Market Synopsis
Market Research Future (MRFR) reveals in its new report that the global market for pediatric medical device market growth is set to expand at a striking CAGR of 9.80% during the forecast period (2022-2030). Pediatric medical devices are used for the management and treatment of infants and children below 18 years who have health issues. A number of medical devices are specifically designed and manufactured for infants and children, but in few cases these devices are used for adults too.
Drivers
Growing cases of chronic diseases instrumental in market growth
Increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and others is fueling the market growth. Subsequent demand for self-care devices/solutions along with technological developments is expected to buoy the development of the market in coming years. Thus, increase in incidences of chronic and infectious diseases among pediatric population has triggered the demand for pediatric medical devices globally.
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Government initiatives to bode well with the market development
Various government bodies across the globe are trying to explore avenues to improve health of the pediatric population and also simultaneously reduce the financial burden. Improving healthcare infrastructure in emerging nations and growing awareness about the available treatments for pediatric health issues have resulted in adoption of latest pediatric medical devices in many regions. Hence, increased efforts by governments and healthcare organizations across different regions toward effective treatment of diseases among pediatrics have been responsible for the substantial growth in the market.
Restraints
While the global market is soaring high on the back of various driving factors, there are few restraining factors that are undermining the said growth. Lack of significant biocompatibility and safety criteria for the medical devices can be the impeding factors in the market growth in coming years.
Industry Trend
August 2018 – Children with autism will now benefit from a new invention called Google Glass. Stanford researchers have integrated the augmented reality glasses with an app that uses artificial intelligence to identify faces and facial expressions in a child’s field of vision. The glass then proceeds to show the child an emoji of the correct expression.
Various market players are constantly developing innovative medical device solutions that address significant unmet pediatric health needs, with the trend of technological advancement picking up pace in the global market.
Market Segmentation
The global pediatric medical device market is segmented based on types of devices and end-user.
The market by types of devices includes infant caps, infant incubators, bili lights, newborn hearing screener, infant warmer, cranial orthosis, atrial septal defect occlude, cerebrospinal fluid shunt and others. Other devices are pulse oximeter for infants and automated external defibrillator. By end users, the market is segmented into hospitals, pediatric clinics and others.
Regional Analysis
The global pediatric medical device market consists of four regions namely Americas, Europe, Asia Pacific and Middle East & Africa.
The Americas has the largest market on account of increasing incidence of chronic diseases such as heart disease, diabetes and obesity, rising awareness about adolescent health and growing demand for medical devices in pediatric hospitals and clinics.
Europe has secured the second position in the global market due to prevalence of obesity, disease among children, increasing number pediatric clinics and demand of innovative medical devices for children.
APAC has been showing a steady growth in the market, on account of increasing awareness regarding child health & prevention of diseases which are common among children. Growing number of obesity cases and insulin-dependent diabetes in children has been observed to be high in India and China. Apart from this, population growth and premature childbirth are also envisaged to drive the growth of Asia Pacific market.
The market shows a moderate growth in Middle East & Africa due to a number of factors like prevalence of malnutrition among children in African countries and high growth opportunities on the back of growing government’s initiatives to fight against malnutrition.
Competitive Landscape
Koninklijke Philips N.V. (Netherland), Novamed (U.S), Phoenix Medical Systems USA (U.S), Abbott (U.S), General Electric Company (U.S), Johnson & Johnson Private Limited (U.S), Medtronic (Ireland), Siemens AG (Germany), Phoenix Medical Systems (P) Ltd. (India) and Pega Medical (U.S) are some of the key players in the global market.
Industry News
- August 2018 – The U.S. Food and Drug Administration has approved the first generic version of EpiPen Jr (epinephrine) auto-injector for the emergency treatment of allergic reactions, such as anaphylaxis in pediatric patients who weigh more than 33 pounds. This injector has been developed by Teva Pharmaceuticals USA.
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