Global Pediatric Medical Devices Market to Reach USD 41,000 Million by 2026

The global pediatric medical devices market was valued at USD 21,000 million in 2017 and is projected to expand at a CAGR of 8.0 percent 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. 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 and 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. 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.

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 healthcare 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 healthcare facility. This comprises devices proposed for use in both professional healthcare facilities and homes.

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. 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 healthcare spending, market players entering Asia Pacific will offer reasonably priced products to capture higher share.

Leading players operating in the global pediatric medical devices market 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. – Transparency Market Research