The global pediatric medical devices market was valued at US$ 25 billion in 2020 and is projected to reach over US$ 41.5 billion by 2027, expanding at a CAGR of 8.5% from 2021 to 2027. Rise in prevalence of chronic diseases such as diabetes, cardiovascular diseases, and others drive the global market. Moreover, surge in demand for self-care devices/solutions, increase in incidence of chronic and infectious diseases among pediatric population, and technological developments are expected to propel demand for pediatric medical devices used to treat chronic conditions.
Rise in Chronic Conditions to Augment Market
Prevalence of chronic health disorders is rising among children. A report published by the Pediatric Academic Societies in 2016 stated that these chronic conditions are most common among children who live in or near poverty. The report found substantial increase in attention deficit hyperactivity disorder (ADHD) and asthma among children living in poverty, as compared to their comfortable counterparts.
The global pediatric medical devices market has been segmented based on product and end-user. In terms of product, the global market has been categorized into in vitro diagnostic (IVD) devices, cardiology devices diagnostic imaging devices, anesthesia & respiratory care devices, neonatal ICU devices, monitoring devices, telemedicine, and home-use medical devices. In vitro diagnostic (IVD) devices are available in the form of reagents, kits, instruments, equipment, apparatuses, or systems, used either alone or in combination with other diagnostic tools to gain critical information for health and drug/therapy monitoring. In vitro diagnostics deliver valuable information about the pathological and/or physiological state of the body and, therefore, are essential to make well-informed medical decisions. Cardiology devices are used to diagnose and monitor patients suffering from cardiovascular diseases, primarily to identify the seriousness of the condition and effect of treatment on a patient. Diagnostic imaging devices are used in the diagnosis of various critical diseases and disorders of vital organs such as liver, lungs, heart, and brain. Usage of diagnostic imaging techniques such as MRI, X-ray, and CT scan has increased in the last two decades. These imaging technologies are painless and offer rapid diagnosis, making them a popular option for patients and doctors alike. Anesthesia devices comprise anesthesia workstations, anesthesia ventilators, anesthesia monitors, and anesthesia delivery machines. Respiratory care devices are meant for therapeutic usage to improve pulmonary function, boost lung oxygenation, and aid mucus removal from bronchi during respiratory therapy.
Moreover, neonates admitted to neonatal intensive care units are premature, have low birth weight, or suffer from a medical condition that requires special care. Newborns with medical conditions such as infections, birth defects, or heart problems are also cared for in the NICU. Neonatal intensive care units comprise advanced technology and trained health care professionals who provide personal medical attention to the admitted newborn babies. Monitoring devices are used for continuous monitoring of health status of pediatrics by communication techniques, wearable detecting devices, and a small energy consumption microchip with high efficiency data handling algorithms. Telemedicine includes teleconsultation, telemonitoring, tele-education, teletraining, telecare, and telesurgery. It involves consultation services offered by experienced individuals covering various domains and activities to help, advice, and assist in the overall progress of an activity/initiative. A home-use medical device is proposed for users in any environment outside of a professional health care facility. This comprises devices proposed for use in both professional health care facilities and homes.
Neonatal ICU Devices to Account for Major Market Share
The report offers detailed segmentation of the global pediatric medical devices market based on products and end-user. In terms of product, the neonatal ICU devices segment is estimated to account for major share of the market from 2018 to 2026. The segment is likely to account for the major share of the market by 2026. It is also expected to grow at a rapid pace during the forecast period. Growth of the segment is attributed to increase in number of premature births across the globe.
North America Dominated the Market
North America accounts for the leading share of the global pediatric medical devices market, primarily due to its large patient population and increase in disease awareness among children and adults. Moreover, launch of new pediatric medical devices such as seizure monitors, wireless pulse oximeters, and heart monitors in the region is expected to drive the market during the forecast period. Asia Pacific is an untapped market as compared to the developed regions. Hence, the region presents better opportunities in the pediatric medical devices market. China and India are the most populous countries in the world and have the largest pediatric population, with high number of cancer and infectious disease patients. Demand for pediatric medical devices in countries such as Malaysia, Indonesia, Singapore, and India is also increasing rapidly. Considering the low health care spending, market players entering Asia Pacific will offer reasonably priced products to capture higher share.
Abbott Laboratories, Medtronic plc, and GE Healthcare to Lead Market
The report also provides profiles of leading players operating in the global pediatric medical devices market. These include Abbott Laboratories, Boston Scientific Corporation, Baxter International, Inc., Medtronic plc, Cardinal Health, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Johnson & Johnson, Siemens Healthineers, Koninklijke Philips N.V., and Stryker Corporation.
In Vitro Diagnostic (IVD) Devices
Diagnostic Imaging Devices
Anesthesia & Respiratory Care Devices
Neonatal ICU Devices
Home-use Medical Devices
Ambulatory Surgical Centers
Middle East & Africa
This report analyzes the current and future scenario of the global pediatric medical devices market. Growth of the global market is attributed to rise in chronic health conditions among infants and children, increase in pediatric population with cardiac and neurological defects, surge in demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases, increase in demand for 3D medical imaging equipment in pediatric radiology, initiatives by governments and favorable reimbursement scenario, and technological advancements. Moreover, unhealthy habits, rise in obese pediatric population, increase in R&D investments leading to new product launches, surge in awareness about pediatric care, economic growth in emerging markets, and technical advancement in the pediatric health care industry are expected to augment the global market during the forecast period.
The global pediatric medical devices market report comprises an elaborate executive summary, which includes a snapshot that provides information about various segments of the market. It also provides information and data analysis of the global market with respect to the segments based on product, end-user, and region. A detailed qualitative analysis of drivers and restraints of the market and opportunities has been provided in the market overview section. Additionally, the section comprises competitive matrix and company profiles with business overview to understand the competitive landscape in the market. This section of the report also provides market attractiveness analysis, by geography and market share analysis, by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global market.
Geographically, the global pediatric medical devices market has been segmented into five major regions and key countries/sub-regions in the respective region: North America (the U.S. and Canada), Europe (the U.K., Germany, France, Spain, Italy, and Rest of Europe), Asia Pacific (India, China, Japan, Australia, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (South Africa, GCC Countries, and Rest of Middle East & Africa). The market size and forecast for each of these regions and the mentioned countries have been provided for the period from 2016 to 2027, along with their respective CAGRs for the forecast period from 2021 to 2027, considering 2020 as the base year. The research study also covers the competitive scenario in these regions.
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