Pediatric Medical Devices Market Research Report 2021-2031
The Pediatric Medical Devices market size is projected to reach US$ 54.87 billion by 2031 from US$ 32.48 billion in 2023. The market is expected to register a CAGR of 6.78% during 2023–2031. The rising popularity of Point-of-Care devices for pediatric care are likely to remain key trends in the market.
Pediatric Medical Devices Market Analysis
Pediatric medical devices treat or diagnose conditions in individuals from birth through age 21. Pediatric patients are defined as persons aged 21 or younger at the time of their diagnosis or treatment. Pediatric subpopulations are categorized as neonates (birth through 28 days), infants (29 days to less than 2 years), children (2 years to less than 12 years), and adolescents (12 through 21 years). The rising chronic diseases among the pediatric population boost the demand for pediatric medical devices.
Pediatric Medical Devices Market Overview
According to an article published in Wiley online library in August 2020, 3.9 million surgeries are performed on children aged 0-17 in the US annually. The most common surgical procedures in childhood, excluding circumcision, are related to the ear, nose, and throat: tonsillectomies, adenoidectomies, and tympanostomy tube placement. The rising number of pediatric surgeries is increasing the demand for new innovations in the pediatric medical device market. In addition, with the growing demand, companies are introducing new technologies to accelerate growth of their market share. For instance, in June 2021, Preceptis Medical, Inc., launched Hummingbird Tympanostomy Tube System (TTS), a next-generation ear tube system for office-based pediatric myringotomy procedures. The new Hummingbird device has an improved ergonomic design that makes tympanostomy procedures in toddlers more successful without general anesthesia.
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Pediatric Medical Devices Market: Strategic Insights
Market Size Value in US$ 28,207.65 Million in 2021 Market Size Value by US$ 48,305.21 Million by 2028 Growth rate CAGR of 8.0% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Pediatric Medical Devices Market: Strategic Insights
| Market Size Value in | US$ 28,207.65 Million in 2021 |
| Market Size Value by | US$ 48,305.21 Million by 2028 |
| Growth rate | CAGR of 8.0% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Pediatric Medical Devices Market Drivers and Opportunities
Mounting Number of Pediatric Surgeries to Favor Market
As highlighted by the United Nations International Children's Emergency Fund (UNICEF), Pneumonia is the leading cause of death among children under 5, resulting in ~ 700,000 deaths per year. The increasing prevalence of chronic diseases including respiratory diseases, cancer, and cardiovascular disorders is expected to boost demand for pediatric medical devices. Hypoxic-Ischemic Encephalopathy (HIE) is a leading cause of neonatal mortality and morbidity in term and near-term infants. With the advancements in neonatal care, medical technologies have enabled the adoption of new therapies to support care or to be explored in large clinical studies. As a result, the rising adoption of medical devices in pediatric care facilities, fuels the global pediatric medical devices market.
High Growth Potential in Emerging Economies Brings Growth Opportunities
According to an article published in BMJ Open in November 2022, a study conducted using Demographic and Health Survey data from 33 sub-Saharan African countries concluded that Common childhood illnesses are prevalent among under-5 children in sub-Saharan African countries. Factors at individual and community levels are associated with this issue. Furthermore, the expanding healthcare infrastructure in emerging economies and the growing emphasis on telemedicine offer promising prospects for market expansion. Thus, collective initiatives by the international organizations, such as WHO and UNICEF in the regions such as the Asia Pacific, and Middle East and Africa strengthen their pediatric healthcare infrastructures by creating awareness regarding pediatric safety. These are likely to offer lucrative opportunities for the pediatric medical devices market growth during the forecast period.
Pediatric Medical Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the pediatric medical devices market analysis are product and end user.
- The pediatric medical devices market is segmented based on product into in vitro diagnostic (IVD) devices, cardiology devices, respiratory care devices, monitoring devices, neonatal ICU devices, and others. The in vitro diagnostic (IVD) devices segment held the largest market share in 2023.
- By end user, the market is segmented into hospitals, pediatric clinics, and others. The hospitals segment held the largest share of the market in 2023.
Pediatric Medical Devices Market Share Analysis by Geography
The geographic scope of the Pediatric Medical Devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Asia Pacific is expected to grow with the highest CAGR in the coming years.
The Pediatric Medical Devices market in North America is analyzed based on the three major countries: the US, Canada, and Mexico. The US is projected to have the largest share of the North America pediatric medical devices market in 2023.
As per the American Academy of Pediatrics, ~3% to 4% of all babies born in the US have congenital abnormalities. As per the Centers for Disease Control and Prevention (CDC), 1 in every 33 babies born in the US is affected by birth defects every year. The rise in the number of pediatric populations having birth deformities reflects the greater number of populations undergoing surgical treatments. Therefore, factors such as the mounting burden of pediatric diseases, R&D activities to develop advanced pediatric medical devices, and increasing product launches attributes to the growth of the US pediatric medical devices market share.
Pediatric Medical Devices Market Report Scope
Pediatric Medical Devices Market News and Recent Developments
The Pediatric Medical Devices market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes essential corporate publications, association data, and databases. A few of the developments in the Pediatric Medical Devices market are listed below:
- OrthoPediatrics Corp. have entered an agreement to acquire Pega Medical, including its Fassier-Duval Telescopic Intramedullary System designed for patients suffering from Osteogenesis Imperfecta and other bone deformities. Their product offerings include novel technologies to treat some of the most unique conditions in pediatric orthopedics. (Source: OrthoPediatrics Corp, Press Release, June 2022).
- LMT Medical Systems created the "Nomag IC Enhanced," an advanced MR Diagnostics Incubator that allows neonates and preterm babies to be moved straight from the NICU into the MR suite for testing using optimum, non-invasive Magnetic Resonance Imaging. Throughout the transit and MRI examination, the infant is safeguarded inside the life-sustaining, temperature and humidity-controlled MR-incubator. (Source: Ergotron, Press Release, December 2020).
Pediatric Medical Devices Market Report Coverage and Deliverables
The “Pediatric Medical Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Pediatric medical devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Pediatric medical devices market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Pediatric medical devices market analysis covering key market trends, global and regional framework, significant players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the Pediatric medical devices market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Devices ; End User , Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The Pediatric Medical Devices market is anticipated to grow at a CAGR of 6.78% during 2023-2031.
The Pediatric Medical Devices market is estimated to reach US$ 54.87 billion by 2031.
The rising popularity of Point-of-Care devices for pediatric care are future trends in the market.
F. Hoffmann-La Roche Ltd, General Electric Company, Atom Medical Corp., Koninklijke Philips N.V., Siemens AG, Medtronic, Hamilton Medical, Novonate, Inc, TSE MEDICAL, Fritz Stephan GmbH are some leading players operating in the pediatric medical devices market.
Factors including rising prevalence of pediatric diseases and mounting number of pediatric surgeries are the driving factors the pediatric medical devices market growth.
North America dominated the pediatric medical devices market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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