Global Pediatric Medical Devices Market Size

Pediatric Medical Devices Market Analysis

The Global Pediatric Medical Devices Market size is estimated at USD 41.24 billion in 2024, and is expected to reach USD 54.60 billion by 2029, growing at a CAGR of 5.77% during the forecast period (2024-2029).

The health threat posed by the COVID-19 pandemic was unparalleled. Numerous research has been released to shed light on the market's consequences. For instance, according to the article "Pediatric COVID-19: Systematic Review of the Literature," which was released in October 2020, 14.9% of pediatric patients who tested positive for SARS-CoV-2 infection were asymptomatic. Cough (48 percent), fever (47 percent), and sore throat/pharyngitis (28.6 percent) were the most prevalent symptoms experienced by patients, compared to upper respiratory symptoms such as rhinitis, sneezing, and nasal congestion (13.7 percent), nausea and vomiting (7.8 percent), and diarrhea (10.1 percent ). As a result, the high prevalence of these disorders in children raised the need for critical care, which had a favorable effect on the pediatric medical devices market.

The main cause of the market's expansion is the rising incidence of chronic illnesses in children, such as anemia, asthma, chickenpox, diphtheria, leukemia, measles, mumps, pneumonia, tuberculosis, whooping cough, and Lyme disease. Over 800,000 children under the age of five die from pneumonia each year, more than any other infectious disease, according to UNICEF 2021's April report. This includes more than 153,000 new babies. One of the most common chronic diseases in children is pneumonia, which is increasing the demand for medical equipment and boosting the market. Additionally, the introduction of new devices in the industry under study will result in substantial market expansion. For instance, Getinge's Flow-e and Flow-c Anesthetic Systems, which allow tailored anesthesia delivery for even the most demanding patients, from neonates and toddlers to the morbidly obese, was approved by the US Food & Drug Administration (FDA) in August 2020. Additionally, to encourage nurse-led technology and innovation for pediatric medical device innovation, the West Coast Consortium for Technology & Innovation in Pediatrics (CTIP) and Nursing Innovation Hub, Inc. (NIHUB) partnered in March 2020. Furthermore, the growing investments in research and development programs by the government to develop the medical infrastructure in the pediatric section are boosting the market growth.

However, the lack of awareness of the pediatric medical devices available is the major drawback of market growth.