Technavio market research analysts forecast the global fetal monitoring systems and accessories market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.
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Technavio has published a new report on the global fetal monitoring systems and accessories market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global fetal monitoring systems and accessories marketfor 2017-2021. The report also lists systems and accessories as the two main product segments. Systems include devices such as electronic fetal monitors, fetal ultrasound monitors, and fetal dopplers. Accessories associated with the systems include probes, electrodes, ultrasound gels, transducers, and belts.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global fetal monitoring systems and accessories market:
- Increase in online purchasing
- Acquisition of specialized hospitals by Tier-1 global hospital groups
- Increasing preterm births and stillbirths and government initiatives
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Increase in online purchasing
Vendors have been increasing online marketing and promotional activities to provide better accessibility to their products and gain more product sales. Online marketing services allow vendors to minimize setup, distribution, and operational costs. Many small and large vendors such as MedicalExpo and IndiaMART sell fetal monitoring systems, electrodes, dopplers, transducers, and electronic fetal monitors online. They also provide discounts, service, warranty, and promotional offers online, which has increased the number of online purchases.
"Leading manufacturers are selling their products through online platforms, which enables consumers to purchase products at their convenience, and on the go. This is a significant advantage for individuals who need products delivered to their homes, which can help to monitor the fetal heartbeat often," says Srinivas Sashidhar, a lead analyst at Technavio for patient monitoring devices research.
Acquisition of specialized hospitals by Tier-1 global hospital groups
The growing acquisition of small hospitals has had a positive impact on the growth of the fetal monitoring systems market. Tier-1 hospitals acquire small specialized hospitals, which helps them to train the healthcare staff, including physicians and nurses. To provide better care in lesser time, these hospitals purchase these systems in bulk.
The increasing number of multispecialty hospital and birthing center acquisitions will increase the procurement needs for outpatient facilities, leading to increased demand for fetal monitoring systems and accessories in the market.
Increasing preterm births and stillbirths and government initiatives
According to the NHS in 2015, more than 3,600 stillbirths are occurring every year in the UK, and one in every 200 births ends in stillbirth. It also estimated that about 10% of the stillborn babies have a congenital disability that contributes to the death.
"Owing to these issues, the demand for fetal monitoring systems is expected to increase, as they help patients and physicians monitor the fetal heartbeat rate. Also, Medicare provides reimbursement for the fetal monitoring systems and procedures, which will increase the number of patients who undergo the test, thereby increasing the demand for the systems," says Srinivas.
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