The Global Neonatal Monitoring Devices Market is witnessing significant growth due to the rising demand for specialized medical devices that cater to the specific needs of neonates with pre-birth defects and complications resulting from premature birth. These monitoring devices play a vital role in closely monitoring and treating newborns, facilitating early diagnosis and timely interventions. As neonatal care gains prominence in ensuring improved health outcomes for newborns, the demand for advanced neonatal monitoring devices continues to surge. The market's expansion is driven by the growing emphasis on providing high-quality care and ensuring the well-being of neonates worldwide.
According to Data Bridge Market Research, the global neonatal monitoring devices market is expected to undergo a CAGR of 5.70% during the forecast period. This indicates that the market value, which was USD 7.55 billion in 2021, would rocket up to USD 11.77 billion by 2029.
“Rising prevalence of various medical conditions facilitate market growth”
The rising prevalence of various medical conditions among neonates serves as a significant driver of the neonatal monitoring devices market. Neonates are susceptible to a range of health issues, including preterm birth complications,respiratory distress syndrome, congenital abnormalities, and infections. As the number of neonates affected by these conditions increases, there is a growing demand for advanced monitoring devices to closely monitor their health and provide timely interventions. Neonatal monitoring devices play a crucial role in ensuring early diagnosis and effective management of these conditions, leading to improved health outcomes for newborns.
What restraints the growth of the global neonatal monitoring devices market?
“High cost associated with research and development (R&D) proficiencies”
The high cost associated with research and development (R&D) proficiencies serves as a significant restraint on the global neonatal monitoring devices market. Developing and innovating advanced neonatal monitoring devices require substantial investment in R&D activities, including clinical trials, regulatory compliance, and product testing. These costs often lead to higher prices for the final products, limiting their affordability for healthcare facilities and patients. The financial burden can deter some market players from investing in new technologies, hindering the overall market growth and access to innovative neonatal monitoring solutions.
Segmentation: Global Neonatal Monitoring Devices Market
The neonatal monitoring devices market is segmented on the basis of product and end use.
- On the basis of product, the neonatal monitoring devices market is segmented into blood pressure monitors, cardiac monitors, pulse oximeter, capnographs, integrated monitoring devices.
- On the basis of end use, the neonatal monitoring devices market is segmented into hospitals, diagnostic centers, clinics, and others.
Regional Insights: North America dominates the Global Neonatal Monitoring Devices Market
North America's dominance in the neonatal monitoring devices market can be attributed to its well-established healthcare facilities, extensive use of medications, and a substantial number of research activities. The region's advanced healthcare infrastructure and technological advancements contribute to the high adoption of neonatal monitoring devices, driving market growth.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029. The region's growth is fueled by various factors, including government initiatives to promote healthcare awareness, the rise in medical tourism, increasing research activities, untapped market opportunities, a large population pool, and growing demand for quality healthcare services in the region. These factors create a favorable environment for the expansion of the neonatal monitoring devices market in Asia-Pacific.
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Recent Developments in Global Neonatal Monitoring Devices Market
- In June 2021, Nuvo Group received FDA approval for the expanded utility of its INVU platform, adding a new uterine activity module. This module enables remote monitoring of uterine activity during pregnancy, enhancing the capabilities of the prescription-initiated remote pregnancy monitoring platform.
- In June 2020, Philips launched the Avalon CL Fetal and Maternal Pod and Patch in the United States. This device facilitates continuous, non-invasive monitoring of maternal heart rate, fetal heart rate, and uterine activity. The single-use, 48-hour, disposable electrode patch is placed on the mother's abdomen to support fetal and maternal monitoring.
The Prominent Key Players Operating in the Global Neonatal Monitoring Devices Market Include:
- 3M (U.S.)
- Siemens Healthcare GmbH (Germany)
- OMRON Healthcare, Inc. (Japan)
- Kaneka Corporation (Japan)
- Stryker (U.S.)
- Terumo Corporation (Japan)
- Johnson & Johnson Services Inc. (U.S.)
- BD (U.S.)
- NATUS MEDICAL INCORPORATED (U.S.)
- Abbott (U.S.)
- Nihon Kohden Corporation (Japan)
- General Electric (U.K.)
- Koninklijke Philips NV (Netherlands)
- Drägerwerk AG & Co. KGaA (Germany)
- Medtronic (Ireland)
- Masimo Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global neonatal monitoring devices market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Neonatal Monitoring Devices Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
