Pediatric Catheters Market Research Report by Product Type (Cardiovascular Catheters, Urology Catheters, Intravenous Catheters, Neurovascular Catheters, Specialty Catheters and Others), End User (Hospitals, Clinics, Ambulatory Surgical Centers and Others) and Region - Forecast till 2027
Pediatric Catheters Market Scenario
The Pediatric Catheters Market is expected to grow significantly over the forecast period. The market held a market value of USD 5.9 billion in 2018 and is projected to grow at a CAGR of 9.6% over the forecast period.
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Increased burden congenital abnormalities in infants owing to urology, neurovascular and cardiovascular issues and the surge in supportive reimbursement scenario can bolster the demand for pediatric catheters in line with surgical intervention. Widespread availability of different types of catheters that come in varying sizes as well as ergonomic designs, used for eliminating infections while facilitating the healing process post-surgery also benefits the global industry. Also, the mounting preference for minimally invasive surgeries that require catheters can boost the market size in subsequent years.
Burgeoning pediatric population, surge in congenital heart defects (CHD), urinary tract infections and neurological disorders paired with the shortage of newborn screening centers in developing nations can present attractive opportunities to prominent firms in the market. Frequent technological advances in pediatric catheters for eliminating associated infections among infants and children could be favorable for the global market as well. There has been a spike in government initiatives across countries, which aim to offer medical cover to a large number of patients, along with programs like Child Health Insurance Program in the US that offers healthcare coverage for 365-day to children. These efforts given by governments across the globe are presumed to foster the use of pediatric catheters in the following period.
Many of the key manufacturers are focused on pediatric device development and innovation that help expand the application scope and a higher customer base. These vendors take up several strategies, such as product range expansion, acquisitions, partnerships to bolster their market positions. New launches and technological innovations by leading firms are anticipated to intensify the rivalry in the global market during the conjectured period. Various manufacturers are also focusing on the latest technological trends such as big analytics and robotics, leveraging their growth potential to accelerate profit margins. For instance, in September 2020, a research team from the Boston Children’s Hospital developed a robotic catheter that is automatic. The catheter makes use of a haptic vision sensor that collects images from a small camera, combing them with machine learning algorithms to understand if the tip is touching tissue, valve or blood. Since the robotic catheter can navigate on its own, the surgeon is able to focus solely on deploying the occlude for optimizing the valve repair.
Pediatric Catheters Market Segmentation
Pediatric catheters industry can be segmented in terms of product type and end user.
The various product types considered in the report are specialty catheters, urology catheters, cardiovascular catheters, neurovascular catheters, intravenous catheters, and others. Sales by application in these segments are increasing with the rising cases among children across the world.
The market, by end user, has been segmented into hospitals and clinics, ambulatory surgical centers, and others.
Pediatric Catheters Market Regional Outlook
The Americas and APAC/Asia Pacific along with MEA/Middle East & Africa and Europe are the primary markets for pediatric catheters.
The Americas is most likely to clinch the leading position in the global market, given the consistently expanding pediatric population afflicted with several diseases. The high burden of urological issues as well as congenital heart defects along with the surge in inpatient and emergency room procedures could also bolster the market size in the region. Presence of well-equipped medical facilities, supportive reimbursement policies and federal initiatives that result in more pediatric device development also induce significant market growth in the region.
Charging ahead at the fastest rate is the APAC market, primarily owing to the substantial pediatric patient populace. The application segment of catheters in the region is the highest in cardiovascular diseases, which is quite prevalent among children. Various other anomalies are also increasingly affecting the low and middle-income population in the region, which fuels the need for advanced pediatric catheters. Another encouraging factor can be the considerable growth of private and public healthcare infrastructure in India, China, and others.
Pediatric Catheters Market Top Competitors
Top industry competitors are 180 Medical, Inc., Smiths Medical, Medtronic, Koninklijke Philips N.V., C. R. Bard, Cook, Edwards Lifesciences Corporation, Abbott, B. Braun Melsungen AG, BD, Johnson & Johnson Services, Inc., Boston Scientific Corporation, and more.
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