Pediatric Radiology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Pediatric radiology market studied was anticipated to grow with a CAGR of nearly 5.6% during the forecast period. The major factors attributing to the growth of the pediatric healthcare market are a rise in the number of deaths due to complications during childbirth and various diseases such as pneumonia, asthma, viral infections, and malnutrition every year. For instance, according to estimates published by the United Nations Children's Fund (UNICEF) in November 2018, every year about 3 million deaths occur due to pediatric pneumonia worldwide which is demanding the diagnosis such as chest radiography for earlier and efficient treatment and this is fueling the growth of the market. Furthermore, the rise in government support, combined with increased research activities in technological advancements are likely to drive the pediatric radiology market.

Key Market Trends

Standalone Modality Segment is Expected to Hold the Major Market Share in the Pediatric Radiology Market

• The standalone modality segment is expected to account for the largest held the largest of the pediatric radiology market owing to their technological advancements, increased preference by the radiologists due to enhanced convenience during diagnosis compared to other modalities, availability of more number of products by the manufacturers along with the rising sales trends in the global market. On the other hand, portable pediatric radiology devices are estimated to witness the fastest CAGR over the forecast period due to the rise in ambulatory settings and more number of pediatric radiologists diagnosing at home care settings.
• Based on the product type, X-ray imaging devices held the largest revenue in the global pediatric radiology market due to the rise in various respiratory, allergic diseases such as pneumonia, asthma in recent years which necessitated the demand for these imaging devices fueling the segment. Whereas, the demand for X-ray systems is expected to decline towards the end of the forecast period owing to rise in adoption of novel pediatric radiology devices due to their advantages such as CT Scanners, ultrasound, MRI devices which provide enhanced quality, imaging accuracy, integrating clinical information, and diagnostic precision. Ultrasound devices are expected to dominate the overall market by the end of the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period.

North America is expected to dominate the pediatric radiology market owing to the rise in the volume of pediatric patient cases with kids suffering from respiratory disorders, fractures and congenital injuries, and HIV among the new-born babies being transmitted from the mother in the U.S. which holds the major revenue share of the market in North America. For instance, according to the World Health Organization statistics for the year 2018, in the absence of any intervention such as antiretroviral treatments, transmission rates of HIV from the mother-to-child ranges from 15% to 45% resulting in high demand for the pediatric radiology and fueling the market growth in the region. Furthermore, the launch of new products by key players, rise in government initiatives to train pediatric radiologists and create awareness in people for pediatric treatments and disorders, improvements in healthcare infrastructure along with increased availability of effective pediatric radiology are likely to create a new opportunity for the global pediatric radiology market over the forecast period.

Competitive Landscape

The Pediatric Radiology Market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some prominent players are launching new products, while others are distributing the products. For instance, In April 2019, GSK today received approval from the U.S. Food and Drug Administration (FDA) for its intravenous (IV) Benlysta (belimumab), the first medicine in the US approved for children with systemic lupus erythematosus (SLE) from as young as five years of age cranial defects and consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Esaote SpA, Siemens AG, Hitachi Ltd, Canon Inc, and Koninklijke Philips N V.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support