Pediatric Medical Devices Market Report
Pediatric Medical Devices Market by Product (Cardiology Devices, In Vitro Diagnostic (IVD) Devices, Diagnostic Imaging Devices, Anesthesia & Respiratory Care Devices, Neonatal ICU Devices, and Others), End Use (Hospitals, Pediatric Clinics, Ambulatory Surgical Centers, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Pediatric Medical Devices Overview
Pediatric medical devices refer to the equipment or devices that are used to treat or diagnose diseases and conditions from birth through age 21. Pediatrics is referred to the branch of medicine that deals with the health and medical care of infants, children and adolescents. They are made specifically according to the body structures and functions for the use for children as they are smaller and more active than adults. Due to the anatomical and physiological variations between children and adults, pediatric medical devices are specialized to guarantee their suitability for use in young patients and ensure that they are both safe and effective.
Global Pediatric Medical Devices Market Analysis
The global pediatric medical devices market size was $29.1 billion in 2022 and is predicted to grow at a CAGR of 8.2%, by generating a revenue of $63.3 billion by 2032.
COVID-19 Impact on Global Pediatric Medical Devices Market
The pediatric medical devices market has been significantly impacted by the COVID-19 epidemic. There is a lot of pressure on the healthcare sector, which includes the pediatric medical devices market to deal with the problems the virus has brought about. The development and manufacture of medical equipment with a primary focus on treating COVID-19 patients and safeguarding healthcare personnel was given more attention during the early phases of the epidemic. As a result, numerous pediatric surgeries that weren't necessary were put off, which decreased the need for pediatric medical devices. Furthermore, the production and delivery of these devices was impacted by the disruptions in global supply chains and logistical difficulties brought on by lockdowns and limitations.
On the other hand, the pediatric medical device business has benefited from the pandemic's inspiration for innovation and technological improvement. The use of telemedicine and remote patient monitoring technology increased, enabling medical personnel to monitor and treat young patients while minimizing exposure hazards and the requirement for in-person visits. T
Rising Incidence of Diseases Among Children to Drive the Market Growth
The growing prevalence of pediatric diseases and disorders around the world is one of the key factors causing this growth. There is an increased need for specialized medical devices made specifically for pediatric patients since children are more vulnerable to a wide range of medical problems and early detection and awareness of these conditions improve. The market has advanced greatly as a result of developments in medical technology. Besides, the pediatric medical devices market is expanding as a result of the growing emphasis on expanding healthcare facilities and patient access in emerging nations. In addition, the demand for advanced medical devices has increased due to the rising need for minimally invasive operations in pediatric patients.
Lack of Awareness about Pediatric Medical Devices to Restrain the Market Growth
The lack of proper healthcare facilities and low awareness about the medical devices designed for infants are the factors projected to challenge the growth of the market. The demanding regulatory landscape and drawn-out approval procedures for pediatric medical devices present one key obstacle. Device manufacturers must carry out thorough clinical trials and show that their devices are safe and effective before putting them on the market since children have certain physiological and anatomical differences. This not only extends the duration and expense of the development process but also discourages certain businesses from making investments in pediatric-specific products. Another impediment is the relatively limited market size for pediatric medical devices in comparison to adult products. Certain pediatric illnesses have a small patient population, which may deter businesses from investing in research and development in this specialized field.
Advancements in Technology to Drive Excellent Opportunities
The pediatric medical devices market has experienced substantial technological breakthroughs in recent years, which have completely changed the pediatric healthcare environment. These advances have improved diagnosis, treatment, and patient outcomes by addressing several issues in pediatric care. One significant development is the incorporation of smart and linked equipment, which enables real-time monitoring of vital signs and medical information, allowing healthcare personnel to react quickly to changes in a child's condition. Additionally, the development of non-invasive, kid-friendly medical devices has been made feasible by miniaturization and wearable technology, which lessens discomfort and anxiety during treatments. In addition, medical gadgets now incorporate artificial intelligence and machine learning algorithms that help with data analysis, pattern detection, and customized treatment strategies, particularly for rare pediatric illnesses. Additionally, the advancement of 3D printing technology has made it possible to design patient-specific implants and prostheses that are suited to pediatric patients’ particular anatomical demands. Moreover, governments and healthcare organizations are putting more money into pediatric healthcare infrastructure and technology, encouraging the use of cutting-edge pediatric medical gadgets. The market's growth has also been aided by regulatory initiatives and support from governing organizations.
