The global fetal and neonatal care equipment market was estimated at USD 7.92 billion in 2021 and it is expected to surpass around USD 13.86 billion by 2030, poised to grow at a CAGR of 6.42% from 2022 to 2030.
The market growth can be attributed to factors such as increasing birth rates in developing countries and the increasing prevalence of premature births. Various aspects such as delayed maternal age, induced fertility, and lack of proper prenatal care are considered to be major factors contributing to the birth of premature babies. In addition, hospital infections such as central line-associated bloodstream infections (CLABSI) and healthcare-associated pneumonia among newborns are contributing to market growth.
According to WHO estimates, 15 million infants are born preterm. To address the complications associated with babies born prematurely, the demand for fetal and neonatal devices is expected to rise significantly. In addition, the consequences of supportive government policies are propelling the market growth. For instance, in October 2018, the Australian Government announced a provision of AUD 600,000 to the Miracle Babies Foundation to support the families of premature babies. Moreover, most people in developed countries prefer home care. This has surged the adoption of pregnancy monitoring systems as they are more beneficial than traditional devices.
The COVID-19 pandemic had a major impact on the market. Preterm infants with conditions that require long-term hospitalization are susceptible to nosocomial (hospital) infections. As such, the availability of neonatal equipment in healthcare facilities has been unpleasantly affected by the COVID-19 outbreak. Due to the fear of infection among infants, hospitals, gynecological clinics, and infant care centers were shunned during the pandemic period. Thus, the pandemic had a destructive impact on the growth of the market in short term. However, the market is expected to witness lucrative growth in the coming years.
Scope of The Report
|Market Size in 2021|
|Revenue Forecast by 2030|
|Growth rate from 2022 to 2030||CAGR of%|
|Forecast Period||2022 to 2030|
|Segmentation||Product, end-use, region
The fetal care equipment segment dominated the market in 2021 with a revenue share of over 65.06%. The segment is further bifurcated into ultrasound devices, MRI systems, monitors, and pulse oximeters. The ultrasound devices segment held the largest share in 2021 owing to the increasing application to view the fetus during pregnancy. Besides, rising awareness, technological advancements, and ease in utility have further triggered the usage of portable and do-it-yourself ultrasound devices for home use.
The fetal monitor segment emerged as the second-largest segment in 2021 owing to its utility in determining the baby's heart rate during pregnancy and labor. In June 2020, Koninklijke Philips N.V. announced the launch of Avalon CL Fetal and Maternal Pod and Patch, a remote monitoring device allowing continuous monitoring of maternal and fetal heart rate. This can be used in high-risk pregnancies by reducing physical interaction between patient and doctor, which was important during the pandemic.
In neonatal care equipment, the neonatal monitoring devices segment is expected to witness significant growth during the forecast period due to factors such as constant technological advancements in neonatal monitors, including improvements in connectivity and ease of use in home settings. Respiratory devices are expected to advance owing to the increasing demand for respiratory care in neonates to reduce the length of hospital stay and risk of long-term disability. Nearly all newborns are prone to respiratory difficulties at birth, and neonate respiratory devices ease the process, ensuring better health for the baby.
The hospitals segment accounted for the largest revenue share of over 55.11% in 2021. Factors contributing to this growth are the presence of the latest and technologically advanced equipment to improve patient care and the availability of specialists. Furthermore, the increasing number of NICUs in hospitals and high patient volume are propelling segment growth. Based on end-use, the market is bifurcated into hospitals, clinics, and others.
The clinics' segment is expected to grow at a significant rate during the forecast period. Clinics offer specialized services and are often preferred where large facilities are not available. In countries such as China, Nigeria, and India, the demand for clinics is growing due to the increasing need for specialized care and quick diagnosis and effective care offered by specialty clinics.
The others segment include home care, nursing homes, diagnostic centers, and others. The rising prevalence of genetic disorders in infants is driving the demand for nursing homes and diagnostic centers. In addition, increasing preference for wearable devices that can help in remote monitoring from home is anticipated to boost segment growth.
North America held the largest revenue share of over 35.24% in 2021 owing to a huge demand for technologically advanced products, ensuring better healthcare delivery. The value-based healthcare model has led to the development of well-equipped NICU centers along with an increasing number of approvals for these devices from the FDA. For instance, in June 2021, Nuvo Group received supplemental 510 (k) approval by the FDA to add a new module for the uterine activity to its INVU system, a wearable pregnancy monitoring device. Such initiatives are expected to boost market growth in the U.S.
The market in Europe is expected to grow due to the increasing frequency of acquired infections among newborn babies and a growing number of hospitals and NICUs. In addition, a sizeable patient population suffering from low birth weight and an increasing number of preterm births are poised to surge the market growth in Europe.
Asia Pacific is expected to witness remarkable growth during the forecast period owing to the increasing initiatives by private and government agencies, rising awareness programs for newborn care, and increasing birth rates. For instance, according to the World Health Organization, over 60% of premature births occur in South Asia and Africa. The premature birth rate in low-income countries is about 12%, and in high-income countries, it is 9%. India reported around 3,519,100 premature births in 2018.