Pediatric Medical Device Market Size expected to Reach CAGR of 10.5% by 2019-2023 | Application, Analysis and Top Key Players
An in-depth assessment of data on ‘Pediatric Medical Device Market’, by Market Research Future, offers an exhaustive study targeting current trends influencing the business across the profiled regions. Significant details related to market size, market share, applications, and statistics
pune, India – October 9, 2019 /MarketersMedia/ —
The global pediatric medical device market is growing pervasively, mainly due to the innovations and new technologies. The emergence of futuristic pediatric medical devices has revolutionized the childcare completely. What lightning does to mushrooms, advancements in technology are doing to the pediatric medical device market, allowing it to flourish lavishly.
Besides, increasing regulatory approvals and issued patents are accelerating the growth of the market. According to Market Research Future (MRFR), the global pediatric medical device market is expected to garner exponential accruals by 2023. In its recently published research, MRFR also asserts that the market would register a CAGR of over 10.5% throughout the forecast period (2017-2023).
Countries across the globe have become extremely responsive towards child healthcare, which is a key driving force behind the growth of the market. There are substantial funding programs from the governments, delving into the financial, regulatory, and design constraints associated with the developments of these devices.
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Also, public and private sectors make considerable investments to drive challenging endeavors of R&D for the development of pediatric medical devices, treatments, and overall healthcare. The successful combination of information technology (IT) and healthcare catalyzes the overall growth of the market.
On the other hand, lack of funds and stringent & unclear regulatory framework, alongside, the growing data security are impeding the market growth, especially in underdeveloped and developing regions. Nevertheless, favorable reimbursement policies, along with the ongoing product developments & commercialisations would support the market growth to an extent.
Global Pediatric Medical Device Market – Segments
The report is segmented into three dynamics to widen the scope of understanding,
By Device Type : Infant Caps, New-born Hearing Screener, Cranial Orthosis, Infant Warmer, Incubators, and Bililights, among others.
By End-users : Hospitals & Clinics, Pediatrician & Doctors, among others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World (RoW).
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Global Pediatric Medical Device Market – Regional Analysis
North America dominates the global pediatric medical device market with a significant market share. The region owns superior medical facilities and flourishing medical device sectors, which impact the market growth, positively. Moreover, the rising prevalence of juvenile diabetes and chronic diseases related to heart, digestive, and kidney health among adolescents foster regional market growth.
Besides raising awareness about adolescent health is creating a massive demand for medical devices in pediatric hospitals and clinics. Factors such as huge technological advancements and the enormous uptake of advanced medical devices led by the high per capita healthcare expenditures are commutatively impacting the market growth, to an extent.
The US market, led by the rising obesity disorder among children accounts for a significant share in the North American pediatric medical device market. Furthermore, well-established healthcare infrastructures, specially designed for childcare with their skilled professionals & doctors, are pushing up the market growth in the region.
Europe stands second in the global pediatric medical device market, flowing the North American market closely. The resurging economy in this region acts as a major tailwind behind the regional market growth, availing the best possible child healthcare and increasing healthcare expenditures. Additionally, government support fosters market growth in the region, encouraging the manufacturers to develop new and better devices.
The pediatric medical device market in the Asia Pacific region has emerged as a lucrative market globally. Factors such as the high birth rate and rapidly improving healthcare infrastructure in the APAC region are influencing the market growth, positively. Furthermore, the rapidly growing markets in India and China are expected to provide immense opportunities for the growth of pediatric medical devices.
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Global Pediatric Medical Device Market – Competitive Landscape
The presence of several notable players intensifies the competition in the already highly competitive and diversified market. These players manage to gain a substantial market share by driving R&D activities required for the development of new devices and technologies.
They also invest continually to incorporate strategies such as mergers & acquisitions, collaboration, expansion, and new product/technology development. They tap the emerging markets in developing regions to expand their business further. They compete with each other based on product reliability, quality, cost, and aftermarket services.
Major Players:
Players leading the global pediatric medical device market include Abbott (US), General Electric Company (US), Johnson & Johnson Private Limited (US), Medtronic (Ireland), Siemens AG (Germany), Koninklijke Philips NV (Netherland), Novamed (US), Phoenix Medical Systems USA (US), Phoenix Medical Systems (P) Ltd. (India), and Pega Medical (US), among others.
Industry/Innovation/Related News:
September 10, 2019 —– Phillips-Medisize (the US), a Molex company, announced the acquisition of exclusive ownership of patents for an innovative mini-tablet dispenser from a Global Pharmaceutical Company, to accommodate the varied and customized oral dispensing needs of patients. Through its unique working principle, the mini-tablet dispenser will be valuable in pediatrics, geriatrics, and oncology where patients often require highly flexible oral dosing based on age, weight, and other variables.
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