Pediatric Medical Device Market

The increasing preterm birth rate to boost the market growth

Children who need NICU treatment are frequently transferred there within 24 hours of birth due to difficulties during delivery, early birth, or health problems after birth. If a child is born before 37 weeks of pregnancy, it is called preterm. According to the Centers for Disease Control and Prevention's November 2021 update, one in ten infants delivered in the United States in 2020 experienced preterm birth.

Moreover, preterm birth rates among African American women (14.4%) in 2020 were roughly 50% higher than those among white or Hispanic women, according to the aforementioned study. (9.1 percent and 9.8 percent respectively). This will probably accelerate the segment's development in the ensuing years. rising occurrence of preterm births worldwide is expected to spur market expansion over the coming years.

The Global Pediatric Medical Devices Market Industry is experiencing growth due to the rising incidence of pediatric diseases. Conditions such as asthma, diabetes, and congenital disorders are becoming more prevalent among children, necessitating advanced medical devices for diagnosis and treatment. For instance, the World Health Organization indicates that respiratory diseases are among the leading causes of morbidity in children. This trend drives demand for specialized devices like nebulizers and insulin pumps, contributing to the market's projected value of 17.0 USD Billion in 2024. As healthcare systems adapt to these challenges, the market is likely to expand further.

By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. North America pediatric medical devices market was accounted for the largest market share in 2022, due to presence of key players, high prevalence of pediatric chronic diseases in the region, established healthcare infrastructure, and launch of new products.

In addition, according to a study released in October 2021 by the Centers for Disease Control and Prevention (CDC), more than 40% of school-aged children and teenagers in the United States have at least one chronic health condition, such as asthma, obesity, other physical diseases, and behavior/learning problems. Therefore, pediatric medical devices are created in order to offer better care, which will have a big effect on the market.

Further, the major countries studied are The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3 PEDIATRIC MEDICAL DEVICES MARKET BY REGION 2023 & 2032

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe pediatric medical devices market accounted for the second-largest market share in 2022. This is due to the increasing demand for medical devices, growing research, and development in the field of medical technology, rising numbers of hospitals that are dedicated pediatric facilities.in the region. Additionally, a sizable patient base with low birth weight and an uptick in preterm deliveries are expected to drive market expansion in Europe.

Furthermore, the Germany pediatric medical devices market was attributed to hold the largest market share, and the UK pediatric medical devices market is estimated to be the fastest growing market in the Europe region. Furthermore, growing parental awareness programs and increase in investment in research and development activities is driving the France pediatric medical devices market.

The Asia-Pacific pediatric medical devices market is expected to grow at a significant share from 2024 to 2032. This is due to increasing initiatives by private and government agencies, rising awareness programs for newborn care, and increasing birth rates in the Asia-Pacific region. Moreover, China pediatric medical devices market attributed to hold the largest market share in 2022 and is estimated to be the fastest growing market in the Asia-Pacific region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the pediatric medical devices market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the pediatric medical devices industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Abbott Laboratories (Abbott) discovers, develops, manufactures, and sells healthcare products across the globe. The company operates through four reportable segments, namely, established pharmaceutical products, diagnostic products, nutritional products, and vascular products. The established pharmaceutical products segment offers a broad range of branded & generic pharmaceutical products. The nutritional products segment sells & distributes adult and pediatric nutritional products. Diagnostic products segments offer diagnostic tests & instruments for blood banks, hospitals, and commercial laboratories. The medical devices segment offers devices for a range of treatment including cardiac arrhythmias & heart failure, vascular, neuromodulation, structural heart, and diabetes care.

Abbott sells its products to customers in more than 160 countries. For instance, in June 2021, Abbott (US) launched Amplatzer Piccolo Occluder in India, the world's first medical device that can be implanted in the tiniest babies (weighing as little as 700 gms) using a minimally invasive procedure to treat patent ductus arteriosus, or PDA.

Also, Boston Scientific Corporation is a worldwide developer, manufacturer, and marketer of medical devices used in various interventional medical specialties. Its product portfolio is majorly divided into six business divisions endoscopy, interventional cardiology, neuromodulation, peripheral interventions, rhythm management, and urology & pelvic health. Boston Scientific Corporation's manufacturing facilities are located across Malaysia, the US, and Ireland. Apart from this, it has a presence in Japan, Netherlands, France, Poland, India, China, Turkey, South Africa, and Singapore.