Pediatric Medical Devices Market Expected to Witness a Sudden Rise with an Incredible CAGR of 8.7% | GE Healthcare (GE Company), Atom Medical Corporation, Phoenix Medical Systems Pvt Ltd.
Globally, the market for pediatric medical devices (PMD) was priced at US$ 31,726.3 million in the year 2021 and is predicted to the extent of US$ 57,035.3 million by the end of the year 2028 at a CAGR of 8.7% from 2022 to 2028. The market for PMD is observing robust development owing to the increasing incidence of prolonged diseases amongst the pediatric populace and rise in emphasis on the healthcare of the pediatric. Furthermore, rise in need for PMD and increase in R&D (research and development) worldwide is anticipated to fuel the market growth. Though, factors like pediatric device advances threat and dearth of expert personnel are anticipated to hinder the market for PMD across the globe.
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Global Market for PMD (Pediatric Medical Devices): Regional Insights
On the basis of geography, the market for PMD is divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa.
Amongst the region, North America is anticipated to have the major market share in the predicted period due to the rising problem of the disease in the populaces of the pediatric and rise in emphasis on the healthcare of the pediatric in this region. For example, as per CDC (Centers for Disease Control and Prevention), about 8.4% which is more than 6 Mn of children in the U.S. suffers from asthma. Asthma is a prolonged/chronic disease with high morbidity rate and in comparison and as a whole low mortality rate. Asthma causes coughing, wheezing and breathing difficulty. With time, Asthma can lead to permanent damage to lungs.
Europe is anticipated to observe strong market growth of PMD worldwide owing to the increasing prevalence of prolonged illness in children rising in consciousness amongst people in the region. For example, as per Royal College of Pediatric and Child health, the professional body for pediatricians in U.K, asthma is considered the common long term state among children and young people with 1.1 Mn children at present getting the treatment for asthma. Furthermore, it remains as one of the 10 known causes to hospital admissions in emergency cases for young people and children in U.K. pushing the growth of the market.
Global Market for PMD (Pediatric Medical Devices) Drivers
High incidence of prolonged diseases to boost growth of the market
The chief factor anticipated to fuel the market of the PMD and its growth worldwide in the predicted period is the increasing incidence of prolonged diseases among the pediatric populace. For example, as per the report of November 2019, UNICEF, which is an agency of United Nations (UN)), pneumonia causes death to a child in every 39 seconds across the world. Normally, the deaths occur below two years and about 153,000 deaths of newborns within a month of his or her birth. This is pushing the market growth.
Rise in emphasis on pediatric healthcare to push the growth of the market
The other chief factor which is pushing the market the PMD and its growth worldwide is the rise in emphasis on pediatric healthcare. For example, owing to rising incidence of prolonged diseases among the pediatric populace, companies operating and various governments across the world are emphasizing on the improvement of healthcare frameworks for infrastructure. The CHCS (Center for Health Care Strategies) in May 2021, introduced a learning community which aims to work for 12 leading pediatric practices consisting of a team of six family advisors and experts in the arena in the nation for advancement in innovation related to offer more impartial and family-oriented care.
Global Market for PMD (Pediatric Medical Devices) Opportunities
Rise in need for PMD across the world is anticipated to provide substantial opportunities of growth for companies operating in the market of PMD across the globe. For example, the need for the medical devices for pediatric purposes has been raised or is rising owing to rising incidence of prolonged diseases in pediatric populace. Masimo, in February 2022, pronounced the US FDA (United States Food and Drug Administration) approval of SedLine Pediatric EEG Sensor. By this approval, the possible benefits of SedLine have been extended to all the patients aging one year of age and more in the United States.
Rise in R&D (research and development) worldwide is anticipated to provide profitable opportunities of growth for the companies operating in the market for PMD worldwide. For example, modern research and improved technologies resulted in the advancement of various state-of-the-art medical devices, allowing pediatric patients to have a healthy and long life. Good Parents in January 2022 upraised about US$ 1Mn in a Series A financing round that was commanded by Vive Collective. Children with diseases like diabetes, asthma, congenital heart defects, autism can use the platform of the company for distant monitoring of the pediatric patients.
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Global Market for PMD (Pediatric Medical Devices) Trends
Rise in the figure of medical trials is a new trend
The need for PMD is rising owing to the increasing problem of prolonged diseases among children, premature birth rates being high, and increase in birth defects amongst the newborns. As per National Clinical Trial Registry, till 15th October 2020, the total number of current clinical trials was 18 associated to PMD, across diverse development phases, for several diseases in the pediatric populace. This tendency is anticipated to last in the predicted period.
Rise in emphasis on diagnosis of disease is the other trend
Timely process of screening and imaging process allows fast identification essential to the condition. For example, as per International Medical Journal, children with prolonged diseases with timely detection of the disease. It is likely over and done with more exposure to pediatric care. This is anticipated to raise the need for PMD globally. This tendency is anticipated to last in the predicted period, pushing the growth of the market.
