US & Global Pediatric Medical Device Market to Garner Significant Traction by 2027
US & Global Pediatric Medical Device Market by application (hospitals, clinic), by end users (pediatrician, doctors) & by types (infant caps, newborn hearing screener, cranial orthosis, infant warmer, incubators, bililights) - forecast to 2027
The Pediatric Medical Devices market, overall, is garnering momentum mainly due to the enormous support and funding from both, public and private sectors. These public and private organizations are undertaking initiatives with their colossal funding to address the severe scarcity of medical devices that are designed specifically for the pediatric patients.
All, members of the Academy of Pediatrics, regulators, sponsors, and clinicians recognize that the pediatric medical devices industry lags behind adult devices’ by several years, in terms of the availability of sufficient pediatric-specific devices, as a result of which adult devices are generally used for children as well, which is not ideal.
While there are many obstacles in the development of pediatric-specific devices, federal agencies and regulatory are committed to developing innovative pathways and solutions to promote bringing pediatric devices to market which, in turn, is favoring the market growth of pediatric medical devices.
Acknowledging the traction, this market is vibrating with currently; Market Research Future (MRFR) in its recently published study report asserts that the US & global pediatric medical device market will garner exponential accruals by 2027, registering a staggering CAGR between 2017 and 2027. Countries across the globe have become extremely responsive towards the child healthcare.
The pediatric medical device market in the US is predominantly driven by the programme run by the FDA to provide advice and support services to innovators of children's medical devices. Started in 2009, the program aims to enhance the development, production, and distribution of pediatric medical devices and has awarded $37 million to various consortia so far.
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In Sep.2018, the FDA announced the five grants totaling up to $6 million per year over the next five years to pediatric device Consortia (PDC) across the country. What lightning does to mushrooms, the FDA support is doing to the pediatric medical device market in the US, helping it to grow enormously. Resultantly, substantial technological advancements are seen in the market.
For instance; in September 2018, Children’s Healthcare of Atlanta (CHoA) and the Georgia Institute of Technology (Georgia Tech) have successfully performed a pediatric surgery of a 7-month old patient with a life-threatening airway obstruction using 3D printed tracheal splints. Such advancements are providing impetus to the growth of the pediatric medical device market in the US.
The Global Pediatric Medical Device Market is growing pervasively due to the innovations and new technologies. The market is observing a fabulous growth with the emergence of futuristic pediatric medical devices that have completely revolutionized the perception of pediatric care.
There are substantial funding programmes from the governments, delving into the financial, regulatory, and design constraints associated with the challenging endeavors of R&D for pediatric medical devices, treatments, and overall healthcare. Combining information technology (IT) and healthcare successfully, the global pediatric medical device market has catalyzed the overall growth.
However, factors such as lack of funds, stringent and unclear regulatory framework, along with the growing data security concerns such as connectivity issues, especially in underdeveloped and developing regions, are impeding the market growth. Nevertheless, favorable reimbursement policies, coupled with the ongoing product development & commercialization is expected to support the market growth to an extent.
US & Global Pediatric Medical Device Market - Segments
MRFR has segmented the report into four key dynamics for the convenience of understanding;
By Device Types : Infant Caps, New-born Hearing Screener, Cranial Orthosis, Infant Warmer, Incubators, and Bililights among others.
By Applications : Hospitals, and Clinics among others.
By End-Users : Pediatrician and Doctors among others.
By Regions : Geographical regions & Continents of the US and North America, Europe, APAC and the Rest-of-the-World.
US & Global Pediatric Medical Device Market - Regional Analysis
Globally, the North American region accounts for the leading market for pediatric medical devices with a significant market share followed by the markets in the European and Asia Pacific regions. North America has one of the best medical facilities around the globe.
The US is the largest market for pediatric medical devices in the North American region which is heading with huge technological advancements and high per capita healthcare expenditures. The availability of technologically advanced medical devices is undoubtedly impacting the market growth positively. Well-established healthcare infrastructure, especially for childcare with their skilled professionals and doctors, is pushing up the market growth.
The European region is closely following the North American market, acquiring the next largest share in the global pediatric medical device market in. The resurging economy in this region is availing the best possible child healthcare, increasing healthcare expenditures. Additionally, government support that encourages manufacturers of pediatric medical devices to develop new and better devices, is in turn, fostering the market growth in the region.
The Asia Pacific region has emerged as a lucrative market for the pediatric medical devices. The high birth rate in the APAC region and rapidly improving healthcare infrastructure are positively impacting the market growth. The developing economies are expected to provide immense opportunities for the growth of pediatric medical devices.
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US & Global Pediatric Medical Device Market - Competitive Landscape
The presence of several players having the international presence intensifies the competition in the already highly competitive and diversified market. Investing continually, these players manage to gain competitive advantage driving the R&D activities required for the development of new devices and technologies. Further to sustain their market position, these players adopt strategies such as partnership, M&A, and expansion. Tapping the growing market to expand their business further, these players compete based on the product reliability, quality, cost, and aftermarket services.
Key Players:
The US & global pediatric medical device market is led by some of the fervent players including GE Healthcare, Abbott Nutrition, Phillips Healthcare, Narang Medical Limited, Novamed USA, Phoenix Medical Systems, Johnson & Johnson, Medtronic, and Pega Medical.
Industry/Innovation/Related News:
September 20, 2018 - Medtronic plc. (US), a leading global player in medical technology, and Mazor Robotics (US), a pioneer in the field of robotic guidance systems, announced the entering into a definitive merger agreement under which Medtronic will acquire all outstanding ordinary shares of Mazor for approximately USD 1.64 billion.
In addition to strengthening Medtronic's position as a global leader in enabling technologies for spine surgery, the acquisition will also accelerate Medtronic's strategy to transform spinal procedures and improve outcomes through fully-integrated surgical solutions.
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