Global Pediatric Medical Devices Market Share, by Product, 2022
The in vitro diagnostic (IVD) devices sub-segment accounted for the highest market share in 2022. These tools are crucial in the diagnosis of a wide range of illnesses and medical disorders in pediatric children. When it comes to pediatric medical devices, IVD devices are designed to meet the special healthcare requirements of kids, babies, and teenagers. Informed decisions about patient care are made possible due to their assistance in the early and accurate diagnosis of diseases, monitoring the efficacy of treatments, and monitoring patient care. Infectious disease testing, genetic testing, metabolic testing, and other tests that can identify particular health concerns in children are just a few of the many uses for IVD devices found in the pediatric medical device market.
Global Pediatric Medical Devices Market Share, by End Use, 2022
The hospitals sub-segment accounted for the highest market share in 2022. The majority of pediatric patients’ treatment is provided in hospitals, which significantly rely on a variety of medical devices to identify, treat, and keep track of a variety of pediatric illnesses. Hospitals are outfitted with specialized pediatric departments and intensive care units that call for a wide range of medical devices, including but not limited to imaging and diagnostic equipment, monitoring equipment, respiratory support equipment, infusion pumps, surgical instruments, and pediatric orthopedic implants. Besides, the need for cutting-edge medical devices is gradually rising as healthcare providers work to give their pediatric patients high-quality care. Additionally, hospitals are essential in promoting the study, creation, and use of pediatric medical devices. They frequently take part in clinical trials and work along with producers and regulatory agencies to validate and certify these devices, making sure they meet strict safety and efficacy requirements.
Global Pediatric Medical Devices Market Share, by Region, 2022
The North America pediatric medical devices market generated the highest revenue in 2022. The region has a highly developed healthcare system with state-of-the-art hospitals and research centres devoted to pediatric care. Numerous prestigious pediatric hospitals and academic institutions are located in the region, which stimulates the creation of new pediatric medical devices. In addition, the presence of leading medical device manufacturers in the US is driving the regional market growth.To meet the specific healthcare requirements of children, these businesses make significant investments in research and development, concentrating on pediatric-specific medical innovations.
Competitive Scenario in the Global Pediatric Medical Devices Market
Investment and agreement are common strategies followed by the major market players. For instance, in November 2022, GE Healthcare announced a $1 million contribution of ultrasound and monitoring equipment to Ukraine, whose healthcare system has been severely impacted by the war. The business will offer equipment for monitoring the vital signs of both adult and pediatric patients.
Some of the leading pediatric medical devices market players are TSE MEDICAL, Ningbo David Medical Device Co. Ltd, Hamilton Medical, GE Healthcare, Fritz Stephan GmbH, Phoenix Medical Systems Pvt Ltd, Novonate Inc., Trimpeks, Atom Medical Corporation, and Abbott.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Product
Segmentation by End Use
Key Companies Profiled
Q1. What is the size of the global pediatric medical devices market?
A. The size of the global pediatric medical devices market was over $29.1 billion in 2022 and is projected to reach $63.3 billion by 2032.
Q2. Which are the major companies in the pediatric medical devices market?
A. TSE MEDICAL and Ningbo David Medical Device Co. Ltd are some of the key players in the global pediatric medical devices market.
Q3. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted for by the operating companies in this market.
Q4. Which companies are investing more in R&D practices?
A. Hamilton Medical, GE Healthcare, and Fritz Stephan GmbH are the companies investing more in R&D activities.