Pediatric Imaging Market Outlook
The global pediatric imaging market size was valued at USD 6.80 Billion in 2022 and is likely reach to USD 13.15 Billion by 2031, expanding at a CAGR of 7.6% during the forecast period, 2023–2031. The growth of the market is attributed to increasing number of surgical procedures and the rising demand for advanced healthcare practices.
Pediatric imaging is the use of technology to scan or diagnose organ, body parts and tissues, and some other health conditions especially for the pediatric groups such as infants, fetus, children, and young adults.
These imaging procedures are noninvasive and widely considered to be safe. This advanced technology has been adopted in different healthcare settings such as pediatric specialty clinics and hospitals in both developing as well as developed countries.
For instance, Lucile Packard Children’s Hospital Stanford introduced new surgical center that include enabled immediate evaluation of post-surgical interventions and novel hybrid operating suite, in August 2018. Such developments are expected to help in patient safety, minimizing the overall turnaround time and hospital stay, thus, reducing the overall treatment cost.
As per the data published by the Centers for Disease Control and Prevention (CDC), over 8.2 million children in the U.S. are admitted to the emergency department from unexpected injuries such as road traffic, falls, and burns among infants.
The incapability of pediatric patients in explaining the exact problems amplifies the use of effective pediatric imaging solutions. Furthermore, rising incidences of birth defects demand effective imaging technology to reduce complexities.
The Radiological Society of North America and the American College of Radiology launched a new section- RadInfo 4 children on their official website. The website was subjected to provide information about radiology to children and their guardians.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing number of surgical procedures and rising demand for advanced healthcare practices are some of the major factors to accelerate the pediatric imaging market growth.
- Various government initiatives to promote the novel pediatric imaging technique and raising awareness of the early diagnosis are the key factors driving the market.
- Rising concentration of key market players on strategic collaborations to develop advanced modalities and new product development is expected to boost the market growth.
- Adoption of advanced technology in different healthcare settings listing pediatric specialty clinics and hospitals in developing as well as developed regions are key factors to propel the growth of the market.
- Wide prevalence of pediatric diseases, increasing number of premature births, and high demand for imaging solutions are some of the elements fueling the market growth.
- High radiation risk especially in pediatric patients, that is estimated to result in the occurrence of cancer and huge installation cost, are some of the key challenges expected to hamper the market growth.
Scope of Pediatric Imaging Market Report
The report on the global pediatric imaging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Pediatric Imaging Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Modality (Magnetic Resonance Imaging, Ultrasound, Computed Tomography, X-ray, and Others), Applications (Cardiology, Oncology, Gastroenterology, Orthopedics, Neurology, and Others), and End-users (Diagnostic Centers, Hospitals, and Others),
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Siemens Healthineers; GE Healthcare; Fujifilm Holdings Corporation; Koninklijke Philips N.V.; Samsung Electronics Co., Ltd.; Toshiba Medical Systems Corporation; Agfa Healthcare; and Carestream Health, Inc.
Pediatric Imaging Market Segment Insights
Magnetic resonance imaging segment is expected to grow at a rapid pace
Based on modality, the global pediatric imaging market is classified into magnetic resonance imaging, ultrasound, computed tomography, x-ray, and others. The magnetic resonance imaging segment is expected to grow at a rapid pace during the forecast period due to increasing demand in hospital settings coupled with technological advancements.
However, the ultrasound segment is anticipated to expand at a robust CAGR during the forecast period owing to skilled professionals, easy availability of imaging devices, affordability, and frequent launch of new products.
Orthopedics segment is projected to expand at a considerable CAGR
On the basis of applications, the market is segmented into cardiology, oncology, gastroenterology, orthopedics, neurology, and others. The orthopedics segment is projected to expand at a considerable CAGR during the forecast period due to increasing cases of juvenile arthritis, rising cases of traumatic injuries, and accurate imaging solutions.
On the other hand, the gastroenterology segment is anticipated to account for a major share of the market during the forecast period owing to increasing Inflammatory Bowel Diseases.
Hospitals segment is expected to account for a key market share
In terms of end-users, the global pediatric imaging market is separated into diagnostic centers, hospitals, and others. The hospitals segment is expected to account for a key share of the market in the coming years owing to increasing collaboration activities by market players with hospitals to advance pediatric care.
Meanwhile, the diagnostic centers segment is estimated to exhibit a high growth rate during the forecast period due to inexpensive imaging due to a reduction in hospitalization and associated costs.
Pediatric Imaging Market Regional Outlook
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to constitute a key share of the market owing to favorable reimbursement policies along with rising research and innovation by key regional players.
The market of Asia Pacific, however, is anticipated to represent a substantial growth rate during the forecast period due to growing penetration of market players in the developing countries and rising prevalence of pediatric diseases in the region.
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Diagnostic Centers
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the global pediatric imaging market are Siemens Healthineers; GE Healthcare; Fujifilm Holdings Corporation; Koninklijke Philips N.V.; Samsung Electronics Co., Ltd.; Toshiba Medical Systems Corporation; Agfa Healthcare; and Carestream Health, Inc.
The main market players are continuously indulging in several market activities such as mergers and acquisitions, research and developments, investments for innovative products and collaborations to enhance their market position.