Pediatric Medical Devices Market to Become Worth US$ 41,000 Mn by 2026, Says TMR

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Transparency Market Research

06 Jul, 2018, 10:30 GMT

ALBANY, New York, July 6, 2018 /PRNewswire/ --

Transparency Market Research (TMR) has published a new report titled, "Pediatric Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026". According to the report, the global pediatric medical devices market was valued at US$ 21,000 Mn in 2017 and is projected to expand at a CAGR of 8.0% from 2018 to 2026. Rise in prevalence of chronic diseases such as diabetes, cardiovascular diseases, and others drive the global market. Moreover, surge in demand for self-care devices/solutions, increase in incidence of chronic and infectious diseases among pediatric population, and technological developments are expected to propel demand for pediatric medical devices used to treat chronic conditions.

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Rise in Chronic Conditions to Augment Market 

Prevalence of chronic health disorders is rising among children. A report published by the Pediatric Academic Societies in 2016 stated that these chronic conditions are most common among children who live in or near poverty. The report found substantial increase in attention deficit hyperactivity disorder (ADHD) and asthma among children living in poverty, as compared to their comfortable counterparts.

The global pediatric medical devices market has been segmented based on product and end-user. In terms of product, the global market has been categorized into in vitro diagnostic (IVD) devices, cardiology devices diagnostic imaging devices, anesthesia & respiratory care devices, neonatal ICU devices, monitoring devices, telemedicine, and home-use medical devices. In vitro diagnostic (IVD) devices are available in the form of reagents, kits, instruments, equipment, apparatuses, or systems, used either alone or in combination with other diagnostic tools to gain critical information for health and drug/therapy monitoring.

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In vitro diagnostics deliver valuable information about the pathological and/or physiological state of the body and, therefore, are essential to make well-informed medical decisions. Cardiology devices are used to diagnose and monitor patients suffering from cardiovascular diseases, primarily to identify the seriousness of the condition and effect of treatment on a patient. Diagnostic imaging devices are used in the diagnosis of various critical diseases and disorders of vital organs such as liver, lungs, heart, and brain. Usage of diagnostic imaging techniques such as MRI, X-ray, and CT scan has increased in the last two decades. These imaging technologies are painless and offer rapid diagnosis, making them a popular option for patients and doctors alike. Anesthesia devices comprise anesthesia workstations, anesthesia ventilators, anesthesia monitors, and anesthesia delivery machines. Respiratory care devices are meant for therapeutic usage to improve pulmonary function, boost lung oxygenation, and aid mucus removal from bronchi during respiratory therapy.

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Moreover, neonates admitted to neonatal intensive care units are premature, have low birth weight, or suffer from a medical condition that requires special care. Newborns with medical conditions such as infections, birth defects, or heart problems are also cared for in the NICU. Neonatal intensive care units comprise advanced technology and trained health care professionals who provide personal medical attention to the admitted newborn babies. Monitoring devices are used for continuous monitoring of health status of pediatrics by communication techniques, wearable detecting devices, and a small energy consumption microchip with high efficiency data handling algorithms. Telemedicine includes teleconsultation, telemonitoring, tele-education, teletraining, telecare, and telesurgery. It involves consultation services offered by experienced individuals covering various domains and activities to help, advice, and assist in the overall progress of an activity/initiative. A home-use medical device is proposed for users in any environment outside of a professional health care facility. This comprises devices proposed for use in both professional health care facilities and homes.

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Neonatal ICU Devices to Account for Major Market Share 

The report offers detailed segmentation of the global pediatric medical devices market based on products and end-user. In terms of product, the neonatal ICU devices segment is estimated to account for major share of the market from 2018 to 2026. The segment is likely to account for the major share of the market by 2026. It is also expected to grow at a rapid pace during the forecast period. Growth of the segment is attributed to increase in number of premature births across the globe.

North America Dominated the Market 

North America accounts for the leading share of the global pediatric medical devices market, primarily due to its large patient population and increase in disease awareness among children and adults. Moreover, launch of new pediatric medical devices such as seizure monitors, wireless pulse oximeters, and heart monitors in the region is expected to drive the market during the forecast period. Asia Pacific is an untapped market as compared to the developed regions. Hence, the region presents better opportunities in the pediatric medical devices market. China and India are the most populous countries in the world and have the largest pediatric population, with high number of cancer and infectious disease patients. Demand for pediatric medical devices in countries such as Malaysia, Indonesia, Singapore, and India is also increasing rapidly. Considering the low health care spending, market players entering Asia Pacific will offer reasonably priced products to capture higher share.

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Abbott Laboratories, Medtronic plc, and GE Healthcare to Lead Market 

The report also provides profiles of leading players operating in the global pediatric medical devices market. These include Abbott Laboratories, Boston Scientific Corporation, Baxter International, Inc., Medtronic plc, Cardinal Health, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Johnson & Johnson, Siemens Healthineers, Koninklijke Philips N.V., and Stryker Corporation.

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