Pediatric Medical Devices Market to Hit US$ 70.7 Bn in 2032 | Grow CAGR by 9.05% (Y-O-Y)
According to Market.us, emerging markets offer ample growth opportunities for the pediatric medical devices market, driven by their growing populations, escalating healthcare requirements, and insufficient access to suitable medical equipment.
New York, April 24, 2023 (GLOBE NEWSWIRE) — The global Pediatric Medical Devices Market was valued at USD 30.4 billion in 2022 and expected to grow US$ 70.7 billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 9.05%.
Market growth is expected to be driven by the increased demand for pediatric medical equipment, and the increasing prevalence of chronic diseases in children like asthma and respiratory disease. The COVID-19 pandemic was a significant factor in the decline of the market for pediatric medical devices. Globally, medical device companies have built facilities and some have closed down due to the pandemic. Due to the lockdown, the transportation of critical medical devices is being allowed. These medical devices became more crucial during the pandemic. The restrictions on supply and delivery were lifted as lockdowns all over the world are open.
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- By product, in 2022, the Pediatric Medical Devices Market was dominated by the In Vitro Diagnostic segment due to its largest revenue share.
- By end-user, the Hospitals Sector segment dominated the largest market share in end-user type analysis.
- In 2022, North America dominated the market with the highest revenue share of 38.3%.
Factors affecting the growth of the Pediatric Medical Devices Market?
There are several factors that can have an impact on the growth of the Pediatric Medical Devices Market. Some of these factors include:
- Rising Incidence of Pediatric Chronic Diseases: The Increasing incidence of chronic diseases in children, such as diabetes, asthma, and heart disease, is pushing the demand for pediatric medical devices. These devices aid in the diagnosis, treatment, and control of these illnesses.
- Technological Advancements: The expansion of new and advanced pediatric medical devices, such as wireless monitoring systems and minimally invasive surgical tools, is driving the growth of the market. These devices give enhanced accuracy, safety, and ease of use.
- Growing Investment in Research and Development: Key players’ increasing investment in R&D to create new and innovative pediatric medical devices is propelling market expansion. Because of these investments companies are creating more efficient, cost-effective, and patient-friendly medical devices.
- Increase In Healthcare Expenditure: Demand for pediatric medical devices is being driven by an increase in healthcare spending, especially in emerging economies. Increasing awareness of the importance of child’s health and the accessibility of advanced medical facilities are also driving market expansion.
- Favorable Government Initiatives: Government efforts such as research and development funding, tax breaks, and favorable reimbursement policies are propelling the pediatric medical devices industry forward.
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Top Trends in Pediatric Device Medical Market
Market growth is being boosted by an increase in infectious diseases among children such as anemia, asthma, and chickenpox. There is also an increasing need for advanced technologies to diagnose these conditions, with 3D medical imaging equipment becoming more widely used for pediatric radiology applications. Furthermore, preterm birth rates are increasing globally which also impacts market expansion.
The home healthcare market is being driven by technological advancements and the widespread adoption of mobile devices for in-home care services. Furthermore, favorable government initiatives such as attractive medical reimbursement programs and increased investments by key players in research and development (R&D) are fueling this growth.
Several factors, such as the Increasing incidence of pediatric chronic diseases, technical expansion in pediatric medical devices, and the rising demand for minimally invasive procedures, can be responsible for the market growth. The requirement for effective and cutting-edge pediatric medical devices is predicted to rise in the future, driving the market for these products. The COVID-19 pandemic has had a great effect on the healthcare sector as a whole, including the market for pediatric medical devices, but it’s still unclear how that impact will play out in terms of long-term market growth.
North America is dominant in the market with a revenue share of 38.3% in 2022. Asthma, cancer, congenital heart disease, leukemia, and other pediatric chronic diseases, as well as advanced medical devices, are driving market growth in this region. In North America, more than 40% of school-aged children and teenagers have at least one chronic disease.
