Dublin, April 25, 2023 (GLOBE NEWSWIRE) -- The "Global Pediatric Medical Devices Market Size, Share & Industry Trends Analysis Report By Product, By End User, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Pediatric Medical Devices Market size is expected to reach $42 billion by 2028, rising at a market growth of 7.0% CAGR during the forecast period.
Key Market Players
- Medtronic PLC
- Abbott Laboratories
- Cardinal Health, Inc.
- GE HealthCare Technologies, Inc.
- Hamilton Medical AG (Hamilton Bonaduz AG)
- TSE spol. s.r.o. (TSE Medical)
- Fritz Stephan GmbH
- Phoenix Medical Systems Pvt. Ltd.
- Trimpeks
- Atom Medical Corporation
Medical equipment or tools used to diagnose or treat illnesses and problems in children under the age of 21 are referred to as pediatric devices. Infants, children, and adolescents are the focus of the medical specialty known as pediatrics, which deals with their health and medical care. Since children are more active and physically smaller than adults, these medical devices are built specifically with their needs in mind.
One of the main factors propelling the growth of the pediatric medical devices market is the increase in the prevalence of chronic diseases and infectious diseases among the pediatric population. The demand for pediatric medical devices is also influenced by the increased demand for anesthetic and respiratory equipment due to their efficiency in treating conditions like asthma and the rising occurrence of preterm births worldwide. Additionally, in recent times technical developments and new product launches in the field has grown significantly owing to the high demand.
Regulatory and legislative developments have aided in the development of pediatric medical devices, effects of which are also seen in the development of products. As a result, the FDA receives a number of applications for medical devices each year. For example, prior to 2018, only larger-sized valves could be utilized for heart surgery, which is frequently inappropriate for children's hearts. However, the tiniest device that enables surgeons to heal infants and neonates needing mitral or aortic valve replacement was approved by the U.S. FDA in 2018 and is a rotatable prosthetic mechanical heart valve of size15 mm.
According to a UNICEF report, approximately 700,000 children under the age of five die from pneumonia each year, surpassing any other infectious ailment. Additionally, there have been more regulatory organization initiatives, more pediatric hospitals worldwide, technological advancements in pediatric equipment, and expanding parental awareness campaigns. The biggest players in the market have introduced new goods with enhanced capabilities. For example, Medtronic introduced a new pediatric monitor that warns medical professionals when a patient's airways might be blocked during breathing.
Market Growth Factors
Rising respiratory disorder and cancer incidences in children
According to the American Academy of Pediatrics, 15.4 million kids in the US tested COVID-19 positive in February 2023. As a result, the expansion of the pediatric medical devices market is driven by the increasing frequency of cancer and respiratory disorders among children. In addition, the rise in the number of premature babies is another important element driving the expansion of this industry. All these factors are promoting the growth of the market in the coming years.
Increasing birth rate and NICU availability
Many children require NICU facilities upon birth. Children who need NICU care are typically transferred there within 24 hours of birth due to difficulties during early birth, delivery, or health problems following birth. If a child is born before 37 weeks of pregnancy, it is considered preterm. Premature babies are more vulnerable to conditions like pneumonia, sepsis, etc. As a result, market participants have launched a number of devices that would broaden the selection of goods accessible in the neonatal ICU. Hence, the increasing birth rate and NICU devices are promoting the expansion of the market.
Market Restraining Factors
Lack of clinical trials and problems in device manufacture
The danger to a manufacturer's reputation when pediatric medical devices malfunction may be too high for the business to bear. Even if the failure rate is low and parents or other carers are ready to take the chance in the hopes that their kid will benefit, this risk might acts as a significant barrier to entry into the market. In emerging markets, pediatric imaging, screening, and respiratory equipment are less common. Therefore, the leading players are raising the market's profile during the forecast period. However, the lack of market awareness during the forecast period impacts the market's total demand. All these factors significantly hamper the growth of the market.
Scope of the Study
By Product
- In Vitro Diagnostic (IVD) Devices
- Anesthesia & Respiratory Care Devices
- Cardiology Devices
- Diagnostic Imaging Devices
- Neonatal ICU Devices
- Others
By End-user
- Hospitals
- Clinics
- Ambulatory Surgery Centers
- Others
For more information about this report visit https://www.researchandmarkets.com/r/won2vi
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