Pediatric Medical Devices Market

Preliminary examination of the global pediatric medical devices market suggests a promising outlook in the years to come. Mounting prevalence of chronic illnesses remains the key driving force.

Market Analysis in Brief

The market size for pediatric medical devices was more than US$45 Bn in the year 2021 and will observe an impressive pace of growth in the years to come. One of the major elements propelling the growth of the pediatric medical devices industry is the increase in the incidence of chronic illnesses, and infectious diseases among children, such as diphtheria, leukaemia, measles, mumps, anaemia, asthma, chickenpox, tuberculosis, whooping cough, Lyme disease, and pneumonia.

Children under the age of 10 years are the most affected by chickenpox. Over 90% of adults have an experience of having affected by chickenpox in their childhood and are, therefore, immune to it. Increasing investments from governments in R&D initiatives to build the pediatric medical infrastructure will also foster the pediatric medical devices market expansion. The demand surge is expected to be prominent in sectors like cardiology, neonatal intensive care units (ICU), and monitoring, indicates preliminary research.

Key Report Findings

• In 2021, the pediatric medical devices market size was over US$45 Bn
• A growing number of pediatric patients suffering from cancers, and respiratory conditions predominantly drives market growth
• Pacing developments in pediatric healthcare infrastructure elevates market growth outlook
• Hospitals dominate in demand generation
• NICUs represent the leading market segment

Growth Drivers

Rising Incidences of Cancers, and Respiratory Disorders Among Children

According to data that the American Cancer Society published in January 2021, nearly 10,500 children in the US under the age of 15 years are predicted to have cancer that year. Various medical equipment is used when treating and keeping track of pediatric patients. For instance, it is anticipated that the growing incidence of respiratory illnesses in children, such as COVID-19, would increase the demand for monitoring tools, including pulse oximeters, critical care tools, ventilators, and warmers. According to the American Academy of Pediatrics, 4.3 million kids in the US had COVID-19 positive tests in August 2021. As a result, the expansion of the pediatric medical devices market is driven by the increasing frequency of cancer and respiratory disorders among children.

Rise in Preterm Births, and Prevalence of Certain Birth Conditions

The strongest factors driving the demand for pediatric medical devices are the increasing number of preterm births, the rising frequency of pediatric disorders, and the increased demand for preventative care, and more efficient imaging solutions. As per Centers for Disease Control and Prevention (CDC), 9.2 million children in the United States visit the emergency department due to mishaps, including slips, trips, falls, car accidents, and burns. The adoption of efficient pediatric medical devices is considerably increased by pediatric patients' inability to communicate specific difficulties. This uplifts the scope of growth for the pediatric medical devices market. Additionally, as the prevalence of birth abnormalities rises, efficient imaging methods are needed to reduce the consequences.

Growing Emphasis on Pediatric Healthcare

The growing emphasis on pediatric healthcare is another element fueling the expansion of the global pediatric medical devices market. For instance, due to the rising prevalence of chronic diseases in children, business players and governments worldwide are concentrating on enhancing the healthcare system for children. To advance innovations for delivering more equitably and family-focused care, the Center for Health Care Strategies (CHCS) established a learning community in May 2021. This community will collaborate with 12 top pediatric practices, a group of six family advisors, and experts in the field from across the country.

Growth Challenges

Inadequately Skilled Professionals

Another problem limiting the worldwide pediatric medical devices market expansion for pediatric medical devices is the lack of trained personnel to use/handle them. Some technical knowledge is required to understand and use pediatric medical devices, and some pediatricians lack the ability to use pediatric medical devices. As a result, some pediatricians worldwide treat children using alternative adult technologies. For instance, a pediatric cardiologist frequently treats a child with a congenital heart condition with an adult biliary stent that is not approved for that application.

Overview of Key Segments

Increasing Cases of Preterm Delivery Push Demand from Neonatal ICUs

Children who need NICU care are typically transferred there within 24 hours of birth due to difficulties during delivery, early birth, or health problems following birth. If a child is born before 37 weeks of pregnancy, it is considered preterm. As per Centers for Disease Control and Prevention's November 2021 update, one in ten infants born in the United States in 2020 experienced preterm birth.

