July 13, 2020
According to the research report titled ‘Global Fetal Monitoring Devices Market Size study with COVID-19 impact, by Product (Instruments & consumables and Software), by Portability (Non-Portable system and portable system), by Method (Non-Invasive Method and Invasive Method), by Application (Antepartum Fetal Monitoring and Intrapartum Fetal Monitoring), by End-User (Hospital, Clinics and others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global fetal monitoring devices market generated revenues worth USD 1688.7 million in 2019 and is expected to grow with a CAGR of 6.80% between 2020 and 2026.
For those uninitiated, a fetal monitoring device plays an important role in monitoring uterine contractions during labor as well as in tracking heart rate and movement of the fetus. It is widely used for monitoring health conditions of unborn baby in order to ensure safe birth. Moreover, the device is employed for observing health conditions like jaundice, vision & hearing problems, hypothermia, neonatal disease, mental retardation and chronic lung disorders.
Increasing birth rate as well as preterm births have impelled the demand for fetal monitoring devices, thereby driving the market growth. According to Statista 2017 data, Nigeria accounted for highest fertility rate with around 6.49 children per women, while Angola and Mali recorded 6.16 and 6.01 children per women respectively.
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Favorable government initiatives aimed towards offering improved healthcare resources for pregnant women is further aiding the market expansion. Additionally, the recent COVID-19 pandemic has increased the demand for fetal monitoring devices in order to monitor health of fetus as well as to ensure whether the child is infected or not, thereby stimulating the industry outlook. However, high costs associated with the device and strict regulatory scenario pertaining to the use of the product may act as restraining factors to the growth of worldwide fetal monitoring devices industry.
Based on product landscape, the market is split into software and instruments & consumables. In terms of portability, the industry is bifurcated into portable systems and non-portable systems. As per method type, global fetal monitoring devices industry is classified into invasive and non-invasive. The application scope of the market comprises of segments such as intrapartum fetal monitoring and antepartum fetal monitoring. Citing the end-use landscape, the market is categorized into clinics, hospitals and others.
Considering the geographical landscape, North America fetal monitoring devices industry is predicted to expand substantially during the forecast period, primarily driven by technological advancements and favorable federal reforms regarding the use of the device.
On the other hand, Asia-Pacific market is slated to record momentous growth in the ensuing years. Mounting birth rate as well as preterm births have augmented the regional demand for fetal monitoring devices, thereby favoring the market scenario in Asia-Pacific.
The prominent companies operating in global fetal monitoring devices market are Spacelabs Healthcare Inc., Natus Medical Inc., Neoventa Medical AB, ArjoHuntleigh Inc., Covidien PLC, Siemens Healthineers AG, Koninklijke Philips N.V, GE Healthcare, Fujifilm SonoSite Inc. and Analogic Corp. among others.