The global pediatric medical devices market achieved remarkable growth in 2021, surpassing a market size of US$45 billion. This positive trend is expected to continue in the upcoming years, supported by several key factors. One of the primary drivers propelling the expansion of the pediatric medical devices industry is the increasing prevalence of chronic illnesses and infectious diseases among children, including diphtheria, leukemia, measles, mumps, anemia, asthma, chickenpox, tuberculosis, whooping cough, Lyme disease, and pneumonia.
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The rising incidences of cancers and respiratory disorders among children are major contributors to the growth of the pediatric medical devices market. According to data released by the American Cancer Society in January 2021, it was estimated that nearly 10,500 children in the United States under the age of 15 would be diagnosed with cancer that year. This underscores the critical need for advanced medical equipment and devices to effectively treat and monitor pediatric patients. Furthermore, the ongoing COVID-19 pandemic has further emphasized the significance of pediatric medical devices, with approximately 4.3 million children in the US testing positive for the virus as of August 2021.
The market for pediatric medical devices is also driven by the increasing number of preterm births and the prevalence of pediatric disorders. There is a growing demand for preventive care and more efficient imaging solutions, leading to an escalated requirement for pediatric medical devices. These factors significantly contribute to the overall growth of the market.
Governments' investments in research and development initiatives to enhance pediatric medical infrastructure play a pivotal role in driving the global pediatric medical devices market. The growing focus on pediatric healthcare and the introduction of innovative products further stimulate market expansion.
However, the market faces challenges due to the scarcity of adequately skilled professionals proficient in handling pediatric medical devices. Some pediatricians lack the necessary technical knowledge to effectively utilize these devices, resulting in the adoption of alternative adult technologies. Addressing this challenge and enhancing the skills of healthcare professionals are crucial for the sustained growth of the market.
North America leads the pediatric medical devices market, benefitting from the presence of major companies, a high prevalence of pediatric chronic diseases, and a well-developed healthcare infrastructure. Meanwhile, the Asia Pacific region is projected to exhibit the highest compound annual growth rate (CAGR) of 8.7% throughout the forecast period. The region's substantial population and the high prevalence of ailments in children, such as kidney disease and birth deformities, contribute to its immense growth potential.
The report also highlights prominent players in the global pediatric medical devices market include Abbott, Stryker, Medtronic, Boston Scientific Corporation, Cardinal Health, F. Hoffmann-La Roche Ltd, GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., Baxter, Siemens Healthcare GmbH, TSE MEDICAL, DAVID, Hamilton Medical, FRITZ STEPHAN GMBH, Phoenix Medical Systems, Novonate, Inc., Elektromag, Trimpeks, Atom Medical Corp., Johnson & Johnson Services, Inc., among others.
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