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The pediatric medical devices market is estimated to increase by USD 17.4 billion and grow at a CAGR of 9.42% between 2023 and 2028. Market growth hinges on several factors, notably the escalating incidence of preterm birth, burgeoning market opportunities in emerging economies, and heightened initiatives and awareness campaigns spearheaded by both public and private entities. However, the landscape is fraught with challenges, including the imposition of stringent regulatory requirements, the exorbitant costs associated with neonatal pediatric medical devices, and the inherent limitations of devices coupled with the specter of product recalls. These obstacles underscore the need for concerted efforts to navigate regulatory landscapes effectively, optimize cost structures, and enhance product reliability to mitigate risks and ensure sustained market growth in the field of neonatal care.
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The market share growth by the hospitals segment will be significant during the forecast period. In 2023, the hospital segment had the largest market share in the global paediatric medical devices market. Furthermore, during the forecast period, the segment is expected to dominate the market with a focus on end-users. This is due to hospitals being key users who have a significant impact on the growth of the global paediatric medical devices market.
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The hospitals segment was valued at USD 10 billion in 2018 and continued to grow by 2022. The adoption of advanced maternity facilities in developed countries such as the United States, Germany, and the United Kingdom has benefited the hospital segment and, as a result, the global market. According to a government survey, the proportion of women giving birth in a hospital has increased. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, the market in North America had a considerable market share. The United States led the market in North America, owing to increased insurance coverage, increased R&D spending, the growing geriatric population with chronic diseases, high healthcare spending, and increased promotions about the use of POC tests for disease detection. According to the Centers for Disease Control and Prevention (CDC), chronic diseases are the leading cause of death and disability in six out of ten adults in the United States. The Midwest states of Indiana, Ohio, and Illinois are expected to grow at a faster pace due to their increasing number of accredited laboratories and reimbursements by Medicare.
The presence of numerous vendors, including in-vitro diagnostics instruments and consumables, in the United States is also contributing to the growth of the North American market. For instance, Thermo Fisher Scientific, based in the United States, sells Phadia 250 immunoassay analyzers, which are fully automated devices designed for medium-sized laboratories and can produce 400 to 2,000 results per week. The strong presence of vendors offering a wide range of products ensures increased product availability and awareness in the market in the United States. Hence, such factors are driving the market in North America during the forecast period.
Pediatric medical devices address various health issues in children, including chronic diseases like respiratory disorders and asthma. These devices are pivotal in hospitals and clinics, offering solutions through drugs and off-label indications for pediatric patients. Clinical trial enrollments facilitate advancements in pediatric care, particularly in areas such as cancer treatment and managing inherited gene mutations. Medical devices, ranging from cardiology devices to diagnostic imaging tools, aid in disease monitoring and diagnosis, supported by innovations like artificial intelligence and asthma biomarkers. They cater to the unique healthcare needs of newborns, kids, and teenagers, ensuring accurate diagnostics and treatment. Additionally, anesthesia care devices play a crucial role in pediatric procedures, enhancing safety and comfort during medical interventions.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co.- The company offers pediatric medical devices that include cardiology stethoscopes which are designed for those who desire consistent outstanding acoustic performance, especially in critical care and other challenging environments.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is shaped by various factors such as the prevalence of respiratory disorders like asthma, which necessitates innovative drugs and diagnostic tools. Pediatric patients require specialized devices, including anesthesia care and diagnostic imaging equipment, often used for off-label indications. With conditions like chronic obstructive pulmonary disease (COPD) and obstructive sleep apnea (OSA) affecting children, critical care devices like ventilators and warmers are crucial. Additionally, advancements in artificial intelligence aid in disease monitoring and diagnosis, particularly for respiratory diseases. From premature births to common ailments like anemia and pneumonia, monitoring devices like pulse oximeters play a pivotal role. Newborns, kids, and teenagers benefit from telemedicine and home-use medical devices, ensuring comprehensive care and efficient disease management.
Clinical trial enrollments and parental approval are crucial for testing pediatric medical devices like rotatable mechanical heart valves and in vitro diagnostic (IVD) tools. Anesthesia care and diagnostic imaging devices aid in managing pediatric patient admissions and providing essential clinical information for health issues, check-ups, and vaccinations. These devices play a vital role in diagnosing conditions like abnormal mutations and inherited gene mutations, as well as infectious diseases such as asthma biomarkers, leukemia, measles, mumps, and tuberculosis. Diagnostic imaging technologies enable detailed examination of internal organs, identifying abnormalities and guiding treatment decisions for conditions like overweight, injuries, trauma, and chronic illnesses. Neonatal medical devices, including sticky leads, monitor vital signs like heart rate, saturation probe readings, and oxygen levels, ensuring comprehensive care for newborns.
Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.42% |
Market growth 2024-2028 |
USD 17.4 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.5 |
Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
Performing market contribution |
North America at 56% |
Key countries |
US, China, Japan, Germany, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Abbott Laboratories, Atom Medical Corp., Baxter International Inc., Boston Scientific Corp., Cardinal Health Inc., Dragerwerk AG and Co. KGaA, Fritz Stephan GmbH, General Electric Co., Hamilton Medical AG, Johnson and Johnson Services Inc., Koninklijke Philips N.V., Medtronic Plc, Ningbo David Medical Device Co. Ltd., Novonate Inc., Pega Medical Inc., Phoenix Medical Systems P Ltd., Siemens AG, Stryker Corp., and Trimpeks |
Market dynamics |
Parent market analysis, market forecast , Market growth inducers and obstacles, Market forecasting , Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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