Pediatric Medical Devices Market Set to Hit USD 47.4 billion by 2031, with 6.3% CAGR: Analysis by Transparency Market Research, Inc.
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Wilmington, Delaware, United States, Feb. 26, 2024 (GLOBE NEWSWIRE) -- *Transparency Market Research Inc. - *The global *pediatric medical devices market* was projected to attain *US$ 27.6 billion in 2022*. It is anticipated to garner a 6.3% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 47.4 billion by 2031.
Pediatric medical devices are used to treat or diagnose conditions in children under the age of 21. Pediatrics is a specialty of medicine concerned with the health and medical treatment of infants, children, and adolescents.
These medical devices are designed with smaller body sizes, developmental stages, and the particular physiology of young patients in mind. Pediatric medical devices include in vitro diagnostic (IVD) devices, cardiology devices, diagnostic imaging equipment, anesthetic and respiratory care devices, neonatal intensive care unit devices, monitoring devices, telemedicine, and home-use medical devices.
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*Key Findings of the Market Report*
· Pediatric medical devices are useful in identifying a variety of pediatric illnesses, including anemia, asthma, leukemia, measles, mumps, pneumonia, and TB.
· Various diagnostic imaging technologies are used to evaluate the health of internal organs and detect anomalies and infections.
· The increased incorporation of AI into pediatric asthma therapy is expected to drive revenue growth in the pediatric medical device industry in the near future.
· AI integration in pediatric asthma therapy has the potential to enhance disease surveillance, early intervention, and outcomes for asthmatic children.
*Market Trends for Pediatric Medical Devices*
· Pediatric medical devices are useful in identifying a variety of pediatric illnesses, including anemia, asthma, leukemia, measles, mumps, pneumonia, and TB. Various diagnostic imaging technologies are used to evaluate the health of internal organs and detect anomalies and infections.
· A newborn is termed preterm if it is born before 37 weeks of gestation. Premature delivery can be caused by prenatal complications, persistent health issues such as high blood pressure, physical traumas or trauma, and diabetes.
· Neonatal medical devices are used to monitor children who are born prematurely or have health problems after delivery. These devices have three adhesive leads that are put on the child's skin to monitor heart rate and respiration. To determine the baby's oxygen level, a saturation probe is inserted on his or her hand or foot.
*Global Market for Pediatric Medical Devices: Regional Outlook*
· North America had an enormous market share in 2022. Increased investment in R&D, as well as the use of modern radiology technologies, are among the primary drivers driving the regional market dynamics.
· Advancements in technology and frequent product releases by industry participants are increasing the pediatric medical devices market share in North America. Medtronic plc began selling the SonarMed airway monitoring system in the United States in May 2021.
· The device uses acoustic technology to assess for endotracheal tube (ETT) blockage and verify position in real time, providing doctors with critical information to make better educated, life-saving decisions for pediatric patients.
· The rise in the number of preterm births and the frequency of pediatric disorders are fueling the expansion of the pediatric medical industry in North America.
*Global Pediatric Medical Devices Market: Key Players *
The global market for pediatric medical devices is extremely competitive, with several prospects for growth and innovation. Companies are expanding their neonatal medical device portfolio through a variety of techniques, including mergers and acquisitions and new product development. The following companies are well-known participants in the global Pediatric medical devices market:
· Abbott
· Boston Scientific Corporation
· Baxter International, Inc.
· Medtronic
· Cardinal Health, Inc.
· F. Hoffmann-La Roche Ltd.
· GE Healthcare
· Johnson & Johnson
· Siemens Healthinners
· Koninklikje Philips N.V.
· Stryker Corporation
*Key developments by the players in this market are:*
· In February 2024, Aevice Health, a Singapore-based firm producing revolutionary pediatric respiratory support devices, joined with the United Kingdom-based Jiva.ai to build a remote patient monitoring platform that would allow patients living with asthma to follow their status and forecast asthma episodes.
· In January 2022, Good Parents Inc., inventors of the Kiddo remote patient monitoring and continuous care platform for pediatric patients, announced that it had secured a US$ 16 million series expansion investment sponsored by Clearlake Capital's Vive Collective.
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*Global Pediatric Medical Devices Market Segmentation *
*Product*
· In Vitro Diagnostic (IVD) Devices
· Cardiology Devices
· Diagnostic Imaging Devices
· Anesthesia & Respiratory Care Devices
· Neonatal ICU Devices
· Monitoring Devices
· Telemedicine
· Home-use Medical Devices
*End User*
· Hospitals
· Diagnostic Laboratories
· Ambulatory Surgical Centers
· Others
*Region*
· North America
· Latin America
· Europe
· Asia Pacific
· Middle East & Africa
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*About Transparency Market Research*
Transparency Market Research, a global *market research company* registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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