Technological Advancements in Neonatal Monitoring are Uplifting the Pediatric Monitoring Systems Market: IndustryARC
HYDERABAD, India, July 2, 2019 /PRNewswire/ -- Early childhood screening enables identification of delays early and intervention during the critical period of development of children. This acts as a significant opportunity as every 1 in 4 children are at risk for developmental delay. The pediatric monitoring market is forecast to reach $9 billion by 2024, growing at a CAGR of 4%. The growth in the pediatric monitoring market can be attributed to an increasing number of government initiatives towards improving pediatric monitoring practices in healthcare settings. Rise in incidences of chronic diseases such as cardiovascular disease and diabetes in infants and children, and increasing child mortality rates.
Hemodynamics monitoring device dominated the pediatric monitoring market in terms of revenue in 2018. Blood glucose monitor and blood pressure monitor are the basic tools used in hemodynamics monitoring. Pediatric blood pressure monitor and cholesterol analyzer employs additional features such as digital memory and irregular heartbeat detector to make it quite intimidating for a child. Thus, blood pressure monitor and cholesterol analyzer with additional features such as big display will gain traction in pediatric patient and also among other patients. The American Academy of Pediatrics (AAP) recommends all children between 9 and 11 years old are screened for high blood cholesterol levels due to the growing epidemic of obesity in children. Thus, the cholesterol analyzer has the high potential in future.
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By services, cardiac/ECG monitoring system service dominated the global pediatric monitoring market in terms of revenue in 2018. Cardiac ECG diagnosis tools are evolving in terms of latest technologies for detecting abnormal heart rhythms and diagnose accordingly. For example, ECG monitoring system streamline step-by-step procedure, introduction of touch-screen technologies and improved connectivity with ECG management systems, electronic medical records (EMRs) and cardiovascular information systems (CVIS). Increasing incidents of cardiac arrest among children and other cardiac diseases coupled with growing population will significantly drive the cardiac/ECG monitoring system market globally. Rise in neurological disorders and upsurge in awareness level for neurodegenerative diseases attribute towards the growth of cardiac/ECG monitoring system market globally.
Rise in number of child mortality rates across emerging countries has become a major concern in the healthcare sector. As published by the World Health Organization (WHO), in September 2018, pneumonia is the world's single largest infectious cause of death among children. It accounts for around 16% of all death of kids under 5 years of age. Due to rise in child mortality rates, governments across the globe are creating awareness for pediatric monitoring practices, especially in emerging countries, such as China, India, Brazil, and many more. These government initiatives help to promote standards of healthcare services and increase monitoring practices; thereby enhancing the standards of pediatric healthcare practices. As a result, many healthcare professionals are adopting technologically advanced pediatric monitoring practices and policies for providing better care, hence boosting the market growth.
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Conclusion:
The pediatric monitoring market is driven by rising incidences of pediatric infectious diseases and presence of a large pool of patients in certain regions. Government initiatives and favorable reimbursement scenario along with technological advancements such as development of compact and portable devices, smartphones, tablets, computers and bespoke devices are some major factors driving the growth of the market. Artificial intelligence, virtual and augmented reality, 3D printing, robotics, new materials, biosensor technologies and data analysis will present significant growth opportunities for pediatric monitoring market in coming future. The new generation of remote ECG monitoring technology now provide information to be recorded 24*7. The future care standard is likely to be online, real-time monitoring in combination with advanced algorithms or artificial intelligence.
The Major Players in this Market Include:
- Edwards Lifesciences
- Medtronic plc
- Omron Corporation
- Schiller AG
- Koninklijke Philips N.V.
- EOS imaging
- GE Healthcare
- Masimo
Manufacturers of pediatric monitoring products have followed developments such as product enhancements, geographic expansions, and mergers and acquisitions as a strategy, while enhancing core competencies through additions to their product portfolio to gain a foothold in emerging markets.
Masino, a Switzerland based company developed Next Generation SedLine Brain Function Monitoring device for pediatric patients which assist doctors with bilateral data acquisition and processing of electroencephalogram (EEG) signals to monitor the state of the brain under anaesthesia.
The products covered in the Pediatric Monitoring Market report include:
- Neuromonitoring Devices
- Hemodynamic Monitoring Devices
- Cardiac Monitoring Devices
- Multiple Parameter Monitoring Devices
- Weight Monitoring Devices
- Temperature Monitoring Devices
- Remote Patient Monitoring Devices
The overall market is also presented from the perspective of service, product end-user, service end-user, different geographic regions and key countries for this industry. A competitive landscape for each of the products is highlighted and key market players are profiled.
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