Fetal and neonatal care equipment market to be worth USD 8.4 billion by 2023

The global fetal and neonatal care equipment market is projected to reach USD 8.4 billion by 2023 from USD 6.4 billion in 2018, growing at a CAGR of 5.7 percent, according to MarketsandMarkets. Growth in the global market is mainly driven by the huge patient population of preterm and low-weight birth babies in both developed and developing markets, an inflow of technologically advanced products, the rising awareness across developing nations, and the growing number of NICU admissions. The incubators segment is expected to account for the largest share in the global market in 2018. The development of novel neonatal incubators and availability of MRI-compatible incubators in the market is a key driver of market growth. However, market growth is hindered due to the high cost of incubators and increasing home deliveries in developing countries. Based on the type of product, the fetal dopplers segment is expected to register the highest growth rate. The growing demand for digital Dopplers over conventional Dopplers and increasing launches of home-use products are some of the key factors propelling market growth of the fetal Dopplers market.