North America Pediatric Medical Devices Market
The North America pediatric medical devices market is analyzed on the basis of three major countries: the US, Canada, and Mexico. The US holds the largest size of the pediatric medical devices market owing to factors such as the increasing burden of pediatric diseases, increasing product launches, and R&D Activities to develop advanced pediatric medical devices. The growth of the region's market is attributed to the increasing incidences of birth deformities and rising key player initiatives. In addition, the growing health expenditures are expected to drive the growth of the market during the forecast period.
The impacts of COVID-19 are being felt across several markets, including the pediatric medical devices market in North America. Although the healthcare sector had witnessed SARS, H1N1, and other outbreaks in the last few years, the severity of the COVID-19 has made the situation more complicated due to its mode of transmission. North America has been witnessing a growing number of COVID-19 cases since its outbreak. Several measures are being taken to contain the disease and prevent the transmission; however, the exorbitant number of COVID-19 cases have resulted in cancellation of doctor's appointment, causing treatments and doctors/surgeons meeting cancellations. The pediatric patients suffering from critical surgeries such as neurosurgery, spinal surgery, and ENT surgery require physical awareness and need to implement procedures in the clinics. A recent study issued by the Radiological Society of North America in September 2020 stated that the COVID-19 pandemic significantly impacted pediatric radiology departments globally. More than 90% of study respondents indicate that medical devices practices have undergone a moderate, effective, or complete change in COVID-19. Pediatrics and term infants with medical disorders requiring prolonged hospitalization are prone to hospital-acquired (nosocomial) infection; thus, the adoption of in baby care facilities has been adversely affected in the wake of COVID-19 outbreak. Moreover, the outbreak has resulted in a high unemployment rate in the region, in turn, hampering disposable incomes, and consequently the benefits of health insurance. Therefore, the financial crisis among the masses in North America is projected to hamper the growth of the pediatric medical devices market.
Strategic insights for the North America Pediatric Medical Devices provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 10,872.43 Million |
| Market Size by 2028 | US$ 18,786.55 Million |
| Global CAGR (2021 - 2028) | 8.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Pediatric Medical Devices refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The pediatric medical devices market in North America is expected to grow from US$ 10,872.43 million in 2021 to US$ 18,786.55 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028. The healthcare system is continuously evolving due to rising product innovation and developments, creating opportunities for the market. The patient care systems are developing to facilitate various medical procedures. The rise in diseases and disorders among children is among the key role to play in increasing investment of the North America and domestic players. The trend for pediatric medical devices is likely to grow dramatically in the future, owing to the increasing number of market players offering products. Moreover, introduction of innovative products, revolutionary technology, and successful events created opportunities for the companies to continue producing pediatric medical devices. In addition, the increasing trend for the use of point-of-care devices in hospitals and at-home care is expected to benefit the market. Thus, companies manufacturing the products are likely to add value to their customers and attract more customer base. Therefore, considering these factors, are likely to propel the market's growth during the forecast period.
North America pediatric medical devices market is segmented into product, end user, and country. The pediatric medical devices market, by product, is segmented into in vitro diagnostic (IVD), cardiology devices, respiratory care, monitoring devices, neonatal ICU devices, and others. The in vitro diagnostic segment is likely to hold the largest share of the market in 2021. Based on end user, the pediatric medical devices market is segmented into hospitals, pediatric clinics, and others. The hospitals segment is likely to hold the largest share of the market in 2021. Based on country, the North America pediatric medical devices market is segmented into US, Canada, and Mexico. US held the largest market share in 2021.
A few major primary and secondary sources referred to for preparing this report on the pediatric medical devices market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Atom Medical Corp.; F. Hoffmann-La Roche Ltd.; General Electric Company; Hamilton Medical; Johnson And Johnson Services, Inc.; Koninklijke Philips N.V.; Medtronic; and Siemens AG.
The North America Pediatric Medical Devices Market is valued at US$ 10,872.43 Million in 2021, it is projected to reach US$ 18,786.55 Million by 2028.
As per our report North America Pediatric Medical Devices Market, the market size is valued at US$ 10,872.43 Million in 2021, projecting it to reach US$ 18,786.55 Million by 2028. This translates to a CAGR of approximately 8.1% during the forecast period.
The North America Pediatric Medical Devices Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Pediatric Medical Devices Market report:
The North America Pediatric Medical Devices Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Pediatric Medical Devices Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Pediatric Medical Devices Market value chain can benefit from the information contained in a comprehensive market report.
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