The Jaundice Meter Market is estimated to be valued at US$ 93.09 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Jaundice meter, also known as transcutaneous bilirubinometer or bili blanket, is a medical device used for detecting jaundice in newborns. It helps estimate the level of bilirubin in blood through a non-invasive test on skin. With advantages such as quick screening, easy usage, and portability, jaundice meters have become standard tools in newborn care. Its use prevents severe jaundice conditions and risk of brain damage in infants.
Market key trends:
One of the key trends fueling the jaundice meter market growth is rising awareness and screening initiatives by government and non-profit organizations. Various programs promote screening of all newborns for jaundice to identify cases early and provide timely treatment. This is crucial as untreated jaundice can cause hearing loss or other developmental delays in babies. Furthermore, technological advancements are leading to more accurate and portable devices. New products incorporate sensors and connectivity features for remote monitoring and data collection, improving newborn care delivered to communities with limited resources and access to healthcare facilities.
Porter's Analysis
Threat of new entrants: Low barrier for new entrants as technology is not highly advanced. However, established players have brand recognition and supply chain advantages.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of various established brands. However, needs for accurate detection of jaundice limits options.
Bargaining power of suppliers: Suppliers have low bargaining power as raw materials required are commoditized.
Threat of new substitutes: Low threat as there are limited alternatives for accurate and affordable jaundice detection.
Competitive rivalry: Intense as major players compete on pricing and product innovation.
SWOT Analysis
Strength: Established brands with wide distribution and reliable products. Technology advancements enable quick and accurate results.
Weakness: High R&D costs and regulatory approvals for new products. Supply chain disruptions can impact production.
Opportunity: Growing neonatal population in developing nations. Partnerships with hospitals expand market reach.
Threats: Price competition from local manufacturers. Reimbursement policies and regulations vary across countries.
Key Takeaways
Global Jaundice Meter Market Size is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing births worldwide and growing awareness. The market size for 2023 is US$ 93.09 Mn.
Regional analysis wise, Asia Pacific dominates currently due to large population base and improving healthcare infrastructure in China and India. The region is estimated to grow at the fastest rate during the forecast period.
North America and Europe collectively hold over half of the total market share currently owing to developed healthcare systems and availability of advanced products.
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. Major players focus on new product launches, collaborations and geographic expansions to strengthen their market presence.
For More Insights on this Topic, read https://www.rapidwebwire.com/jaundice-meter-market-forecast-analysis-and-outlook/
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