Pediatric Radiology Market Size

Pediatric Radiology Market Analysis

The Pediatric Radiology Market size is estimated at USD 6.99 billion in 2024, and is expected to reach USD 8.70 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).

COVID-19 had a significant impact on the pediatric radiology market. According to a research article by the Radiological Society of North America published in April 2020, the policy measures adopted to slow the transmission of COVID-19 resulted in a decreased demand for imaging services. Furthermore, the study detailed that in the pre-COVID-19 control era, 669 imaging studies documented bone fractures in 145/568 children (25.5%), while in the COVID-19 era, 79/177 (44.6%) pediatric patients showed bone fractures in 193 imaging studies. However, owing to the long-term impact of COVID-19 on the body and large-scale vaccination programs across the globe, the studied market was expected to regain its full potential over the next few years. Therefore, it was observed that the market studied was significantly impacted due to the emergence of the COVID-19 pandemic. However, currently, with the relaxation of COVID-19 restrictions, the market has reached its pre-pandemic nature in terms of radiology procedures and is expected to witness healthy growth during the forecast period.

The major factors driving the market's growth include the rising incidence of chronic conditions in children, such as asthma, pneumonia, fractures, and congenital abnormalities. For instance, over 800,000 children under the age of five die from pneumonia each year, more than any other infectious disease, according to UNICEF's April 2021 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 diagnostic imaging, thereby boosting the market growth.

Additionally, the launch of new products and the adoption of key strategies such as partnerships, investments, acquisitions, and others are expected to drive the studied market. For instance, in October 2021, Royal Philips announced the launch of Philips Pediatric Coaching, a holistic solution designed to be a less stressful experience for parents and their children undergoing MRI scans. This will further enhance the adoption of pediatric radiology systems in developed countries, thus leading to the lucrative growth of the market.

However, ethical issues in pediatric research and a lack of skilled healthcare professionals are expected to hinder the market's growth during the study period.