Pediatric Medical Device Market Outlook
The global pediatric medical device market size was valued at USD 26,198.6 Mn in 2020 and is projected to reach USD 48,440.1 Mn by 2028, expanding at a CAGR of 8.5% during the forecast period, 2021-2028. 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.
Pediatric Medical Device Market Dynamics
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 device 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.
Pediatric Medical Device Market Segment Insights
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 Benefits for Industry Participants & Stakeholders
- In-Depth Analysis of the Pediatric Medical Devices Market.
- Historical, Current and Projected Market Size in Terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
Segments
Product Types
- IVD devices
- Cardiology devices
- Anesthesia & respiratory care devices
- Neonatal ICU devices
- Monitoring devices
- Orthopedic devices
- Others
End-users
- Hospitals
- Diagnostic laboratories
- Home healthcare
- Pediatric clinics
- Others
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Market Players Profiled in the Report
- Atom Medical Corp.
- Fritz Stephan GmbH
- Hamilton Medical
- Medtronic
- Natus Medical Incorporated
- Ningbo David Medical Device Co. Ltd
- Novonate, Inc
- OrthoPediatrics Corp.
- Phoenix Medical Systems Pvt Ltd
- Siemens Medical Solutions USA, Inc.
- Trimpeks
- TSE MEDICAL
Competitive Landscape
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.
