U.S. Fetal & Neonatal Care Equipment Market Size to Hit USD 5.89 Bn By 2033
Laxman Dige
Brand Builder at Precedence Research | Towards Healthcare | Towards Packaging | Nova One Advisor
According to recent study by nova one advisor, the U.S. fatal & neonatal care equipment market size was valued at USD 3.45 billion in 2023 and is anticipated to reach around USD 5.89 billion by 2033, growing at a CAGR of 5.5% from 2024 to 2033.
Increased knowledge of fetal and neonatal care, combined with a high number of (NICU) Neonatal Intensive Care Unit admissions, is considerably driving market expansion in the country. The growing prevalence of HAI (hospital-acquired infections) among neonates is projected to drive market expansion. Medical conditions. Pregnancy is causing worrying rates of fetal mortality worldwide. According to the National Vital Statistics Reports, more than 21,105 fetal deaths occurred in the United States during 20 weeks of gestation in 2021. This highlights the critical need for baby care devices.
According to the CDC, one out of every ten newborns born in the country is preterm. In 2022, the rate of preterm births among African-American women was 14.6%, higher than that of white women (9.4%) and Hispanic women. Furthermore, a considerable number of newborns born in the United States had low birth weight. All of these reasons are projected to boost market growth.
In 2023, the United States accounted for more than 36% of the worldwide fetal and neonatal care equipment market. Some of the prominent corporations in the United States include GE Healthcare, Medtronic PLC, Koninklijke Philips NV, and Masimo. Manufacturers are investing more in R&D to gain clearance for new product commercialization. For example, in September 2020, GE Healthcare introduced the Voluson SWIFT ultrasound system, which features SonoLyst, an AI tool with applications in fetal imaging.
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U.S. Fetal & Neonatal Care Equipment Market Key Takeaways
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U.S. Fetal & Neonatal Care Equipment Market By Product Insights
The fetal care equipment segment had established its dominance in this market with a significant revenue share of 65.33% in 2023. This segment can be further broken down into different equipment types, such as ultrasound devices, MRI systems, dopplers, monitors, and pulse oximeters. Among these, the ultrasound devices segment is expected to hold the largest share due to its increasing application in studying the movement and state of the fetus during pregnancy. With the rising awareness, technological advancements, and ease in utility, the usage of portable and do-it-yourself ultrasound devices for home-use has also seen a significant surge.
During the forecast period, the neonatal care equipment segment is projected to register the fastest CAGR. In particular, the neonatal monitoring devices segment is expected to witness significant growth due to constant technological advancements, including improvements in connectivity and ease of use in home settings. Furthermore, respiratory devices are expected to witness lucrative growth owing to the increasing demand for respiratory care in neonates. These devices help reduce the length of hospital stay and the risk of long-term disability. As nearly all newborns are prone to respiratory difficulties at birth, neonate respiratory devices ease the process, ensuring better health for the baby.
U.S. Fetal & Neonatal Care Equipment Market By End-use Insights
The hospitals segment accounted for a revenue share of 57.85% in 2023. Factors attributing to the dominant share are the presence of latest and technologically advanced equipment to improve patient care and availability of specialists. Furthermore, increasing number of NICUs in hospitals and high patinet volume are propelling the segment growth.
The clinics segment is expected to grow at the significant rate during the forecast preriod. Clinics offer specialized services and are often preferred where large facilities are not available. The demand for clinic is growing due to the increasing need for specialized care and quick diagnsis and effective care offered by specialty clinics.
The others segment include home care, nursing homes, diagnostic centers and others. The rising prevelance of the genetic disorders in infants is driving the demand for nursing homes and diagnostic centers. In addition, increasing preference for wearble devices that can help in remote monitoring from home are anticipated to boost the segment growth.
U.S. Fetal & Neonatal Care Equipment Market Recent Developments
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U.S. Fetal & Neonatal Care Equipment Market Report Segmentation
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. Fetal & Neonatal Care Equipment market.
By Product
By End-use
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