Pediatric Medical Devices Market on Track to Reach USD 47.4 Billion by 2031: Driven by Advancements in Medical Devices and Digital Solutions at 6.3% CAGR: Analysis by TMR

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Key market players are leveraging advanced technologies and introducing innovative products to broaden their portfolio, including the use of artificial intelligence for monitoring multiple asthma biomarkers in pediatric patients.

Wilmington, Delaware, United States, Transparency Market Research. Inc. , July 05, 2024 (GLOBE NEWSWIRE) — The global pediatric medical devices market was projected to attain US$ 27.6 billion in 2022. It is anticipated to garner a 6.3% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 47.4 billion by 2031.

The pediatric medical devices market (소아 의료기기 시장) is bolstered by networks like NIHR HRC in Pediatrics and AAP, fostering collaborative efforts among healthcare professionals, children, and families. These networks expedite the development and adoption of new pediatric-specific medical devices, providing scalable solutions for commercial sectors. Advancements in digital healthcare and data analytics further enable the collection of extensive national and international data, enhancing insights into childhood growth, development, and diseases beyond traditional healthcare boundaries.

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Technological innovations like Rady Children’s Hospital-San Diego’s Arc Viewer, a 3D model viewing software launched on July 1, 2024, exemplify advancements in pediatric healthcare. Built on Unity platform technology, Arc Viewer allows clinicians worldwide to interact with virtual 3D reconstructions of patient anatomy, significantly enhancing diagnostic precision and treatment planning capabilities.

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Key Findings of the Market Report

  • Pediatric medical devices are useful in identifying a variety of pediatric illnesses, including anemia, asthma, leukemia, measles, mumps, pneumonia, and TB.
  • Various diagnostic imaging technologies are used to evaluate the health of internal organs and detect anomalies and infections.
  • The increased incorporation of AI into pediatric asthma therapy is expected to drive revenue growth in the pediatric medical device industry in the near future.
  • AI integration in pediatric asthma therapy has the potential to enhance disease surveillance, early intervention, and outcomes for asthmatic children.

Market Trends for Pediatric Medical Devices

  • Pediatric medical devices are useful in identifying a variety of pediatric illnesses, including anemia, asthma, leukemia, measles, mumps, pneumonia, and TB. Various diagnostic imaging technologies are used to evaluate the health of internal organs and detect anomalies and infections.
  • A newborn is termed preterm if it is born before 37 weeks of gestation. Premature delivery can be caused by prenatal complications, persistent health issues such as high blood pressure, physical traumas or trauma, and diabetes.
  • Neonatal medical devices are used to monitor children who are born prematurely or have health problems after delivery. These devices have three adhesive leads that are put on the child’s skin to monitor heart rate and respiration. To determine the baby’s oxygen level, a saturation probe is inserted on his or her hand or foot.

Global Market for Pediatric Medical Devices: Regional Outlook

  • North America had an enormous market share in 2022. Increased investment in R&D, as well as the use of modern radiology technologies, are among the primary drivers driving the regional market dynamics.
  • Advancements in technology and frequent product releases by industry participants are increasing the pediatric medical devices market share in North America. Medtronic plc began selling the SonarMed airway monitoring system in the United States in May 2021.
  • The device uses acoustic technology to assess for endotracheal tube (ETT) blockage and verify position in real time, providing doctors with critical information to make better educated, life-saving decisions for pediatric patients.
  • The rise in the number of preterm births and the frequency of pediatric disorders are fueling the expansion of the pediatric medical industry in North America.

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Global Pediatric Medical Devices Market: Key Players
The global market for pediatric medical devices (小児医療機器)is extremely competitive, with several prospects for growth and innovation. Companies are expanding their neonatal medical device portfolio through a variety of techniques, including mergers and acquisitions and new product development. The following companies are well-known participants in the global Pediatric medical devices market:

  • Abbott
  • Boston Scientific Corporation
  • Baxter International, Inc.
  • Medtronic
  • Cardinal Health, Inc.
  • F. Hoffmann-La Roche Ltd.
  • GE Healthcare
  • Johnson & Johnson
  • Siemens Healthinners
  • Koninklikje Philips N.V.
  • Stryker Corporation

Key developments by the players in this market are:

  • In February 2024, Aevice Health, a Singapore-based firm producing revolutionary pediatric respiratory support devices, joined with the United Kingdom-based Jiva.ai to build a remote patient monitoring platform that would allow patients living with asthma to follow their status and forecast asthma episodes.
  • In January 2022, Good Parents Inc., inventors of the Kiddo remote patient monitoring and continuous care platform for pediatric patients, announced that it had secured a US$ 16 million series expansion investment sponsored by Clearlake Capital’s Vive Collective.

Global Pediatric Medical Devices Market Segmentation 
Product

  • In Vitro Diagnostic (IVD) Devices
  • Cardiology Devices
  • Diagnostic Imaging Devices
  • Anesthesia & Respiratory Care Devices
  • Neonatal ICU Devices
  • Monitoring Devices
  • Telemedicine
  • Home-use Medical Devices

End User

  • Hospitals
  • Diagnostic Laboratories
  • Ambulatory Surgical Centers
  • Others

Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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