Pediatric Medical Device Market To Be Driven By Rising Chronic Diseases and Life-Threatening Diseases in Children Till 2023 | MRFR

Pediatric Medical Device Market To Be Driven By Rising Chronic Diseases and Life-Threatening Diseases in Children Till 2023 | MRFR

Pediatric Medical Device Market
Pediatric Medical Device Market is segmented on the basis of devices include cranial orthosis, atrial septal defect occlude, infant warmer, infant incubators, bili lights and newborn hearing screener

The data experts at Market research future (MRFR), predict that the Global Pediatric Medical Device Market is expected grow at a CAGR of 10.5% during the forecast period. The World Health Organization (WHO) reports that roughly 1.7 million deaths in children under the age of five were caused by the environment. These included 361000 deaths from diarrhea, 570000 deaths from respiratory infections, 200000 deaths from malaria, 270,000 deaths from neonatal conditions, and 200000 deaths from unintentional injuries. These abysmal statistics are resulting in the accelerated demand for more sophisticated treatment as well as management of various diseases among children. As per WHO, various chronic respiratory diseases refer to those medical conditions which damage the airways along with other lung structures. Among these, the most common ones are asthma, chronic obstructive lung disease such as chronic obstructive pulmonary disease, emphysema and bronchitis; neoplasms and lung cancer of respiratory and intrathoracic pulmonary heart disease, along with diseases of pulmonary circulation.

With the advent of revolutionary technologies supplemented by cutting-edge research activities, there has been a surge in a number of innovative medical equipment, which offer patients with healthier and longer lives. With the increasing number of pediatric patients succumbing to infectious diseases like gastrointestinal and respiratory disorders, the need for early diagnosis and regular monitoring has become essential for the identification, treatment and controlling of these diseases. But less awareness about the medical devices created for infants is expected to curb the growth of the market in the future.

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Nonetheless, the governments around the world are under substantial pressure to tread on unexplored avenues in the field for the improvement of health of the pediatric population and reduce the financial issues in the process. Expansion of health care infrastructure in developing nations coupled with the growing awareness regarding the available treatments for pediatric health problems are resulting in the rapid adoption of modern pediatric medical devices in various regions across the globe. In summary, the constant efforts by governments along with the booming global healthcare industry and infrastructure will mark the success of the pediatric medical device market in the following years.

Market Segmentation

The pediatric medical device market is segmented on the basis of devices and end-user.

The types of devices in the market include cranial orthosis, atrial septal defect occlude, cerebrospinal fluid shunt, infant caps, infant incubators, bili lights, newborn hearing screener, infant warmer and others. The other types of devices are pulse oximeter for infants and automated external defibrillator. Furthermore, depending on end-user, the segments in the global market are hospitals, pediatric clinics and others.

Regional Insight

The Global Market for Pediatric Medical Device is expanding in the regions of the Americas, Asia Pacific, the Middle East & Africa as well as Europe, from 2017 to 2023.

With the largest share, the Americas has been the region at the forefront of the global pediatric medical device market. The profitable regional market consists of North America and South America, wherein North America constitutes the larger share of the market. the increasing cases of chronic diseases among children, rising number of women conceiving at older age, pregnant women indulging in drinking and smoking, and technologically advanced medical devices developed by well-established market vendors. Some of these vendors are General Electric Company, Johnson & Johnson Private Limited and Abbott, making their presence felt all over the world. Moreover, in South America, the dramatic rise in chronic diseases among children, the surging demand for highly advanced pediatric medical devices coupled with the increasing awareness regarding birth defects and child health will elevate the market position in the region.

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Not far behind is the region of Asia Pacific, which will expand at the fastest rate in the forthcoming years. Backed by numerous untapped opportunities, growing awareness about available diagnostic procedures and technologies, improving health care infrastructure, and supportive government initiatives, the pediatric medical devices market in the region is set to witness a highly profitable run during the conjectured time frame.

As a result of the increasing prevalence of obesity, increasing number of pediatric clinics, rising diseases among children and the elevating demand for innovative medical devices for children will bring favorable results for the market in Europe.

The market in Middle East & Africa is projected to depict a healthy growth on account of the high prevalence of malnutrition among children, with various government initiatives for tackling this issue.

Companies Profiled

Koninklijke Philips N.V. (Netherland), Johnson & Johnson Private Limited (U.S), Phoenix Medical Systems (P) Ltd. (India), Siemens AG (Germany), Abbott (U.S), Medtronic (Ireland), Phoenix Medical Systems USA (U.S), Novamed (U.S), Pega Medical (U.S), General Electric Company (U.S), are some of the companies leading the global pediatric medical device market.

Market Opportunities

The Trump administration is in the process of temporarily funding the medical device manufacturers for novel devices, only when these companies are able to provide the necessary data in order to get approval for Medicare coverage. These vendors are expected to prove that their devices are of high-quality and are effective enough to come on the Centers for Medicare & Medicaid Services’ reimbursement list. Hence, the low-risk medical device manufacturers will be making the cut, based on the requirements of the program.

Thus, the growing trend of incentivizing the medical device manufacturers by the governments worldwide will be a highly beneficial factor in the market growth of pediatric medical device in the long run.

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