PEDIATRIC MEDICAL DEVICES MARKET ANALYSIS

Pediatric Medical Devices MarketSize and Trends

The global pediatric medical devices market was valued at US$ 31,726.3 Mn in 2021 and is forecast to reach a value of US$ 57,035.3 Mn by 2028 at a CAGR of 8.7% between 2022 and 2028. The global pediatric medical devices market is experiencing strong growth due to the rising prevalence of chronic diseases among the pediatric population and increase in focus on pediatric healthcare. Moreover, increase in demand for pediatric medical devices and rise in research and development across the globe is expected to boost the growth of the market.

Global Pediatric Medical Devices Market Trends:

Increase in number of clinical trials is a recent trend

The demand for pediatric medical devices is increasing due to growing burden of chronic diseases among children, high premature birth rates, and rise in birth defects among newborns. According to the National Clinical Trial Registry, as of October 15, 2020, there were 18 ongoing clinical trials related to pediatric medical devices, across different phases of development, for various diseases in the pediatric population. This trend is expected to continue over the forecast period.

Increase in focus on disease diagnosis is another trend

Early, screening and imaging process enables quick identification of any underlying condition. For instance, according to the international medical journal, children with chronic diseases can recover with early disease detection. It is possible through greater exposure to pediatric care. This in turn is expected to increase the demand for pediatric medical devices across the globe. This trend is also expected to continue during the forecast period, driving the market growth.

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.