PEDIATRIC MEDICAL DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

However, factors such as pediatric device development challenges and lack of skilled professionals are expected to hamper growth of the global pediatric medical devices market.

Global Pediatric Medical Devices Market Drivers:

High prevalence of chronic diseases to propel market growth

One of the key factors expected to propel the growth of the global pediatric medical devices market over the forecast period is the rising prevalence of chronic diseases among the pediatric population. For instance, according to the UNICEF (an agency of the United Nations), November 2019 report, pneumonia claims the life of a child every 39 seconds on the world. Most of these deaths occurred under the age of two and nearly 153,000 newborns die due to pneumonia within a month of his or her birth. This in turn is driving the growth of the market.

Increase in focus on pediatric healthcare to drive market growth

Another factor which is driving the growth of the global pediatric medical devices market is the increase in focus on pediatric healthcare. For instance, due to the increasing prevalence of chronic diseases among the pediatric population, market players and several governments worldwide are focusing on improving healthcare infrastructure for pediatrics. In May 2021, the Center for Health Care Strategies (CHCS) launched a learning community that will work with 12 leading pediatric practices, a team of six family advisors, and experts in the field from across the nation to advance innovations for providing more equitable and family-focused care.

Global Pediatric Medical Devices Market Opportunities:

Increase in demand for pediatric medical devices worldwide is expected to offer significant growth opportunities for players in the global pediatric medical devices market. For instance, the demand for pediatric medical devices has increased or is increasing due to increasing prevalence of chronic diseases in pediatric population. In February 2022, Masimo announced the U.S. Food and Drug Administration (FDA) clearance of SedLine brain function monitoring for pediatric patients (1-17 years of age) and the SedLine Pediatric EEG Sensor. With this clearance, the potential benefits of SedLine have been expanded to all patients one year old and above in the U.S.

Increase in research and development (R&D) across the globe is expected to offer lucrative growth opportunities for players in the global pediatric medical devices market. For instance, cutting-edge research and advanced technologies have led to the development of numerous innovative medical devices, enabling pediatric patients to live healthier/longer lives. In January 2022, Good Parents raised around US$ 16 million in a Series A funding round that was spearheaded by Vive Collective. Children with diseases such as asthma, diabetes, autism, and congenital heart defects can use the company\'s platform for remote pediatric patient monitoring.

Global Pediatric Medical Devices Market Restraints:

Pediatric device development challenges to hinder market growth

One of the key factors expected to hamper growth of the global pediatric medical devices market is the pediatric device development challenges faced by market players. The primary challenge in the development of pediatric devices is that the production of pediatric medical devices is a time-consuming process. In 2017, the Food and Drug Administration (FDA) highlighted the challenges involved in developing pediatric devices, such as difficulties in running clinical trials owing to a small patient population with a particular disease.

Lack of skilled professionals to hamper the market growth

Another factor that is hampering the growth of the global pediatric medical devices market is the lack of skilled professionals to use/handle pediatric medical devices. The need to understand and operate medical devices requires some technical knowledge, and some paediatrician lack skills to operate pediatric devices. As a result, some paediatrician worldwide use alternative adult devices to treat pediatric patients. For instance, a pediatric cardiologist often uses an adult biliary stent off-label to treat pediatric patient with a congenital heart disease.