Pediatric Medical Devices Market Size to grow by USD 17.4 billion between 2024-2028

The Pediatric Medical Devices Market is segmented by End-user (Hospitals, Pediatric clinics, and Others), Product (In vitro diagnostic devices, Cardiology devices, Anesthesia and respiratory care devices, Neonatal ICU devices, and Others), and Geography (North America, Asia, Europe, and Rest of World (ROW)). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 17.4 billion, at a CAGR of 9.42% during the forecast period. There are several companies that are contributing to the market as per this report. Global adoption of advanced treatment solutions .

By End-user, the Hospitals segment is projected to dominate the market size in 2024

The hospital sector holds a substantial share in the global pediatric medical devices market, driven by the escalating priority towards pediatric healthcare and the requirement for sophisticated medical equipment for diagnosing and managing various pediatric ailments. Hospitals serve as the primary consumers of pediatric medical devices, playing a pivotal role in the market's evolution. Over the forecast period, the hospital segment is projected to lead the market due to the rising count of pediatric hospitals and the surging demand for specialized pediatric healthcare services. This segment can be further divided into sub-segments, including pediatric intensive care units (PICUs), neonatal intensive care units (NICUs), and pediatric emergency departments.

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By Product, In vitro diagnostic devices segment is expected to hold the largest market size for the year 2024

The in vitro diagnostics (IVD) segment of the pediatric medical devices market is experiencing significant growth due to the increasing importance of advanced diagnostic techniques, such as molecular, clinical, and immunoassay methods. These IVD solutions enable clinicians, researchers, and scientists to identify cellular components for disease diagnosis, providing valuable insights into cellular biology. For instance, tumor markers, identified through technologies like immunohistochemistry (IHC), aid physicians in diagnosing malignancies and determining tumor cell type, origin, and stage. The demand for IVD devices is escalating due to the need for more accurate, real-time diagnostic tools for the early detection of both communicable and chronic diseases.

Why is North America forecasted to hold the largest regional market size in 2024?

The pediatric medical devices market represents a significant and growing business sector, driven by the increasing prevalence of chronic conditions among children and the ongoing development of innovative technologies. These devices cater to the unique needs of pediatric patients, offering enhanced functionality, portability, and ease of use. Key market trends include the integration of advanced technologies, regulatory compliance, and a focus on patient-centric solutions. Companies that can effectively address these trends while delivering high-quality, cost-effective devices will be well-positioned for success in this dynamic market.

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Research Analysis Overview

The pediatric medical devices market encompasses a wide range of technologies designed to diagnose, monitor, and treat various health conditions in kids, teenagers, newborns, and pediatric patients. This market includes anesthesia devices, diagnostic imaging devices such as X-ray imaging and MRI scans, cardiology devices, and pulse oximeters. These devices play a crucial role in the detection and management of respiratory diseases like asthma, which can be monitored through biomarkers and artificial intelligence. Another significant area is disease monitoring for inherited and acquired gene mutations, particularly those linked to cancer. Clinical trial enrollments for pediatric patients often involve off-label indications for drugs, necessitating the use of medical devices for safe and effective administration. Blood sampling procedures are essential in this context, and advances in technology have made them less invasive and more accurate. In summary, the pediatric medical devices market caters to the unique needs of children, from anesthesia during surgeries to diagnostic tools for respiratory disorders and cancer, ensuring they receive the best possible care.

Market Research Overview

According to Technavio, the pediatric medical devices market is a significant segment of the expansive global healthcare equipment industry. This sector encompasses manufacturers and innovators specializing in the research, development, and production of a diverse range of diagnostic equipment and devices, catering to various therapy areas. The global healthcare equipment market size is determined by the consolidated revenue generated from these entities. The healthcare equipment market is segmented into devices, which incorporate advanced, differentiated, and clinically validated data-driven devices, among others. - The Pediatric Medical Devices Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
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