Paediatric Medical Device Market is estimated to reach US$ XX Mn by 2026 in terms of revenue at a CAGR of XX % in the forecast Period.
Paediatric Medical Device Market
The market for Paediatric Medical Device Market is growing tremendously due to a rising incidence of diseases among children, rising child bearing age among women, increasing number of children with chronic heart diseases, the rising number of paediatric hospitals and clinics. Development of health care infrastructure in emerging economies and rise in awareness about the available treatments for paediatric health issues have led to adopt Paediatric Medical Device Market rapidly. Increase in government’s initiatives to fight against malnutrition will also provide ample opportunities for the market to grow in the upcoming years.
The surge in awareness about paediatric care, economic growth in emerging markets, and technical advancements in the paediatric healthcare industry is expected to augment the global market during the forecast period. However, a lack of significant biocompatibility and safety criteria for the medical devices have restrained the growth of Paediatric Medical Device Market.
Paediatric Medical Device Market is majorly segmented by type, product, end-user, and region. In terms of product, the neonatal ICU devices segment held major market share in 2017 and is projected to lead the market by 2026. Anesthesia and respiratory devices have a fairly high usage, particularly among paediatric patients, due to their efficacy in treating diseases such as asthma.
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The North America region in the Paediatric Medical Device Market holds a major market share and is predominantly driven by factors such as a rise in prevalence of cancer and respiratory diseases, increase in popularity of portable devices, and growing preference for home healthcare devices and services. In addition, Asia Pacific region is the fastest growing region because of untapped opportunities, improving healthcare infrastructure, increase in awareness about available diagnostic procedures and technologies, and favorable government initiatives.
Paediatric Medical Device Market share is consolidated, as key multinational players occupy the major industry share. Johnson & Johnson and Abbott are some of the major industry players. Production capacity expansion, brand portfolio expansion, mergers, collaborations, and acquisitions are the key strategies adopted by industry players. Johnson & Johnson are into consumer businesses that embrace innovative science to create medical products, anticipate consumer needs and create experiences that help people to live healthy & vibrant lives.