Preterm birth rates dropped one percent from 10.2% in 2019 to 10.1% in 2020. The arrival of new products in the region will also see a profitable rise in the pediatric medical devices market. Using this technology, all neonates requiring assistance breathing will likely receive better care. As a result, such calculated initiatives by significant market rivals would broaden the selection of goods accessible in the neonatal ICU segment, driving the market. The aforementioned factors are therefore expected to considerably accelerate the segment's expansion, driving the market.

Hospitals to Dominate with Increased Preference for Hospitalization

The hospital sector holds the largest revenue share of the pediatric medical devices market pie. The demand for improved medical equipment for better medical care and the rising number of pediatric patient admissions are anticipated to drive the segment's growth. Over 2 million kids are hospitalized in hospitals in the US each year, accounting for 40% of all pediatric healthcare costs, according to a paper published in the National Library of Medicine.

Over the forecast period, the pediatric medical devices market is expected to grow at a profitable rate. The fact that these clinics are primarily devoted to providing care for children can be blamed for the increase. The pediatric clinics offer the most recent clinical knowledge on children's and adolescents' health conditions. It provides a broad range of services to guarantee a child has a healthy upbringing. These clinics also offer a comprehensive schedule of check-ups, vaccines, and a child's general growth.

Growth Opportunities Across Regions

North America Leads its Way

Throughout the forecast period, North America is anticipated to lead the market. The presence of major companies, the high prevalence of pediatric chronic diseases in the area, the developed healthcare infrastructure, and the introduction of innovative products all contribute toward the expansion of the pediatric medical devices market. Asthma, obesity, various physical afflictions, and behavioral/learning difficulties are among the chronic health conditions that affect more than 40% of school-aged children and adolescents in the US, according to the Centers for Disease Control and Prevention.

Complex, continuing healthcare requirements for kids with chronic illnesses might arise, necessitating routine management and emergency planning. To provide better treatment, pediatric medical devices are thus developed, which will significantly impact the performance of the pediatric medical devices market.

Over the projected period, the Asia Pacific area is anticipated to have the greatest CAGR, at 8.7%. The large population and high prevalence of ailments in children, such as kidney disease, birth deformities, etc., can be blamed for the rise. 27 million kids are born with birth problems yearly in India, where 1-3 out of every 100 babies are born with birth abnormalities. The lack of access to competent medical services in rural areas and the wealth status necessary to pay for healthcare services are the main causes of the rise in chronic diseases.

With the growing number of players in the pediatric medical devices market supplying products, the trend for pediatric medical devices is projected to increase considerably in the next years. Furthermore, launching new goods, ground-breaking technologies, and successful events allowed companies to continue manufacturing pediatric medical devices.

Global Pediatric Medical Devices Market: Key Market Players

A few of the players in the 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 other domestic and global players.

Recent Notable Developments

• In August 2020, the US FDA authorized Getinge's Flow-e and Flow-c Anesthetic Systems, which enable personalized anesthetic delivery for even the most demanding patients, from neonates and toddlers to the morbidly obese
• In March 2020, the West Coast Consortium for Technology & Innovation in Pediatrics (CTIP) and Nursing Innovation Hub, Inc. (NIHUB) joined to support nurse-led technology and innovation for pediatric medical device innovation
• In January 2022, Good Parents, a remote pediatric patient monitoring platform, raised US$16 Mn in a Series A funding round headed by Vive Collective. Remote patient monitoring is available for children with conditions such as asthma, autism, diabetes, and congenital heart problems via the company's platform. The funds will allow the company to expand its workforce in the US, and Asia, enhance its partnerships with healthcare groups and insurance companies, and obtain FDA device certification
• In February 2022, Masimo revealed that the FDA had cleared SedLine brain function monitoring and the SedLine Pediatric EEG Sensor for pediatric patients (1-17 years of age). With this approval, the potential advantages of SedLine have been extended to all patients in the United States aged one year and older

Regional Classification of the Global Pediatric Medical Devices Market is Described Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability

Key Elements Included In The Study: Global Pediatric Medical Devices Market

• Pediatric Medical Devices Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2022
• Market Value at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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