The global pediatric medical devices market is poised for substantial growth, anticipating a reach of $47.4 billion by 2031 with a steady 6.3% compound annual growth rate (CAGR) from 2023 to 2031, as reported by Transparency Market Research Inc. Specialized pediatric devices cater to the unique healthcare needs of children under 21, addressing factors such as smaller body sizes, developmental stages, and distinct physiology. This comprehensive market includes in vitro diagnostic devices, cardiology equipment, diagnostic imaging tools, and many other medical devices.
Advancements in diagnostic imaging, particularly the integration of artificial intelligence in pediatric asthma therapy, stand out as drivers for market expansion. Neonatal medical devices, crucial for monitoring premature or health-challenged infants, play a vital role in tracking heart rate, respiration, and oxygen levels. North America leads the market, propelled by increased research and development investments, adoption of modern radiology technologies, and the introduction of innovative products like Medtronic plc's SonarMed airway monitoring system. Industry heavyweights, including Abbott, Boston Scientific Corporation, Baxter International, Inc., and Medtronic, are actively expanding their portfolios through strategic initiatives. In a notable collaboration, Aevice Health and Jiva.ai aim to develop a remote patient monitoring platform for pediatric asthma patients, reflecting the industry's commitment to advanced technologies and holistic healthcare solutions for children.
