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Fetal and Neonatal Heart Monitor Market to Record a Steady 5.5% Value CAGR in the Period of Forecast, 2018 to 2028
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The fetal and neonatal heart monitors continues to be driven by efforts to mitigate the number of preterm births. Data from National Center for Health Statistics shows that the US has a high infant mortality rate among developed economies. The number of deaths per live births also remains a concern in Europe, with governments and healthcare providers in the United Kingdom, France, Germany, and Italy working towards mitigating the numbers.
The report finds that Asia Pacific excluding Japan (APEJ) will emerge as a lucrative market for fetal and neonatal heart monitor manufacturers during the assessment period. Many countries in the region have high infant mortality rates, and there has been a concerted effort by governments and healthcare providers to improve the situation.
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Use of fetal and neonatal heart rate monitors is also growing on account of increase in the number of NICU admissions. The growing applications and deployment of monitoring technologies in NICUs is likely to foster the growth of the fetal and neonatal heart monitor market during the assessment period. The increase in the number of NICUs is also opening opportunities for key players in the market. The report finds that high preterm birth rates in developing countries, such as India has led to opening of new NICUs, which in turn has created opportunities for the deployment of fetal and neonatal heart monitors.
Although the outlook on the fetal and neonatal heart monitor market remains positive, challenges with performance and false results continue to impede growth. Challenges with wrong heart rate tracking can lead to wrong readings, which in turn can lead to ambiguity. In a bid to address these challenges, manufacturers are focusing on launching innovate and novel products in the market. Philips Avalon has developed smart pulse fetal monitoring technology that uses cross channel verification for ensuring right results. The report opines that manufacturers will continue to focus on research and development to create product differentiation in the market.
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The report finds that market participants have an opportunity of developing fetal and neonatal heart monitors that can diagnose heart rate patterns occurring due to metabolic disorders, such as fetal metabolic acidemia. The fetal and neonatal heart monitors available in the market are not completely successful in detecting metabolic disorders, with many instances going undetected. Manufacturers who are able to launch highly accurate and advanced fetal and neonatal heart monitors in the market can leverage the opportunities emerging in this segment.
Demand for table top fetal and neonatal heart monitor devices is higher than portable and handheld variants. Hospitals and neonatal clinics around the globe prefer table top devices due to workforce familiarity and cost benefits. The report projects demand for table top devices to be higher than portable and handheld devices over the forecast period.
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