Jaundice Meter Market is Estimated To Witness Moderate Growth Owing To Increasing Awareness And Screening Initiatives For Newborns
Market Dynamics:
The jaundice meter market is primarily driven by the increasing prevalence of jaundice in newborn babies globally. According to the World Health Organization (WHO), more than 60% of newborns develop jaundice worldwide. Other factors such as growing awareness about early screening and management of jaundice, technological advancements in jaundice detection devices, and rising healthcare expenditures are also boosting the market growth. However, availability of alternative jaundice detection methods may hinder market growth over the forecast period.
SWOT Analysis
Strength:
- Jaundice meter helps detecting jaundice in newborn babies with non-invasive, portable, easy to use devices which make it popular in hospitals and clinics.
- Wide range of Jaundice meters are available at affordable prices suitable for various healthcare setups.
- New technologies like LED and image processing have made Jaundice meters more accurate in result delivery.
Weakness:
- Reliability of results depend on correct usage and handling of device which needs trained professionals.
- Some basic models cannot differentiate between various types and levels of jaundice accurately.
Opportunity:
- Increasing awareness about newborn health issues and importance of prompt jaundice detection in emerging markets.
- Government initiatives fornewborn screening programs in developing nations present new customer segment.
Threats:
- Alternative technologies like blood test based methods may reduce demand if found cost effective.
- Regulations regarding certificationsand safety standards canincrease compliancecosts.
Key Takeaways
Global Jaundice Meter Market Size is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasingawareness about newborn health and government initiatives for screening programs.
Regional analysis - North America dominated the market with over 30% share in 2023 due to large pediatric population and advanced healthcare facilities.Asia Pacific is expected to witness fastest growth attributable to rising medical tourism and investment by key players in developing countries.
Key players operating in the Jaundice Meter market are Aegis Medicals, Refine Medical Technology, Delta Medical International, Micro Lab, M&B, Dräger, Xuzhou Kejian Hi-tech, Natus Medical. These players are focusing on new product launches and agreements with hospitals/clinics to strengthen their presence across regions.
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