Pediatric Medical Devices Market
According to our new research study on “Pediatric Medical Devices Market Forecast to 2028 – COVID-19 Impact and Analysis – by Product, End-User,” the market is expected projected to reach US$ 48,305.21 million in by 2028 from an estimated value of US$ 28,207.65 million in 2021;. The market it is estimated to grow with at a CAGR of 8.0% from during 2021 to 2028 The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.
Pediatric care is comparatively different from the care provided to adult patients. There exists a large number of medical devices manufacturers that offer a comprehensive range of devices and services in the pediatrics segment. The international players have established a strong network of products sales and post-sales services in different countries and regions. Koninklijke Philips N.V., MEDTRONIC, Siemens AG, GENERAL ELECTRIC, and other companies operating in the medical devices business have set business units, manufacturing plants, and sales and services offices in international locations. The presence of such business units helps them build brand loyalty among customers and patients in the respective regions.
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The global players are also adopting online platforms to sell their products to hospitals and directly to the patients. Thus, doorstep services help them provide better customer services and grab market opportunities existing in remote locations by employing advanced logistics systems and extended distributions networks of their own or of their partners. Moreover, the rising awareness about at-home medical devices and the adoption of remote patient care services are expected to support the pediatric medical devices market growth during the forecast period.
The initiatives by international organizations, such as WHO and United Nations Children’s Fund (UNICEF), to raise awareness regarding preterm birth and child health are likely to propel the adoption of pediatric medical devices such as pediatric MRI in hospitals and maternity clinics across middle-income countries in the coming years. For instance, in 2015, the United Nations established the Sustainable Development Goals (SDGs) to promote healthy lives and well-being for all children. The initiative projects to end the cases of preventable deaths of newborns and under-5 children by 2030. In addition to this, in 2019, 122 countries met the SDG target for under-5 mortality, and 20 countries are expected to meet the target by 2030 if current trends continue.
The SDG is expected to reduce the number of under-5 deaths by 11 million between 2019 and 2030. However, focused efforts are needed in Sub-Saharan Africa and Southeast Asia to prevent 80% of these deaths. Therefore, increasing initiatives by the developing economies in the regions such as the Asia Pacific, Middle East, and Africa to strengthen their pediatric healthcare infrastructures owing to the rising prevalence of chronic diseases among the children and infants, to create awareness regarding pediatric safety are likely to offer lucrative growth opportunities for the pediatric medical devices market during the forecast period.
The pediatric medical devices market majorly consists of the players such as companies such F. HOFFMANN-LA ROCHE LTD., GENERAL ELECTRIC, Atom Medical Corp., Koninklijke Philips N.V., Siemens AG, Medtronic, Hamilton Medical, Novonate, Inc., TSE MEDICAL, and Fritz Stephan GmbH amongst others. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Whereas, the inorganic strategies such as mergers & acquisitions, partnership, collaborations, were widely seen in the Pediatric Medical Devices market.
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Several in organic approaches, such as product launches, and expansion in the pediatric medical devices market, have resulted in the positive growth of the market. Likewise, inorganic strategies such as mergers & acquisitions, and collaboration have help the company to strengthen its revenue, which allows the company to hold a strong position in the market
