The pediatric medical devices global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Pediatric Medical Devices Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The pediatric medical devices market size has grown strongly in recent years. It will grow from $31.29 billion in 2023 to $33.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing awareness, growing investments in infrastructure, population growth, government initiatives, and insurance expansion.
The pediatric medical devices market size is expected to see strong growth in the next few years. It will grow to $46.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to value-based care models, advancements in manufacturing processes, personalized solutions, focus on home-based care, and collaborative innovation. Major trends in the forecast period include remote monitoring solutions, pediatric telemedicine services, wearable health devices for children, pediatric robotics in surgery, and the integration of AI in pediatric healthcare.
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Scope Of Pediatric Medical Devices MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Pediatric Medical Devices Market Overview
Market Drivers -The growing demand for minimally invasive pediatric surgical procedures is expected to propel the growth of the pediatric medical devices market going forward. Minimally invasive pediatric surgical procedures involve using small incisions or natural body openings, along with specialized instruments and imaging technology, to diagnose, treat, or manage pediatric health conditions with less trauma and quicker recovery compared to traditional open surgeries. The rising demand for minimally invasive pediatric surgical procedures is fueled by advancements in technology, enabling safer and more precise interventions with reduced post-operative complications. Pediatric medical devices are utilized in minimally invasive surgical procedures to facilitate precise access, visualization, and manipulation of pediatric anatomy through small incisions, aiding in the safe and effective treatment of pediatric conditions with minimal trauma to surrounding tissues. For instance, in March 2023, according to Washington University in St. Louis, a US-based private university, the number of operating room cases for minimally invasive surgery increased from 2,208 in 2021 to 2,400 in 2022, reflecting a growth of 192 cases over the span of a year. Therefore, the growing demand for minimally invasive pediatric surgical procedures is driving the growth of the pediatric medical devices market.
Market Trends – Major companies operating in the pediatric medical devices market are developing orthopedic implants to address the unique healthcare needs of pediatric patients, ranging from musculoskeletal conditions to congenital abnormalities. Orthopedic implants are medical devices used to replace or support damaged or missing bone or joint structures in the musculoskeletal system. For instance, in March 2024, OrthoPediatrics Corporation, a US-based medical device company, launched the RESPONSE Rib and Pelvic Fixation system, tailored for pediatric patients with Early Onset Scoliosis (EOS). This comprehensive system comprises implants, instruments, and connecting devices, providing surgeons with a versatile solution for rib and pelvic fixation, including options for patients at risk of Thoracic Insufficiency Syndrome. With features such as a range of implant options, low-profile designs, and locking mechanisms, this system enhances precision and flexibility in treating EOS cases.
The pediatric medical devices market covered in this report is segmented –
1) By Product: Cardiology Devices, In Vitro Diagnostic (IVD) Devices, Diagnostic Imaging Devices, Anesthesia And Respiratory Care Devices, Neonatal Intensive Care Unit (ICU) Devices, Other Products
2) By Age Group: Infants, Children, Adolescents
3) By End-User: Hospitals, Diagnostic Laboratories, Ambulatory Surgical Centers, Other End-Users
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Regional Insights – North America was the largest region in the pediatric medical devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pediatric medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies – Major companies operating in the pediatric medical devices market are Cardinal Health Inc., Johnson & Johnson, Siemens AG, F. Hoffmann-La Roche Ltd., Abbott Laboratories, Medtronic plc, Siemens Healthineers, Koninklijke Philips N.V., Becton Dickinson and Company, Strykar Healthcare, GE HealthCare Technologies, Baxter International Inc., Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Olympus Corporation, Terumo Corporation, Smith & Nephew plc, Hamilton Medical, Ningbo David Medical Device Co. Ltd, Phoenix Medical Systems Pvt Ltd, Fritz Stephan GmbH, Trimpeks, Atom Medical Corporation, Elektro-Mag, Novonate Inc.
Table of Contents 1. Executive Summary2. Pediatric Medical Devices Market Report Structure3. Pediatric Medical Devices Market Trends And Strategies4. Pediatric Medical Devices Market – Macro Economic Scenario5. Pediatric Medical Devices Market Size And Growth…..27. Pediatric Medical Devices Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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