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, according to a report from market research firm Frost & Sullivan. Keeping the patient-physician point-of-care (POC) continuum requires solutions that feature information technology integration, wireless monitoring, and telehealth/telemedicine, among other capabilities, the report continues.
The report notes that 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, the report predicts.
“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,” says Brahadeesh Chandrasekaran, Frost & Sullivan advanced medical technologies industry analyst. “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.”