Pediatric Medical Devices Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, Nov. 18, 2020 /PRNewswire/ --
The pediatric medical devices market is expected to grow with a CAGR of nearly 8.7% over the forecast period. The major factor attributed to the growth of the market is the increasing prevalence of chronic disease in the pediatric population like anemia, asthma, chickenpox, diphtheria, leukemia, measles, mumps, pneumonia, tuberculosis, whooping cough, Lyme disease. According to the report of UNICEF, pneumonia kills more children than any other infectious disease, taking the lives of over 800,000 children under five, every year. This incorporates over 153,000 newborns. Furthermore, the growing investments in research and development programs by the government to develop the medical infrastructure in the pediatric section is boosting the market growth. However, the lack of awareness of the pediatric medical devices available is the major drawback of market growth.
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Key Market Trends
Neonatal ICU Devices Holds the Largest Share and Anesthesia & Respiratory Care Devices is the Fastest Growing Segment in the Market
Children who need treatment in the NICU are often transferred there in 24 hours after birth because of problems during delivery, premature birth or health complications after birth. Preterm birth is when a baby is born too early before 37 weeks of pregnancy. According to the World Health Organization, in 2018, preterm birth affected 1 of every 10 infants born in the United States. Preterm birth babies are more susceptible to diseases like sepsis, pneumonia, etc.
Anesthesia and respiratory devices segment have the fastest growth due to its fairly high usage in pediatric patients, due to their effectiveness in treating diseases such as asthma. According to the Centers for Disease Control and Prevention (CDC), asthma is a chronic inflammatory disease that affects 4879 children below 14 years, in the United States only.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of pediatric chronic diseases in the region, established healthcare infrastructure. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. In this region, the United States has the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market
Competitive Landscape
The pediatric medical devices market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are TSE MEDICAL, DAVID, Hamilton Medical, GE Healthcare, Fritz Stephan GmbH, Phoenix Medical Systems, Novonate Inc., Elektro Mag, Trimpeks, Atom Medical Corp.
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