Understanding future needs will guarantee the competitive advantage for manufacturers, finds Frost & Sullivan's Transformational Health team
SANTA CLARA, California, Feb. 21, 2017 /PRNewswire/ -- Neonatal care equipment manufacturers' interest in offering high-end, technology-integrated, home-based infant care and neonatal solutions mirrors the healthcare industry's shift toward value-based care. Keeping the patient-physician point-of-care (PoC) continuum requires solutions that feature information technology (IT) integration, wireless monitoring, and telehealth/telemedicine, among other capabilities. With the neonatal care equipment area expected to be worth $317.3 million in 2020, competition will intensify. New companies offering attractive pricing and technology features will compel market majors to innovate and expand to meet user needs.
"It is getting tougher for western multinational corporations to maintain market shares in the preterm neonatal arena, especially in developing regions, as there are more than 50 domestic vendors competing primarily on price," said Frost & Sullivan Advanced Medical Technologies Industry Analyst Brahadeesh Chandrasekaran. "Market leaders are creating a portfolio that is cost-effective, maintains the hospital-to-home PoC continuum, provides special attention to infants with preterm birth issues, and incorporates value-added services."
Global Analysis of the Neonatal (Preterm) Care Equipment Market, part of Frost & Sullivan's Advanced Medical Technologies Growth Partnership Service program, finds that more than 75 percent of healthcare organizations will be ready to invest in connected healthcare systems by 2020. This will fuel collaborations with neonatal care equipment companies in order to garner the best value for money. With 30 percent of patients expected to opt for alternate care by 2020, manufacturers offering quality home treatment options to infants in need of acute care, disease management, and help with other preterm birth issues will reap rich benefits.
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To increase market share, participants must collaborate with local players in fragmented domestic businesses. Intensive consumer engagement initiatives and focus on user wellness as well as disease prevention will build awareness and brand recall.
"In addition, the market needs affordable technologies that can conveniently reach and cater customers in the low-income settings and assist in disease monitoring through diagnostic applications on mobile phones," observed Chandrasekaran. "Toward this end, several low-tier and mid-tier companies are developing low-cost equipment for rapid diagnosis in acute care settings."
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Analysis of the Neonatal (Preterm) Care Equipment Market
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