Incorporation of advanced IT technologies provides growth opportunities for non-conventional participants and transforms parenting habits, finds Frost & Sullivan
SANTA CLARA, California, May 21, 2018 /PRNewswire/ -- A growing population of tech-savvy millennial parents, the rising popularity of "consumer" health, and an increase in preterm births and fetal deaths are driving the global market for maternal and infant care digital health solutions. This market is attracting visionary investors that want to make the most of a women-driven economy, as well as the trend of integrating artificial intelligence (AI) into health IT and other connected health systems.
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The biggest growth opportunity lies in building a complete ecosystem of maternal and infant care solutions that can work together as a platform, creating a smart nursery. This unified ecosystem will comprise baby monitors and digital equipment that aid consumers in a cohesive experience at an important intersection between connected home and connected health.
"The integration of AI and voice technology in Babytech and Femtech will not only enhance the robustness of the products and services, but also pave the way for the entry of major tech companies such as Amazon," said Chandni Mathur, Digital Health Analyst at Frost & Sullivan. "Regulatory bodies and the investment community are realizing the potential and scope of application of digital health tools in this space, driving greater investments and the development of innovative and targeted digital health solutions."
Frost & Sullivan's recent analysis, Global Digital Health Maternal and Infant Care Solutions Market—Leaders, Innovators, and Startups, 2018, examines products such as wearables, mobile applications, sensors, and standalone devices that assist in the better management of fertility, pregnancy, nursing, and the health and safety of infants. This analysis also highlights select companies delivering promising solutions across diverse domains in the maternal and infant digital health space.
As the interoperable devices on the smart nursery network collect vast amounts of data, especially about newborns, data security concerns are relevant to the market. Being a sensitive market, consumers desire trustworthy devices offering top-notch accuracy and security.
"Meanwhile, there is huge untapped potential for digital health solutions such as telemedicine, mHealth and remote monitoring in developing and less-developed regions that have limited access to optimal maternity and child care," noted Mathur. "So far, the technology's biggest markets have been the United States and Europe, which boast large populations of tech-savvy consumers and favorable governmental regulations that encourage the use of digital health services."
Regulatory bodies such as the US Food and Drug Administration (USFDA) have acknowledged the importance of digital applications in alleviating women's health issues and have approved digital solutions in the Femtech space. A case in point is the Ava fertility tracking bracelet, which received Class One medical device status.
Some of the players in the vanguard of a new digital era of maternal and infant care include:
- Healthcare vendors like Philips with Philips uGrow, which has signed a landmark telehealth partnership with American Well. Such collaborations will enable better access to care for new parents and enhance the appeal of digital health services with consumers.
- Amazon with Alexa, giving millennial parents new ways to access the connected nursery experience.
- Other key companies with leading-edge products in this space, like Bloomlife, EarlySense, Ava, and Hatch Baby.
Global Digital Health Maternal and Infant Care Solutions Market—Leaders, Innovators, and Startups, 2018 is part of Frost & Sullivan's global Digital Health Growth Partnership Service program.
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SOURCE Frost & Sullivan