Fetal Monitoring Market to Garner $4.25 Bn, Globally, by 2027 at 5.3% CAGR: Allied Market Research
Increase in preterm births, perpetual need for fetal monitoring, and active government and non-government issues drive the growth of the global fetal monitoring market.
PORTLAND, Ore., Jan. 19, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Fetal Monitoring Market by Product {Ultrasound (2D, 3D & 4D, and Doppler Imaging), Intrauterine Pressure Catheter (IUPC), Telemetry Solutions, Electronic Fetal Monitoring (EFM) (External & Internal), Fetal Electrodes, Fetal Doppler, Accessories & Consumables, and Other Products}, Method (Invasive and Non-Invasive), Portability (Portable and Non-Portable), Application (Intrapartum Fetal Monitoring and Antepartum Fetal Monitoring): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global fetal monitoring industry generated $2.93 billion in 2019, and is projected to reach $4.25 billion by 2027, growing at a CAGR of 5.3% from 2020 to 2027.
Major determinants of the market
Increase in preterm births, perpetual need for fetal monitoring, and active government and non-government issues drive the growth of the global fetal monitoring market. However, stringent regulatory procedures, high cost of fetal monitoring devices, and prevalence of declining birth rates hamper the market. On the contrary, emerging economies and portable and wireless products are expected to offer lucrative opportunities in the future.
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COVID-19 scenario:
- The COVID-19 outbreak resulted in decreased patient volume in hospitals, owing to rescheduling and delaying of procedures for safety reasons.
- The rate of fetal monitoring has been also reduced due to new government directives or hospital guidelines.
The ultrasound segment to manifest the highest CAGR through 2027
Based on product, the ultrasound segment held the largest share in 2019, accounting for nearly two-fifths of the global fetal monitoring market. High demand for ultrasound for periodic checkups and preference for radiation-free ultrasound technology drive the growth of the segment. However, electronic fetal monitoring (EFM) is projected to portray the highest CAGR of 6.2% during the forecast period. EFM provides a paper recording of fetal heart rate and uterine contractions that are analyzed and interpreted by doctors, which boost the growth of the segment.
The petroleum refineries segment held the largest share
Based on profitability, the non-portable segment dominated the market in 2019, contributing to nearly three-fourths of the global fetal monitoring market. The non-portable system produces accurate and high-performance diagnostic results, which is expected to increase the demand for non-portable products. However, the portable segment is anticipated to manifest the highest CAGR of 6.5% during the forecast period. This product can be used in home-based settings as well as hospitals, which augments the growth of the segment.
North America to dominate the market
Based on region, the global fetal monitoring market across North America held the largest share in 2019, accounting for nearly two-fifths of the market. This is attributed to faster adoption of advanced technologies, well-funded healthcare policies, and developed healthcare infrastructure in the province. On the other hand, the Asia-Pacific region is estimated to register the highest CAGR of 6.4% from 2020 to 2027. Increasing initiatives by government and non-government bodies for improving maternal/fetal health across the globe and rising company investments in the development of fetal monitors proliferate the market growth in this region.
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Key market players
- GE Healthcare
- Analogic Corporation
- Fujifilm Sonosite, Inc.
- Koninklijke Philips N.V.
- Siemens Healthcare
- Medtronic Plc
- Getinge Group
- Neoventa Medical AB
- Natus Medical Incorporated
- OSI Systems, Inc.
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