Pediatric Medical Devices Market - Snapshot
Patients today live a much longer and healthier life as compared to the earlier years due to the development of various innovative and highly functional medical equipments. All of these newly developed medical equipments are the results of cutting-edge research and revolutionary technologies that have taken years to bring positive results. However, there prevails a risk of pediatric population being left behind though pediatric illnesses are relatively rare in their occurrences. Only a few of the medical inventions have been done with the needs of children in mind. With the presence of such huge untapped market, the growth of the global pediatric medical devices market is likely to observe growth in the years to come.
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Children need effective and safe medical devices that designed specifically keeping their needs in mind. However, the global pediatric medical devices market account for only a small size of the total global medical devices market. As such, the small volume of business has forced device manufacturers focusing less on the medical devices for the children. However, there ahs been a rise in awareness about pediatric illnesses and about the availability of devices to treat them, which is further likely to drive the demand for pediatric medical devices.
Rise in Newborn Deaths due to Chronic Diseases to Create Opportunities for the Market
The growth of the global pediatric medical devices market is likely to be driven by the rising incidents of various chronic diseases amongst the children, such as Lyme disease, whooping cough, tuberculosis, pneumonia, mumps, measles, leukemia, diphtheria, chickenpox, asthma, and anemia.
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Some of the pediatric medical devices are mentioned as below
· Baby Scales.
· Baby Thermometers.
· Circumcision Instruments.
· Bassinet Carts.
· Diaper Scales.
· Pediatric Activity Units.
· Blood Pressure Monitors, Pediatric.
· Pediatric Blood Draw Chairs.
According to a UNICEF press release dated November 2019, pneumonia claims the life of a child every 39 seconds on the world. Most of these deaths occurred to children under the age of two and nearly 153,000 newborns die due to pneumonia within a month of his or her birth. Such huge number of newborn deaths is likely to support growth of the global pediatric medical devices market in the years to come.
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Pediatric Medical Devices Market - Snapshot
Revolutionary technologies and cutting-edge research have led to the development of numerous innovative medical equipment, enabling patients to live healthier and longer. However, the pediatric population is at risk of being left behind. Very few critical medical devices are designed with children’s needs in mind. Children deserve medical devices that are effective, safe, and designed for their specific needs. However, the pediatric medical devices segment accounts for a small share of the global medical devices market and pediatric illnesses are relatively rare. Hence, device manufacturers have less focus on children.
The global pediatric medical devices market was valued at US$ 21,000 Mn in 2017 and is projected to expand at a CAGR of 8.0% from 2018 to 2026. The number of pediatric patients who have succumbed to infectious diseases such as gastrointestinal and respiratory disorders has increased significantly. Early diagnosis and regular monitoring of these patients are essential to identify, treat, and control the spread of these diseases. Moreover, rise in prevalence of asthma, cystic fibrosis, and COPD propel the anesthesia & respiratory care devices segment. According to the World Health Organization, chronic respiratory diseases comprise all such medical conditions that affect the airways and other lung structures. The most common chronic respiratory diseases are asthma, chronic obstructive lung disease including chronic obstructive pulmonary disease, bronchitis, and emphysema; lung cancer and neoplasms of respiratory and intrathoracic pulmonary heart disease, and diseases of pulmonary circulation. The WHO estimates that, presently, 235 million people suffer from asthma, and approximately 90% COPD deaths occur in low and middle income countries. This in turn drives demand for better treatment and management of respiratory diseases among children.
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Governments are experiencing significant pressure to explore avenues to improve health of the pediatric population and simultaneously reduce the financial burden. Development of health care infrastructure in emerging economies and rise in awareness about the available treatments for pediatric health issues have led to rapid adoption of latest pediatric medical devices in regions such as Asia Pacific, the Middle East, Latin America, and emerging countries in Africa. Increased efforts by governments and health care organizations in these countries toward the prevention and efficient treatment of diseases among pediatrics has resulted in a surge in purchase of technologically advanced pediatric medical devices. Rise in prevalence of diseases and disorders such as asthma, diabetes, mental disorders, allergies, and infectious diseases among the global pediatric population and increase in awareness about these diseases and disorders among parents contribute to the growth of the global pediatric medical devices market. Rise in pediatric patient pool and increase in government efforts to create awareness about pediatric disorders and treatment present large opportunities for players operating in the market.
The global pediatric medical devices market has been segmented based on product, end-user, and region. In terms of product, the neonatal ICU devices segment held major market share in 2017 and is projected to gain market share by 2026. Anesthesia and respiratory devices have a fairly high usage, particularly among pediatric patients, due to their efficacy in treating diseases such as asthma. According to the World Health Organization (WHO), asthma is a chronic inflammatory disease that affects millions of children below the age of five years globally each year. Most of the deaths due to chronic inflammatory diseases occur primarily in developing countries.
Geographically, North America dominated the global pediatric medical devices market in 2017. The region’s dominance is attributed to rise in prevalence of cancer and respiratory diseases, increase in popularity of portable devices, and growing preference for home health care devices and services. However, the market in Asia Pacific is expected to expand at the fastest growth rate during the forecast period from 2018 to 2026. Untapped opportunities, improving health care infrastructure, increase in awareness about available diagnostic procedures and technologies, and favorable government initiatives are the major factors fueling the growth of the pediatric medical devices market in the region.
Key players operating in the global pediatric medical devices market include Abbott Laboratories, Boston Scientific Corporation, Baxter International, Inc., Medtronic plc, Cardinal Health, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Johnson & Johnson, Siemens Healthineers, Koninklijke Philips N.V., and Stryker Corporation.
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