Global Pediatric Medical Devices Market Exceeds US$45 Billion, Driven by Rising Incidence of Chronic Illnesses and Infectious Diseases Among Children
The global pediatric medical devices market witnessed significant growth in 2021, surpassing a market size of US$45 billion. This growth is expected to continue in the coming years, fueled by various key factors. One of the major drivers propelling the growth of the pediatric medical devices industry is the increase in the incidence of chronic illnesses and infectious diseases among children, such as diphtheria, leukemia, measles, mumps, anemia, asthma, chickenpox, tuberculosis, whooping cough, Lyme disease, and pneumonia.
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The rising incidences of cancers and respiratory disorders among children are driving the growth of the pediatric medical devices market. According to the American Cancer Society, it was predicted that nearly 10,500 children in the United States under the age of 15 would have cancer in 2021. To treat and monitor pediatric patients, various medical equipment and devices are needed. Additionally, the COVID-19 pandemic has emphasized the importance of pediatric medical devices, with 4.3 million children in the US testing positive for the virus as of August 2021.
The increasing number of preterm births, prevalence of pediatric disorders, and demand for preventative care and efficient imaging solutions are fueling the demand for pediatric medical devices. These factors contribute significantly to the growth of the market.
Governments' investments in research and development initiatives to enhance pediatric medical infrastructure are also driving the expansion of the global pediatric medical devices market. There is a growing emphasis on pediatric healthcare, leading to advancements in healthcare infrastructure.
One of the challenges faced by the market is the lack of trained professionals proficient in handling pediatric medical devices. This limitation hinders the market's expansion as some pediatricians lack the necessary technical knowledge to effectively use these devices. Addressing this challenge and improving the skills of healthcare professionals are crucial for the market's growth.
North America leads the pediatric medical devices market, driven by the presence of major companies, a high prevalence of pediatric chronic diseases, well-developed healthcare infrastructure, and innovative product introductions. The Asia Pacific region is expected to exhibit the highest compound annual growth rate (CAGR) of 8.7% throughout the forecast period. The region's large population and high prevalence of ailments in children contribute to its growth potential.
Top Key players operating in the global pediatric medical devices market include Abbott, Stryker, Medtronic, Boston Scientific Corporation, Cardinal Health, F. Hoffmann-La Roche Ltd, GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., Baxter, Siemens Healthcare GmbH, TSE MEDICAL, DAVID, Hamilton Medical, FRITZ STEPHAN GMBH, Phoenix Medical Systems, Novonate, Inc., Elektromag, Trimpeks, Atom Medical Corp., Johnson & Johnson Services, Inc., among others.
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