Market Trends of North America Fetal and Neonatal Care Equipment Industry
This section covers the major market trends shaping the North America Fetal & Neonatal Care Equipment Market according to our research experts:
Ultrasound Devices Segment is Expected to Witness Growth Over the Forecast Period
Ultrasound devices, also known as sonography, are imaging technique that uses high-frequency sound waves to produce images of the different structures inside the body. They are being utilized for the assessment of various conditions in newborn babies. They are also majorly used in chronic diseases, which include health conditions such as heart disease, asthma, cancer, and diabetes in newborn babies. Therefore, these devices are being utilized as both diagnostic imaging and therapeutic modalities and have a wide range of applications in the medical field.
The launch of innovative ultrasound devices to detect preterm births and increasing pregnancy rates are the major drivers for the segment. For instance, in April 2022, Ultrasound AI Inc., a cloud-based artificial intelligence (AI) company that provides ultrasound imaging, and is headquartered in Highlands Ranch, Colorado, United States, announced that it had been awarded its first patent for its newest predictive diagnostic tool, Preterm AI (PAI). Preterm AI combines ultrasound technology with artificial intelligence to predict preterm birth, allowing for earlier interventions. Ultrasound can detect early changes in the cervix, such as shortening of the cervix, and predict preterm labor. When the short cervical length is identified, interventions can be used to prevent preterm birth. Therefore, increasing cases of preterm births may boost segment growth.
Furthermore, the report published by the Centers for Disease Control and Prevention in May 2022, the report shows a 1.0% increase in births from 2020, with 3,659,289 births recorded in 2021 in the United States. The general fertility rate in 2021 was 56.6 births per 1,000 women aged 15 to 44, an increase of 1.0% from 2020. Since ultrasound devices are one of the essential devices for the diagnosis of newborn babies, the increasing pregnancy rates in the United States are anticipated to propel the segment's growth.
Therefore, owing to the above-mentioned factors significant segment growth is anticipated over the forecast period,
The United States is Expected to Dominate the Market Over the Forecast Period
Over the forecast period, the United States is expected to dominate the overall North American fetal and neonatal care equipment market. The growth is due to factors such as the rising number of newborns with low birth weight and preterm births. For instance, as per the report published by the Centers for Disease Control and Prevention in May 2022, the percentage of newborn babies with low birth weight accounted for 8.24% in 2020, and the percentage of preterm births accounted for 10.09% in 2020.
The technological advancements related to fetal and neonatal care equipment are also anticipated to propel market growth in the United States. For instance, in June 2021, Nuvo Group, the privately held company that commercializes Nuvo's INVU, an FDA-cleared, patent-protected, prescription-initiated remote pregnancy monitoring platform, announced that it had received clearance from the US Food and Drug Administration (FDA) to add a new module called "uterine activity," which provides the possibility of remote monitoring of uterine activity. With this clearance, INVU can provide a reliable passive alternative to existing UA measurement methods. INVU uses only external sensors, which allows it to be used without any invasive component or the need for hospitalization or clinical intervent.
Therefore, owing to the abovementioned factors, the market is anticipated to witness considerable growth in the United States over the forecast period.
