Pediatrics is the medical speciality dealing with the health and medical care of infants, children, and adolescents. Pediatric medical devices are used to diagnose and treat diseases and conditions from birth through age 21. Some devices are designed specifically for children, while other devices are borrowed from adult applications or produced for more general use. Pediatric medical devices are considered a vital component of pediatric healthcare, as they are essential to prevent, diagnose, treat and rehabilitate illnesses and diseases in a safe and effective way. Thus, there is an increasing demand for pediatric medical devices worldwide.
Market Statistics:
The global Pediatric Medical Devices Market is estimated to account for US$ 34,480.1 Mn in terms of value by the end of 2022.
Drivers:
Increasing prevalence of chronic diseases in the pediatric population is expected to propel growth of the global pediatric medical devices market during the forecast period. For instance, asthma is a major noncommunicable disease (NCD), affecting both children and adults, and is most common chronic disease among children. Asthma is more common in male children than female children. According to the Asthma and Allergy Foundation of America (AAFA), there are about 5.1 million children under the age of 18 with asthma. Moreover, according to the Royal College of Paediatrics and Child Health (U.K.), asthma is one of the most common long term condition among children and young people, with 1.1 million children currently receiving asthma treatment.
Opportunities:
Increase in focus on the pediatric healthcare across the globe is expected to offer significant growth opportunities for players in the global pediatric medical devices market. For instance, the 2019 US federal budget included an additional UA$ 1 million for the Food and Drug Administration (FDA) to improve infrastructure for conducting paediatric device trials. FDA aims to increase innovation in pediatric medical devices by engaging representatives of pediatric health systems, the medical device industry, academic institutes, and organizations like the American Academy of Pediatrics, and others. The FDA has also issued guidance documents on real-world evidence, and how it can be applied to paediatric devices.
Restraints:
Challenges to pediatric device development and lack of skilled professionals and lack of awareness among people are major factors expected to hinder growth of the global pediatric medical devices market. For instance, primary challenge in the pediatric devices development is that the production of pediatric medical devices is a time-consuming process. Moreover, 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. Furthermore, the need to understand as well as operate medical equipment requires some technical knowledge, and some paediatrician lack skills to operate pediatric devices.
Global Pediatric Medical Devices Market- Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of COVID-19 had a positive impact on the global pediatric medical devices market. The increase in the prevalence of pediatric disorders was driving the demand for pediatric medical devices, which had positive impact on the market. As a result, several pharma and biotechnological companies started focusing on the development of innovative pediatric devices. For instance, the National Capital Consortium for Pediatric Device Innovation (NCC-PDI) launched a COVID-19 edition for 2020, which led to the focus on the development of COVID-related pediatric devices. This in turn is driving the market growth during the pandemic.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pediatric-medical-devices-market-5491
Key Takeaways:
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.
Among product segment cardiology devices segment held dominant position in the global pediatric medical devices market in 2021, accounting for 28.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
One of the key trends expected to boost the growth of the global pediatric medical devices market is the increase in focus on disease diagnosis. Early, screening and imaging process enables quick identification of any underlying condition. For instance, as per the international medical journal, children with chronic diseases can recover with early disease detection. It is only possible through greater exposure to pediatric care. The demand for pediatric devices is also increasing due to rise in prevalence of chronic diseases in the pediatric population, rise in birth defects among newborns, and high premature birth rates. This trend is expected to continue over the forecast period.
Increase in focus on disease diagnosis is another trend
Competitive Landscape:
Major players operating in the global pediatric medical devices market include
TSE Medical, Trimpeks, Elektro-Mag, Novonate Inc., Fritz Stephan GmbH, Hamilton Medical, GE Healthcare (GE Company), Atom Medical Corporation, Phoenix Medical Systems Pvt Ltd., and Ningbo David Medical Device Co. Ltd., among others.
Recent Developments:
In October 2019, Starboard Medical Inc., a US-based medical device company, launched its Clik-FIX Neonatal PICC Securement Device, a miniaturized Securement device helps reduce pressure ulcer injury is a recurrent problem in neonatal patients.
In September 2019, AlgometRx, Epitel, Novonate, PyrAmes Inc.., Raydiant Oximetry, Evanston, and Rhaeos Inc. tamed up to develop innovative medical device solutions to address the significant unmet pediatric health needs and to improve neonatal devices.
In February 2019, Phoenix Medical Systems announced the launch of Nymphaea, a sleek and light weight, blue LED Phototherapy unit to be used in neonatal workspace.
