Dallas, Feb. 09, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insight, The global Pediatric Medical Devices market is expected to grow from USD 22.65 billion in 2020 to USD 53.56 billion by 2028, at a CAGR of 10.39% during the forecast period 2021-2028.
The increasing number of cancer and diabetes cases, technological advancement and the increasing number of ambulatory services are the factors fuelling the pediatric medical devices market.
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The pediatric patients are the patients with age 21 or lesser when they have come for diagnosis or treatment. Pediatric population is categorized as- Neonates, the kid from birth to their first 28 days of their life. Infants, which are of 29 days to less than two years of age. Children, this category hold from 3 years of age to less than 12 years. Adolescents, which comes under the age from 12 to 21. The Pediatric medical devices are used in the treatment or diagnosis of a person age 21 or younger. Children are the long term user of the device, which requires the need for the device to work for a long period of time and also the exposure time of implanted material will be longer. FDA has taken steps to support the development and availability of safe and effective pediatric device. Some of the pediatric devices are cardiorespiratory monitor, mechanical ventilator etc. The rise in the cases of chronic disease in the pediatric population is one of the factors driving this market. There are rising cases of asthma, food allergies, diabetes etc. in young children these days, this has created an alarm and therefore driving the pediatric medical devices market. The designing of pediatric medical devices can be a little difficult as children are smaller and more active compared to adults and also the body structures of the children changes throughout childhood. The widespread adoption of telemedicine in pediatric healthcare is also boosting the market
However, lack of proper facilities and also the lack of awareness about the pediatric medical devices are some of the restraint for the market.
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The major players in global pediatric medical devices market include Boston Scientific Corporation, Abbott Laboratories, Medtronic plc, Stryker Corporation, Koninklijke Philips N.V., Siemens Healthineers, Johnson & Johnson, GE Healthcare, Cardinal Health and Baxter International, Inc among others.
• The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global pediatric medical devices industry. In April 2016, Boston Scientific received FDA approval for ImageReady MR-Conditional Pacing System, which includes ACCOLADE MRI and ESSENTIO MRI pacemakers. This has increased the product portfolio of the organization, which helped in gaining the market share.
• In September 2019, Abbott Laboratories ABT two life-saving pediatric devices namely, the Masters HP 15mm rotatable mechanical heart valve and the Amplatzer Piccolo Occluder got approved, in Europe. The devices have got the CE Mark, and are now available in Europe and also in other countries that recognize CE Mark.
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The anaesthesia and respiratory care devices segment is accounted for the highest market share of 24.7% in 2020
The product segment is divided into diagnostic imaging devices, cardiology devices, anaesthesia and respiratory care devices, in vitro diagnostic (IVD) devices, telemedicine, monitoring devices, neonatal ICU devices and others. The anaesthesia and respiratory care devices segment is accounted for the highest market share of 24.7% in 2020. This is due to the pediatric respiratory cases due to the unhealthy lifestyle of people.
The hospital segment dominated the market with the highest market value of USD 7.10 Billion in 2020
The end-user segment includes research and academic institutes, hospitals, ambulatory surgery centers, pediatric clinics and others. The hospital segment is accounted to have the highest market value of USD 7.10 Billion in 2020. This is because hospitals have good infrastructure, so people prefer to go to the hospital for checkup and also the increasing number of pediatric hospitals.
Regional Segment Analysis of the Pediatric Medical Devices Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America is accounted to have the highest market share in 2020 and seems to have the dominance in the forecasting period also. This is because of the fact that a big player of health care market lies in this region, increasing number of pediatric hospitals in the region. The advancement in technologies has come with many state-of-the-art pediatric devices. The parental awareness program, high standards of hospitals in providing services to their patients are some of the factors driving the market in this region. Asia-Pacific is accounted to have the second largest market share in 2020. This is due to the factors like the growing pediatric population in the region and increase in the awareness about the pediatric care. The initiatives taken by many organization like government initiatives for giving incentive to manufacturers, streamlining the regulatory process, parental care and protection for high-risk newborn infants offered by many medical units and also the parental care programs are the factors contributing to market growth in the region. Also the increasing pediatric respiratory conditions like asthma, tuberculosis, cancer etc. are fuelling this pediatric medical device market in this region.
About the report:
The global pediatric medical devices market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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