Market Synopsis
Market Research Future (MRFR) reveals in its new report that the
global pediatric medical device market research report 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.
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 report is segmented based on types of devices and
end-user.
The market insights 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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