Arecent report offered by ResearchAndMarkets.com states that the global pediatric imaging market size was estimated at $9.7 billion in 2021, $10.7 billion in 2022, and is projected to grow at a compound annual growth rate (CAGR) of 10.45% to reach $17.6 billion by 2027.
Data Bridge Market research also predicts market growth.
“The market for pediatric imaging is expected to grow in the forecast period. Improvements in the diagnosis and treatment of a variety of young patients’ medical issues have been made to medical X-ray imaging. Children under the age of 21 who are receiving diagnosis or treatment are considered paediatric patients under the Federal Food, Drug, and Cosmetic Act (FD&C Act),” a press release states.
Data Bridge Market Research analyses that the pediatric imaging market, which was $3.6 billion in 2021, would rocket up to $6.7 billion by 2029, and is expected to undergo a CAGR of 8.10% during the forecast period 2022 to 2029.
Grand View research reports that the global pediatric imaging market size was valued at $6.8 billion in 2019 and is projected to expand at a CAGR of 7.6% during the forecast period (2020-2027). Increasing demand for advanced health care practices in pediatric care, rising number of surgical procedures, and government initiatives to raise awareness and increase the reach of novel pediatric imaging techniques are key factors driving the market.
“Moreover, increasing focus of market players on new product development and strategic collaborations to develop advanced pediatric imaging modalities are expected to propel the market growth,” according to Grand View research. “High radiation risk particularly in pediatric patients, which may result in the occurrence of cancer and high installation cost are some of the factors that may hinder the market growth.”
Adoption of advanced technology in different health care settings – including hospitals and pediatric specialty clinics – is anticipated to have a significant effect on the overall market growth in developing as well as developed regions. For instance, in August 2018, Lucile Packard Children’s Hospital Stanford established a new surgical center that includes a novel hybrid operating suite and enables immediate evaluation of post-surgical interventions. Such advancements help increase patient safety significantly and minimize the overall turnaround time as well as hospital stay, thus reducing overall treatment cost. The overall price of advanced technologies is anticipated to deflate with the availability of next-generation microchips, thus boosting the adoption of these imaging devices, especially in developing countries.
The rising number of premature births, expanding incidence of pediatric diseases, and high demand for preventive care and imaging solutions are some of the factors driving the demand for novel pediatric imaging systems. According to the Centers for Disease Control and Prevention (CDC), around 9.2 million children in the U.S. are admitted to the emergency department from accidental injuries such as falls, road traffic and burns. The inability of pediatric patients in explaining specific problems significantly enhances the use of effective pediatric imaging solutions. Moreover, increasing cases of birth defects requires effective imaging technologies to minimize complications.
Increasing investment on advanced technology and frequent product launches by market players are the factors expected to have a positive impact on market growth in upcoming years. Also, increasing initiatives by various government as well as non-government organizations to spread awareness related to pediatric diagnostic imaging exams is expected to boost the global procedural volume. For instance, in December 2018, the American College of Radiology (ACR) and the Radiological Society of North America (RSNA) launched a new section – RadInfo 4 Kids on their official website. The informational website was aimed to providing information about radiology to children and their guardians.
Magnetic resonance imaging (MRI) accounted for the largest market size owing to increasing demand in hospital settings combined with technological advancements. Advanced fast scan methods such as single-shot technique and gradient-echo provide faster and clearer images. These techniques are specifically helpful in pediatric imaging where patient-operator compliance is minimal. In September 2019, researchers from the University of Colorado, School of Medicine identified a new imaging method named fast MRI, which was effective in analyzing pediatric traumatic brain injuries (TBI), thereby eliminating risks related to ionizing radiation exposure and anesthesia.
The ultrasound segment is expected to grow at a lucrative rate during the forecast period. The growth can be attributed to factors such as easy availability of imaging devices, skilled professionals, affordability, and frequent launch of new products that are specifically tailored for pediatric patients.
