Staff report
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 2020-2027 forecast period, according to a report from Grand View Research.
An increasing demand for advanced health care practices in pediatric care, the rising number of surgical procedures, and government initiatives to raise awareness and increase the reach of novel pediatric imaging techniques are the key factors driving the market, according to the Grand View Research report.
“Moreover, increasing focus of market players on new product development and strategic collaborations to develop advanced pediatric imaging modalities is expected to propel the market growth. 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,” the report adds.
Grand View Research adds that technology advances will impact this market in coming years.
“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,” the report states. “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, Grand View Research adds.
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.
Magnetic resonance imaging (MRI) accounted for the largest market size owing to increasing demand in hospital settings combined with technological advancements, according to the Grand View Research report.
“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,” the report says. “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 followed magnetic resonance imaging and is expected to grow at a lucrative rate during the forecast period, Grand View Research reports.
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.
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.
Allied Market Research reports that the global pediatric radiology market was valued at $5.6 billion in 2021 and is projected to reach $8.8 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.
