FHR) as well as the contractions in the womb (uterus).
Asia Pacific market will witness significant growth during the projection period. Increasing demand for better patient care and rising prevalence of preterm births are driving Asia Pacific market.
Besides this, governments in Asia Pacific countries are taking initiatives to improve healthcare infrastructure. This is creating a favorable environment for development of the fetal and neonatal heart monitor market.
Key Takeaways:
- Global sales of fetal and neonatal heart monitors will rise at 5.5% CAGR through 2033.
- By product type, cardiotocograph segment will expand at a steady pace during the forecast.
- By end user, hospitals are likely to hold a prominent share of the global market.
- Asia Pacific will hold a mammoth share of the global market during the assessment period.
- The United States will continue to remain a dominant market for fetal and neonatal heart monitors.
- Fetal and neonatal heart monitor demand across Europe is set to increase at a significant pace.
Growth Drivers:
- Growing focus on improving quality of maternal and newborn care will boost the global market
- Introduction of new initiatives by government and healthcare organizations will elevate demand
- Growing popularity of minimally invasive and non-invasive devices will create growth prospects
- Development of new remote fetal heart monitoring devices will ignite sales
Restraints:
- Lack of advanced healthcare infrastructure and adequate neonatal care services might limit market expansion.
- Decreasing birth rates due to late marriages is also likely to slow down market development.
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Competitive Landscape:
Leading fetal and neonatal health monitor manufacturers are focusing on introducing advanced products. This has enabled them to enhance their product portfolio, thereby attracting more customers.
They are also engaging in strategic partnerships and collaborations with hospitals and other medical institutions to expand their presence. Additionally, they are also investing heavily in research and development activities to create innovative solutions.
For instance,
- In 2021, Nuvo Group's INVU, a prescription-initiated remote pregnant surveillance device got clearance from the United States Food and Drug Administration.
- In May 2021, SonarMed Airway Monitoring System was introduced by Medtronic plc. By using acoustic technology, the Sonarmed airway monitoring system checks for endotracheal tube blockage and verifies position in real-time. It can provide doctors with the crucial information they need to make better, life-saving decisions for newborns and infants.
- In March 2022, to extend prenatal care delivery and facilitate remote fetal monitoring pilot programs, Nuvo Group and Royal Philips collaborated.
Key Companies Profiled by Fact.MR
- GE Healthcare
- Becton, Dickinson and Company
- Analogic Corporation
- Siemens Healthlineers
- Masimo Corporation
- Medtronic Plc
- Dragerwerk AG & Co, KGaA
- Natus
- Apacelabs Healthcare
- Phoenix Medical Systems
- Getinge AB
More Valuable Insights on Fetal and Neonatal Heart Monitor Market
In the latest study, Fact.MR offers a detailed study on global fetal and neonatal heart monitor market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of fetal and neonatal heart monitor through detailed segmentation as follows:
By Product Type:
- Cardiotocograph
- Dopplers
- Accessories
By Modality:
- Tabletop Devices
- Portable & Handheld Devices
By End User:
- Hospital
- Neonatal Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Covered in the Fetal and Neonatal Heart Monitor Market Report
- What is the projected value of the fetal and neonatal heart monitor market in 2023?
- At what rate will the global fetal and neonatal heart monitor market grow until 2033?
- Which are the factors hampering the growth in the fetal and neonatal heart monitor market?
- Which region is expected to lead in the global fetal and neonatal heart monitor market during 2023 to 2033?
- Which are the factors driving the fetal and neonatal heart monitor market during the forecast period?
- What is the expected market value of the fetal and neonatal heart monitor market during the forecast period?
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