The size of the prenatal and neonatal equipment care market in Europe was worth USD 1.94 billion in 2022 and estimated to be growing at a CAGR of 6.25%, to reach USD 2.63 billion by 2027.
Factors driving the growth of the European prenatal and neonatal equipment care market include the increasing number of birth complications, growing technological advancements in maternal and child care products, and the growing rate of low-birth babies due to poor antenatal lifestyles. According to the research article published in the European Journal of Pediatrics, the estimated premature birth rate in Europe was 8.9 and is one of the leading causes of infant mortality in the region. According to the WHO latest report, around 15 million babies are born too soon every year, where more than 1 in 10 babies are born preterm, affecting families worldwide. In addition, nearly 1 million children die each year due to certain complications due to preterm birth. These premature babies face several difficulties like disability, including learning disabilities and visual and hearing problems, among others.
Growing demand for neonatal devices and growing education about antenatal and neonatal complications among people will play a key role in supporting prenatal and neonatal equipment care in Europe. Data from UNICEF (United Nations International Children's Fund) indicates that 2.74 million children died in the first month of life in 2018 worldwide. Many babies require respiratory kits and ventilators to support breathing, UV chambers to regulate optimal temperature, and medications to restore normal bodily functions to the outside world. Therefore, there is a growing demand for neonatal equipment care in the market of European regions. The increasing need for neonatal monitors, increased demand for wireless and smart equipment, and innovative product launches will contribute to the market's growth rate during the studied period.
However, rising neonatal care expenditures, poor prenatal education among young adults, limited reimbursement policies, and the absence of the latest equipment advancements for neonates are major factors hampering the European prenatal and neonatal equipment care market.
This research report on the European prenatal and neonatal equipment care market has been segmented and sub-segmented into the following categories:
By Product Type:
In Europe, the German prenatal and neonatal equipment care market is analyzed to grow at the highest CAGR during the forecast period. Various factors such as avid interest in advocating for good healthcare, supportive government initiatives for young women, and increased adoption of the latest neonatal equipment care devices will positively impact the regional market. In addition, rapid healthcare reform will significantly influence the overall market growth. Companies are focusing on developing products with technological advances like portable care equipment to meet the demand for prenatal and neonatal equipment care in this region.
Meanwhile, the UK prenatal and neonatal equipment care market is anticipated to hold the largest share in the European market during the studied timeline. However, factors such as the growing number of hospitals, increasing care for neonatal safety and precautions, and a massive population of premature and low birth weight babies are increasing the demand, thus affecting the overall market growth rate in Europe.
Other European regions such as Portugal, Italy, France, Spain, and Norway are forecasted to experience steady growth with growing modernization.
KEY MARKET PLAYERS:
Companies playing a significant role in the European prenatal and neonatal equipment care market profiled in this report are CareFusion Corporation, Covidien PLC, Drägerwerk AG & Co. KGaA, Cooper Surgical, Inc., FUJIFILM SonoSite, Inc., GE Healthcare, Getinge AB, Fisher & Paykel Healthcare Limited, Natus Medical Incorporated, Philips Healthcare, Siemens Healthcare, Nonin Medical, Inc., and Smiths Medical.
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