Global Pediatric Medical Devices Markets, 2021-2028: Continuous Demand for Point-of-Care Products & High Growth Potential in Emerging Economies - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Pediatric Medical Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product; End User, Geography" report has been added to ResearchAndMarkets.com's offering.
The pediatric medical devices market is expected projected to reach US$ 48,305.21 million in by 2028 from an estimated value of US$ 28,207.65 million in 2021 and is estimated to grow with at a CAGR of 8.0% from during 2021-2028
The rising incidence of cancer and respiratory disorders among children, and availability of a wide range of pediatric medical devices are among the key factors driving the market growth. However, the lack of awareness about medical devices designed for infants hampers the market growth.
Pediatric medical devices are used in the diagnosis and treatment of various medical conditions occurring in children from birth till the age of 21. The medical device innovation demonstrates both the unique needs of children and the challenges of getting to the market a device that meets those requirements.
Designing pediatric medical devices is a challenging task. The designers need to consider the following aspects while designing these devices: children are often more active than adults, their body structures and functions are continuously developing and are different than adults; moreover, they may be long-term users of the devices.
The healthcare systems worldwide are continuously evolving due to product innovations and developments. The rise in diseases and disorders among children plays a key role in attracting investments from the global and domestic players into this sector. The trend for pediatric medical devices is likely to grow dramatically in the future, owing to the increasing number of market players offering products.
Moreover, innovative products, revolutionary technology, and successful events have created opportunities for the companies to continue producing pediatric medical devices. In addition, the growing trend of point-of-care devices in hospitals and at-home care is expected to benefit the pediatric medical devices market in the coming years.
The pediatric medical devices market, by product, is segmented into in vitro diagnostic (IVD), cardiology devices, respiratory care, monitoring devices, neonatal ICU devices, others. The in vitro diagnostic (IVD segment is likely to hold the largest share of the market in 2021, and the respiratory care segment is anticipated to register the highest CAGR of 8.6% in the market during the forecast period.
Based on end user, the pediatric medical devices market is segmented into hospitals, pediatric clinics, and others. The hospitals segment is likely to hold the largest share of the market in 2021. Moreover, the pediatric clinics segment is estimated to register the highest CAGR of 8.5% in the market during the forecast period.
Key Market Dynamics
- Rising Incidences of Cancer and Respiratory Disorders among Children
- Availability of Wide Range of Pediatric Medical Devices
- Lack of Awareness about Medical Devices Designed for Infants
- High Growth Potential in Emerging Economies
- Continuous Demand for Point-of-Care Products
- Boston Scientific Corporation
- Cardinal Health, Inc.
- F. Hoffmann-La Roche Ltd.
- General Electric Company
- Johnson And Johnson Services, Inc.
- Koninklijke Philips N.V.
- Siemens AG
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