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.”
The report finds that more than 75% of healthcare organizations will be ready to invest in connected healthcare systems by 2020, fueling collaborations with neonatal care equipment companies in order to garner the best value for money. With 30% 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.
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,” says Chandrasekaran. “Toward this end, several low-tier and mid-tier companies are developing low-cost equipment for rapid diagnosis in acute care settings.”
For more information, visit Frost & Sullivan.