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Scope of the Report
|Market Value (2022)||USD 30.4 Billion|
|Market Size (2032)||USD 70.7 Billion|
|CAGR (from 2023 to 2032)||9.05%|
|North America Revenue Share||38.3%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The market for pediatric medical devices is being driven by several factors, including technological development, a rising incidence of chronic diseases in children, government programs to support pediatric healthcare, and increasing demand for personalized and customized medical devices. The expansion of pediatric medical devices that are safer, more efficient, and simpler to use is a result of the growth of new technologies. Children are becoming more likely to develop chronic illnesses like diabetes, asthma, and obesity, which has risen the demand for medical equipment that can help control these conditions.
Because the pediatric medical device industry is smaller than the adult market, companies may be less inclined to invest in pediatric device research and development. many healthcare supplier providers and parents are not aware of the availability and benefits of pediatric medical devices. This can lead to the underutilization of pediatric medical devices, which can limit their growth and expansion. Economic factors such as limited healthcare budgets and return policies can also restrict the growth of the pediatric medical device market. In some cases, the price of pediatric medical devices can be a barrier for patients and healthcare providers.
Medical devices for children are in great demand. They must be specifically designed and tested to treat their medical needs. Many of the medical devices used today for children have been adapted from devices used for adults. This may not work for their unique needs or smaller sizes. These gaps can be filled by the development of innovative pediatric medical devices that improve care and outcomes for children.
Technology advances such as data analytics, miniaturization, and sensor technology are opening new avenues for pediatric medical devices. These technologies can make devices easier to use, more accurate, and more cost-effective.
The market for pediatric medical devices has a lot of growth potential in emerging markets. Emerging markets have growing populations, increasing healthcare needs, and often lack access to the right medical devices. These markets could benefit from the development of affordable, effective pediatric medical devices that can improve the healthcare outcomes of millions.
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Report Segmentation of the Pediatric Medical Devices Market
In vitro diagnostic (IVD), devices accounted for 22.4% of the total revenue in 2022. The market can be divided into cardiology devices, in vitro diagnostic devices, diagnostic imaging devices, anesthesia & respiratory care devices, neonatal ICU devices, monitoring devices, and other products. IVD devices perform tests to detect illness, condition, and infection. Because of their precision and accuracy, about 70% of clinical decisions are made with IVD products. During the projection period, it is expected that the anesthesia and respiratory care tool market will expand at a rate of 8.8%.
End User Insight
By End User, the market is segmented into hospitals, pediatric clinics, research & academic institutes, diagnostic laboratories, and other end users. More pediatric patients are admitted to hospitals for treatment of pediatric diseases is predicted to fuel the segment’s development, and so will the increasing demand for cutting-edge medical equipment to improve healthcare. Over 2 million children are admitted to hospitals in the United States each year, as a result, expenses make up 40% of the cost of pediatric healthcare. The pediatric clinic industry is anticipated to Develop at a CAGR of 8.4% during the forecast period. These clinics’ expansion can be attributed to the fact that they are primarily concentrated on providing care for children.
Recent Development of the Pediatric Medical Devices Market
- In February 2022, Masimo received United States Food and Drug Administration clearance for its SedLine monitoring and SedLine pediatric EEG sensor.
- In May 2020, Abbott announced the U.S. Food and Drug Administration (FDA) approved updated labeling for the company’s HeartMate 3 heart pump to be used in pediatric patients with advanced refractory left ventricular heart failure.
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- Cardiology Devices
- In Vitro Diagnostic Devices
- Diagnostic Imaging Devices
- Anesthesia &Respiratory Care Devices
- Neonatal ICU Devices
- Monitoring Devices
- Other Products
- Pediatric Clinics
- Research & Academic Institutes
- Diagnostic Laboratories
- Other End Users
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The market for pediatric medical devices is a niche area of the larger medical devices industry that is expanding quickly. Innovation, adherence to regulations, strategic alliances, and market dominance are some examples of the variables that affect the competitive environment.
- TSE Medical
- Ningbo David Medical Device Co.Ltd.
- Hamilton Medical
- GE Healthcare
- Fritz Stephan Gmbh
- Phoenix Medical Systems Pvt. Ltd.
- Novonate Inc.
- Atom Medical Corporation
- Abbott Laboratories
- Medtronic PLC
- Stryker Corporation
- Philips Healthcare
- Siemens Healthineers
- Boston Scientific Corporation
- Hoffmann-La Roche Ltd.
- Other Key Market Players
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