Albany, NY -- (SBWIRE) -- 10/24/2018 -- Pediatric Medical Devices Market - Snapshot
Revolutionary technologies and cutting-edge research have led to the development of numerous innovative medical equipment, enabling patients to live healthier and longer. However, the pediatric population is at risk of being left behind. Very few critical medical devices are designed with children's needs in mind. Children deserve medical devices that are effective, safe, and designed for their specific needs. However, the pediatric medical devices segment accounts for a small share of the global medical devices market and pediatric illnesses are relatively rare. Hence, device manufacturers have less focus on children.
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The global pediatric medical devices market was valued at US$ 21,000 Mn in 2017 and is projected to expand at a CAGR of 8.0% from 2018 to 2026. The number of pediatric patients who have succumbed to infectious diseases such as gastrointestinal and respiratory disorders has increased significantly. Early diagnosis and regular monitoring of these patients are essential to identify, treat, and control the spread of these diseases. Moreover, rise in prevalence of asthma, cystic fibrosis, and COPD propel the anesthesia & respiratory care devices segment. According to the World Health Organization, chronic respiratory diseases comprise all such medical conditions that affect the airways and other lung structures. The most common chronic respiratory diseases are asthma, chronic obstructive lung disease including chronic obstructive pulmonary disease, bronchitis, and emphysema; lung cancer and neoplasms of respiratory and intrathoracic pulmonary heart disease, and diseases of pulmonary circulation. The WHO estimates that, presently, 235 million people suffer from asthma, and approximately 90% COPD deaths occur in low and middle income countries. This in turn drives demand for better treatment and management of respiratory diseases among children.
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Governments are experiencing significant pressure to explore avenues to improve health of the pediatric population and simultaneously reduce the financial burden. Development of health care infrastructure in emerging economies and rise in awareness about the available treatments for pediatric health issues have led to rapid adoption of latest pediatric medical devices in regions such as Asia Pacific, the Middle East, Latin America, and emerging countries in Africa. Increased efforts by governments and health care organizations in these countries toward the prevention and efficient treatment of diseases among pediatrics has resulted in a surge in purchase of technologically advanced pediatric medical devices. Rise in prevalence of diseases and disorders such as asthma, diabetes, mental disorders, allergies, and infectious diseases among the global pediatric population and increase in awareness about these diseases and disorders among parents contribute to the growth of the global pediatric medical devices market. Rise in pediatric patient pool and increase in government efforts to create awareness about pediatric disorders and treatment present large opportunities for players operating in the market.
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The global pediatric medical devices market has been segmented based on product, end-user, and region. In terms of product, the neonatal ICU devices segment held major market share in 2017 and is projected to gain market share by 2026. Anesthesia and respiratory devices have a fairly high usage, particularly among pediatric patients, due to their efficacy in treating diseases such as asthma. According to the World Health Organization (WHO), asthma is a chronic inflammatory disease that affects millions of children below the age of five years globally each year. Most of the deaths due to chronic inflammatory diseases occur primarily in developing countries.
Geographically, North America dominated the global pediatric medical devices market in 2017. The region's dominance is attributed to rise in prevalence of cancer and respiratory diseases, increase in popularity of portable devices, and growing preference for home health care devices and services. However, the market in Asia Pacific is expected to expand at the fastest growth rate during the forecast period from 2018 to 2026. Untapped opportunities, improving health care infrastructure, increase in awareness about available diagnostic procedures and technologies, and favorable government initiatives are the major factors fueling the growth of the pediatric medical devices market in the region.
Key players operating in the global pediatric medical devices market include Abbott Laboratories, Boston Scientific Corporation, Baxter International, Inc., Medtronic plc, Cardinal Health, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Johnson & Johnson, Siemens Healthineers, Koninklijke Philips N.V., and Stryker Corporation.
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