Global Market for PMD (Pediatric Medical Devices) Restraints
Development of pediatric devices threats to hamper the growth of the market
The chief factor anticipated to hinder the market growth of the Pediatric Medical Devices worldwide is the development of the pediatric device met by the companies in the market. The main threat in the development of pediatric devices is a long process. FDA (Food and Drug Administration) in 2017 underlined the threats related to the development of pediatric devices, like problems in performing clinical trials due to small patient populace with a specific disease.
Shortage of expert personnel to hinder the growth of the market
The other chief factor that is hindering the market growth of PDM worldwide is the shortage of expert personnel to handle PDM. The demand to comprehend and control medical devices needs some knowledge of technology and some pediatrician lacked expertise to control pediatric devices. Consequently, across the world some pediatrician uses unconventional adult devices across the world in treating pediatric patients. For example, a cardiologists for pediatrics frequently applies an adult biliary stent off-label in treating pediatric patient with CHD (congenital heart diseases)
Global Market for PMD (Pediatric Medical Devices) Segmentation
Globally, the market report for PMD is divided into Product, End User and Geography
On the basis of product, the market is divided into Cardiology Devices, Neonatal ICU Devices, IVD Devices, Monitoring Devices, Anesthetic and Respiratory Care Devices, and Other Products. Amongst which, the segment of cardiology devices is anticipated to control the market of PMD in the predicted period and this is credited to the rise in emphasis on diagnosis of the disease.
The segment of other products is anticipated to observe substantial development in the coming future and this is due to the increasing incidence of prolonged diseases amongst the pediatric populace.
On the basis end user, the market is divided into diagnostic laboratories, pediatric clinics, hospitals and other end user. Amongst which, the segment of hospital is anticipated to control the market in the predicted period and this is credited to the rise on pediatric healthcare.
The segment of diagnostic laboratories is anticipated to observe substantial development in the coming future and this is owing to the increase in the figure of diagnostic labs. The figure of diagnostic labs augmented substantially worldwide, due to the easiness of convenience
Global Market for PMD (Pediatric Medical Devices): Key Developments
Abbott in January 2019, got the United States FDA (Food and Drug Administration) permitted for its Amplatzer Piccolo Occluder that can be implanted in the babies newly born and newborns uses a slightly invasive techniques in treating PDA (patent ductus arteriosus)
Starboard Medical Inc., is a US based medical device company which launched in October 2019 Clik-FIX Neonatal PICC Securement Device. The device is a miniaturized Securement device aiding reduced pressure ulcer injury is a constant problem in neonatal patients.
St Peter’s Hospital in May 2019 carried a novel transport incubator system for application by the Surrey Neonatal Transfer Service. The fully fitted out mobile ICU (intensive care unit) for babies was introduced at the Level 3 unit.
Hamilton Medical in March 2019 extended its product array with the launch of the Nuflow single–use nasal cannulas for oxygen therapies of high flows in neonates.
Global Market for PMD (Pediatric Medical Devices): Key Companies Insights
Globally, the market for PDM is very much aggressive. This is credited to the increase in need for PMD across the world, consequently, market players are emphasizing on introducing new products in the market.
The main companies in the market of PMD includes TSE Medical, Trimpeks, Elektro-Mag, Novonate Inc., Fritz Stephan GmbH, Hamilton Medical, GE Healthcare (GE Company), Atom Medical Corporation, Phoenix Medical Systems Pvt Ltd., and Ningbo David Medical Device Co. Ltd., among others.
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Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Pediatric Medical Devices Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Pediatric Medical Devices Industry Impact
Chapter 2 Global Pediatric Medical Devices Competition by Types, Applications, and Top Regions and Countries
2.1 Global Pediatric Medical Devices (Volume and Value) by Type
2.3 Global Pediatric Medical Devices (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Pediatric Medical Devices Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Pediatric Medical Devices Market Analysis
Chapter 6 East Asia Pediatric Medical Devices Market Analysis
Chapter 7 Europe Pediatric Medical Devices Market Analysis
Chapter 8 South Asia Pediatric Medical Devices Market Analysis
Chapter 9 Southeast Asia Pediatric Medical Devices Market Analysis
Chapter 10 Middle East Pediatric Medical Devices Market Analysis
Chapter 11 Africa Pediatric Medical Devices Market Analysis
Chapter 12 Oceania Pediatric Medical Devices Market Analysis
Chapter 13 South America Pediatric Medical Devices Market Analysis
Chapter 14 Company Profiles and Key Figures in Pediatric Medical Devices Business
Chapter 15 Global Pediatric Medical Devices Market Forecast (2023-2030)
Chapter 16 Conclusions
Research Methodology
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