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MedTech Outlook | Monday, January 23, 2023
The advancements in neonatal care have improved outcomes for high-risk newborns, with technologies playing a significant role, although many were developed for intensive care units.
FREMONT, CA: The global market for fetal and neonatal care equipment was estimated at USD 7.8 billion in 2021 and will expand at a CAGR of 7.28 percent between 2022 and 2030. High birth rates in developing nations, the prevalence of premature deliveries, and government initiatives to boost survival rates in such circumstances all contribute to the expansion of this market. In addition, factors such as the rising incidence of nosocomial infections in newborns and the rising knowledge of newborn care equipment are anticipated to contribute to the rise.
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The increasing prevalence of hospital-acquired illnesses among newborns and the growing awareness of neonatal devices are anticipated to contribute to market growth. The United Nations Foundation estimates that 800 women die daily from pregnancy-related causes. Worldwide, pregnancy-related medical complications contribute to alarmingly high fetal mortality rates. Approximately 20,854 fetal deaths at 20 weeks or more of gestation were reported in the United States in 2020, according to the National Vital Statistics Reports. The urgent need for infant care products is evident from this.
The rising prevalence of preterm hypothermia is a primary cause of infant mortality and morbidity and a severe public health problem. According to the journal Anesthesia & Analgesia, hypothermia is as high as 85 percent in hospitals and 92 percent in households worldwide. In addition, a study published in Oxford Academic Journal indicated that between August 2018 and March 2019, between 74% and 75% of the 1,120 newborns recruited had hypothermia at birth.
In middle-income nations, where birth rates are high, there is a growing demand for the neonatal equipment. Moreover, the governments of these nations are placing a greater emphasis on mother and child health. As a result, considerable growth is anticipated in the sales of these devices.
Both public and commercial organizations are working on expanding the number of NICUs in rural and urban locations. For example, in September 2017, BC Children's Hospital, Vancouver, announced the opening of the Teck Acute Care Centre and claimed to have the first NICU in North America to give critical care to moms and infants in the same room. An increase in NICU facilities and admissions is likely positive for the market.
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