Pediatric Medical Devices Market to Hit $52 Billion by 2030

The global pediatric medical devices market size is forecast to expand 7.8% annually over the next seven years to reach $51.9 billion by 2030.

That’s no small potatoes.

Research and Markets attributes the increase to technological advancements in pediatric devices and the rising prevalence of chronic diseases among children—i.e., asthma, cystic fibrosis, diabetes, epilepsy.
 
Pediatric medical devices diagnose or treat diseases from birth through adolescence. The U.S. Food, Drug, and Cosmetic Act consists of pediatric patients aged 21 or younger at the time of the treatment. In the United States, the commercialization and development of pediatric medical devices lag significantly behind adult products. In the last few years, only 24% of lifesaving medical devices have been approved by the U.S. Food and Drug Administration that can be used for childcare, and the majority of its users are 12 years and above.

The COVID-19 pandemic has put the medical device industry at the center with unparalleled demand for personal protective equipment, diagnostic tests, ventilators, and other critical medical supplies. However, the pediatric medical device industry is highly impacted by the substantial decrease in the number of surgeries, many of which are being canceled or postponed so that hospitals and clinics can focus their resources on treating COVID-19 patients. The reopening of manufacturing units and supply-chain is expected toboost pediatric medical device market growth.

The development and design of pediatric medical devices continues to be an exciting field. There are only a few pediatric devices than adult devices in the market which is forcing pediatric professionals to suggest alternative ways of treating children using devices mainly made for adults. Pediatric medical devices cover a wide range of indications and risks associated with child care. It also helps to reduce disease burden and improve the quality of life for many children.

Various innovation competitions took place to support new and advanced pediatric medical devices. For instance, since 2013, the “Make Your Medical Device Pitch for Kids” international competition has focused on supporting and identifying innovations that will make a substantial improvement in pediatric care.

The anesthesia and respiratory care devices segment is expected to showcase the fastest annual growth rate because it is a commonly used product among children while the in-vitro diagnostic (IVD) segment held the largest share as of 2022 owing to the accurate and error-free diagnostic through the product.

The pediatric clinics segment is expected to expand significantly through 2030 because these clinics are especially focused on children’s care. Hospitals held the largest market share in 2022 due to to the high number of patient admissions.