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The pediatric medical devices market is estimated to grow at a CAGR of 8.84% between 2022 and 2027. The size of the market is forecast to increase by USD 15.01 billion. The growth of the market depends on several factors, including the increasing prevalence of preterm birth, market expansion in emerging economies, and rising initiatives and awareness by public and private organizations.
This report extensively covers market segmentation by end-user (hospitals, pediatric clinics, and others), product (in vitro diagnostic devices, cardiology devices, anesthesia and respiratory care devices, neonatal ICU devices, and others), and Geography (North America, Asia, Europe, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing prevalence of preterm birth is notably driving the market growth, although factors such as stringent regulatory requirements may hamper the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
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.
Global Pediatric Medical Devices Market Customer Landscape
Vendors 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 vendors, 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 share growth by the hospitals segment will be significant during the forecast period. In 2022, 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 9.26 billion in 2017 and continued to grow by 2021. 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 pediatric medical devices market. According to a government survey, the proportion of women giving birth in a hospital has increased.
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North America is estimated to contribute 41% 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 pediatric medical devices market in North America had a considerable market share. The United States led the pediatric medical devices 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 offering pediatric medical devices, including in-vitro diagnostics instruments and consumables, in the United States is also contributing to the growth of the North American pediatric medical devices 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 pediatric medical devices market in the United States.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. During 2020-2021, disruptions in the supply and distribution of pediatric diagnostics instruments, as well as other medical essentials, had a negative impact on the pediatric medical devices market in this region. However, the sudden increase in COVID-19 cases across North America increased demand for various clinical tests. This boosted regional pediatric medical device market growth. However, due to a mass vaccination drive, lockdown restrictions were lifted in various countries throughout the region in 2021, allowing for the resumption of business activities. The resumption of various preclinical studies and pharmaceutical operations has fueled demand for paediatric medical devices in North America between 2021 and 2022. During the forecast period, these factors are expected to drive the growth of the paediatric medical devices market in North America.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global pediatric medical devices market as a part of the health care equipment. The parent global healthcare equipment market covers products and companies engaged in research and development (R and D) of various product categories, including capital equipment, instruments, implants, accessories, and consumables used for the diagnosis, monitoring, and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Pediatric Medical Devices Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.84% |
Market growth 2023-2027 |
USD 15.01 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.66 |
Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, Germany, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 NV, 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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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