The global Pediatric Medical Device market was valued at USD 26,198.6 million in 2020 and is projected to reach USD 48,440.1 million by 2028, expanding at a CAGR of 8.5% during the forecast period. Pediatrics is the field of study that deals with the health and medical care of children, adolescents, and babies. From birth to age 21, pediatric medical devices cure or diagnose diseases and ailments. The increased incidences of several chronic diseases among children, including as Lyme disease, whooping cough, pneumonia, mumps, and TB, are projected to fuel the expansion of the worldwide pediatric medical devices market.
The market for pediatric medical devices is influenced by an increase in demand for anesthetic and respiratory equipment due to their efficiency in treating disorders such as asthma, as well as an increase in the occurrence of preterm birth around the world. Because of the growing number of market players supplying products, the trend for pediatric medical devices is expected to rise considerably in the future. The increasing number of regulatory measures and the growing number of pediatric hospitals throughout the world are driving market growth.
Further, government activities aimed at rewarding producers, expediting the regulatory process, and identifying new finance sources are all contributing to industry expansion. The pediatric medical devices industry is projected to be hampered by a lack of substantial biocompatibility and safety criteria for medical devices. In the forecast period of 2021-2028, the lack of knowledge of pediatric medical devices is expected to be a barrier to the market. In the projected period, technical developments in pediatric devices and product launches provide profitable prospects for pediatric medical devices market players.
One of the major factors driving the growth of the pediatric medical devices market is the rise in the incidences of chronic disease or infectious disease among the pediatric population. The market for pediatric medical devices is influenced by an increase in demand for anesthetic and respiratory equipment due to their efficiency in treating disorders such as asthma, as well as an increase in the occurrence of preterm birth around the world. Because of the growing number of market players supplying products, the trend for pediatric medical devices is expected to rise considerably in the future. The increasing number of regulatory measures and the growing number of pediatric hospitals throughout the world are driving market growth. Increased newborn deaths due to chronic diseases to create market opportunities. Furthermore, the increased adoption of telemedicine in pediatric healthcare is expected to generate lucrative prospects for the pediatric medical devices market to develop.
Based on products, the global pediatric medical device market is segmented into IVD devices, cardiology devices, anesthesia & respiratory care devices, neonatal ICU devices, monitoring devices, orthopedic devices, and others. The anesthesia and respiratory care devices segment are anticipated to hold a significant share of the market during the forecast period. The anesthesia and respiratory care devices segment are projected to expand at a significant CAGR during the forecast period, due to the increased burden of pediatric respiratory disorders such as chronic obstructive pulmonary disease (COPD), asthma, TB, and pneumonia.
The fastest-growing area is anesthesia and respiratory equipment, which are commonly used in pediatric patients, due to its efficiency in treating disorders such as asthma. Asthma is a chronic inflammatory condition that affects 4879 children under the age of 14 in the US alone, according to the Center for Disease Control and Prevention (CDC). The neonatal ICU devices held a significant market share and is expected to continue to do so during the projection period, due to high rate of problems during delivery, prematurity, or health complications after birth. Cases of pediatric respiratory disorders such as asthma and tuberculosis increased, due to poor lifestyles of people these days. The anesthesia and respiratory care devices segment are expected to expand at a significant rate during the forecast period.
Based on end-users, the global pediatric medical device market is segmented into hospitals, diagnostic laboratories, home healthcare, pediatric clinics, and others. The hospitals segment is anticipated to hold a significant share of the market during the forecast period. The hospitals segment is projected to expand at a significant CAGR during the forecast period, due to gradual growth in the number of government and private hospitals in emerging countries such as China and India. Increasing adoption of pediatric care equipment in hospitals is expected to boost the market during the forecast period. The pediatric clinics segment is expected to hold a substantial share of the market during the forecast period, due to favorable reimbursement policies. Rapid growth in foreign investments is estimated to propel the segment.
Based on regions, the global pediatric medical device market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The global pediatric medical device market is dominated by the North American region, which is primarily driven by factors such as an increase in the frequency of cancer and respiratory disorders, the popularity of portable devices, and a growing preference for home healthcare devices and services. The Asia Pacific area is the fastest expanding region. Because of unexplored prospects, improved healthcare infrastructure, increased awareness about accessible diagnostic techniques and technology, and favorable government efforts. The European pediatric medical devices market is growing due to increased demand for chronic illness treatment, expanded healthcare infrastructure, and an increasing number of hospitals and pediatric clinics in the United Kingdom, Germany, and France.
Key players in the pediatric medical device market include TSE MEDICAL, Atom Medical Corporation, Fritz Stephan GmbH, Hamilton Medical, Ningbo David Medical Device Co. Ltd, Novonate, Inc., Phoenix Medical Systems Pvt Ltd, Trimpeks, OrthoPediatrics Corp. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
Key players in the pediatric medical device market include TSE MEDICAL, Atom Medical Corporation, Fritz Stephan GmbH, Hamilton Medical, Ningbo David Medical Device Co. Ltd, Novonate, Inc., Phoenix Medical Systems Pvt Ltd, Trimpeks, OrthoPediatrics Corp. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
Some frequently asked quetions about this report!
Key players including TSE MEDICAL, Atom Medical Corporation, Fritz Stephan GmbH, Hamilton Medical, Ningbo David Medical Device Co. Ltd, Novonate, Inc., Phoenix Medical Systems Pvt Ltd, Trimpeks, OrthoPediatrics Corp. hold a major market share of the global pediatric medical device market in 2020.
The base year considered for the pediatric medical devices market report is 2020. The complete analysis period is 2018 to 2028, wherein, 2018 & 2019 are the historic years, and the forecast is provided from 2021 to 2028.
The market is expected to witness slight decrease in market growth rate and demand during 2019-2020 owing to the negative impact of COVID-19 pandemic on the pediatric medical devices market.
One of the major factors driving the growth of the pediatric medical devices market is the rise in the incidences of chronic disease or infectious disease among the pediatric population.
A major factor driving the pediatric medical devices market is the growing technological breakthroughs in diagnostic devices, expanding demand for pediatric medical devices technology, and rising incidence of chronic diseases are driving the pediatric medical devices market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
In addition to market size (in USD Million) and Company Market Share (in % for base year 2020), other data such Macro-economic factors, COVID-19 Impact on the pediatric medical devices market is available in final report.
According to this Growth Market Reports, the market from Pediatric Medical Devices market is likely to register a CAGR of 8.5% during period 2021-2028, with an anticipated valuation of USD 48,440.1 million by the end of the 2028.
Additional company profiles can be provided on request.
Some other reports from this category!