Pediatric Medical Devices Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Pediatric medical devices are specialized healthcare products designed and tailored specifically for infants, children, and adolescents, addressing their unique anatomical, physiological, and developmental needs to diagnose, treat, monitor, or manage various pediatric conditions and diseases. These devices are tailored to meet the unique physiological and developmental needs of pediatric patients, ensuring their safety, efficacy, and comfort.

Sizing and Forecast
The pediatric medical devices market size has grown strongly in recent years. It will grow from $31.29 billion in 2023 to $33.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing awareness, growing investments in infrastructure, population growth, government initiatives, and insurance expansion.

The pediatric medical devices market size is expected to see strong growth in the next few years. It will grow to $46.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to value-based care models, advancements in manufacturing processes, personalized solutions, focus on home-based care, and collaborative innovation. Major trends in the forecast period include remote monitoring solutions, pediatric telemedicine services, wearable health devices for children, pediatric robotics in surgery, and the integration of AI in pediatric healthcare.

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Segmentation & Regional Insights
The pediatric medical devices market covered in this report is segmented –

1) By Product: Cardiology Devices, In Vitro Diagnostic (IVD) Devices, Diagnostic Imaging Devices, Anesthesia And Respiratory Care Devices, Neonatal Intensive Care Unit (ICU) Devices, Other Products
2) By Age Group: Infants, Children, Adolescents
3) By End-User: Hospitals, Diagnostic Laboratories, Ambulatory Surgical Centers, Other End-Users

North America was the largest region in the pediatric medical devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pediatric medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The growing demand for minimally invasive pediatric surgical procedures is expected to propel the growth of the pediatric medical devices market going forward. Minimally invasive pediatric surgical procedures involve using small incisions or natural body openings, along with specialized instruments and imaging technology, to diagnose, treat, or manage pediatric health conditions with less trauma and quicker recovery compared to traditional open surgeries. The rising demand for minimally invasive pediatric surgical procedures is fueled by advancements in technology, enabling safer and more precise interventions with reduced post-operative complications. Pediatric medical devices are utilized in minimally invasive surgical procedures to facilitate precise access, visualization, and manipulation of pediatric anatomy through small incisions, aiding in the safe and effective treatment of pediatric conditions with minimal trauma to surrounding tissues. For instance, in March 2023, according to Washington University in St. Louis, a US-based private university, the number of operating room cases for minimally invasive surgery increased from 2,208 in 2021 to 2,400 in 2022, reflecting a growth of 192 cases over the span of a year. Therefore, the growing demand for minimally invasive pediatric surgical procedures is driving the growth of the pediatric medical devices market.

Key Industry Players
Major companies operating in the pediatric medical devices market are Cardinal Health Inc., Johnson & Johnson, Siemens AG, F. Hoffmann-La Roche Ltd., Abbott Laboratories, Medtronic plc, Siemens Healthineers, Koninklijke Philips N.V., Becton Dickinson and Company, Strykar Healthcare, GE HealthCare Technologies, Baxter International Inc., Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Olympus Corporation, Terumo Corporation, Smith & Nephew plc, Hamilton Medical, Ningbo David Medical Device Co. Ltd, Phoenix Medical Systems Pvt Ltd, Fritz Stephan GmbH, Trimpeks, Atom Medical Corporation, Elektro-Mag, Novonate Inc.

The pediatric medical devices market report table of contents includes:

1. Executive Summary
2. Pediatric Medical Devices Market Characteristics
3. Pediatric Medical Devices Market Trends And Strategies
4. Pediatric Medical Devices Market – Macro Economic Scenario
5. Global Pediatric Medical Devices Market Size and Growth

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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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