The global pediatric medical devices market is anticipated to grow significantly during the forecast period. The increasing prevalence of chronic diseases among the pediatric population and the advancement in medical devices are the factors responsible for market growth.
Pediatric medical devices are the tools or equipment used by healthcare professionals to treat or diagnose diseases from birth to 21 years of age. These devices are regulated by the Food and Drug Administration. Major adult health conditions such as stroke, heart disease, obesity, hypertension, and chronic liver disease have their origins in childhood. The demand for new and innovative approaches for the development of medical devices to prevent acute and long-term health conditions that ensure that the population remains healthy well into adult life.
The COVID-19 pandemic has significantly impacted the pediatric medical devices market as COVID-19 has put the medical device industry at the center with unparalleled demand for diagnostic tests, personal protective equipment, ventilators, and other critical medical supplies. Movement restriction between countries and transportation between regional warehouses has resulted in disruption in the supply chain. Hence, products and other components are unavailable, which has impacted the supply chain of pediatric medical devices.
In end-user segment, the hospitals are expected to lead the market over the forecast period owing to a large number of pediatric patient admission and usage of medical devices in the hospital. The North American region is expected to witness the largest market share and growth over the forecast period owing to the rising cases of chronic diseases among the younger population of the region and the development of high-tech medical devices.
The industry is marked by the presence of various small and large market players. The pediatric medical devices market is expected to have high growth in regions such as North America and Europe. Key global market players include Abbott, Stryker, Medtronic, Boston Scientific Corporation, Cardinal Health, F. Hoffmann-La Roche Ltd, GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., Baxter, and Siemens Healthcare GmbH.
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