Global
Pediatric Medical Device Market - Overview
Pediatric
medical devices are medical devices utilized for the management and treatment
of infants and children below 18 years with some health issues. Majority of
these medical devices are specially designed and manufactured for infants and
children, but in some cases these devices are used for adult also.
Global
market of pediatric medical device is expected to grow at a CAGR of
approximately 10.5% during the forecast period 2017-2023. The global pediatric
medical devices market is growing immensely due to rising occurrence of disease
among children, increasing child bearing age among women, high number of
children with heart diseases, increasing growth in number of pediatric
hospitals and clinics. Furthermore, initiatives by the government and
regulatory organization are influencing the market growth. For example, FDA has
taken initiatives like they are collaborating with the Institute of Medicine
for the success of post-market surveillance of pediatric medical devices to
enhance the development and availability of safe and effective pediatric
medical devices. While there are few factors that hamper the growth of the
market such as lack of significant biocompatibility and safety criteria for the
medical devices have restrained the growth of market. Moreover, devices that
can provide appropriate care to the pediatric patients is one of the other
major restraint for the market.
The
market is forecasted to demonstrate a steady growth by 2023, surpassing its
previous growth records in terms of value with a striking CAGR during the
anticipated period 2017 – 2023.
Global
Pediatric Medical Device Market - Competitive Analysis
Characterized
by the presence of several well-established and small players, the global
market of pediatric medical device appears to be highly competitive and
fragmented. With well-established market in the North America and European
region with major companies having their home in the regions and generating
maximum market share. These companies have expanded their operating unit in
various other emerging regions as well. Moreover the other small and medium
scale players are generating revenue from local market.
Medtronic
is a one of the global healthcare solutions provider company, involved in
improving lives of individuals through its medical technologies, services, and
solutions. Medtronic in January 2015, announced the acquisition of Covidien.
With this acquisition the company will enhance its medical device product.
Covidient includes various pediatric medical device such as Pediatric
Collection Devices, Pediatric Urology Accessories, Pediatric Latex Foley
Catheters and various others. These product will further enhance the revenue
for Medtronic.
Furthermore
in October 2016, Medtronic is the first company to got an approval for its
suite of cardiac rhythm and heart failure devices, it leads to be scanned in
both 3 and 1.5 Tesla (T) magnetic resonance imaging (MRI) machines. This
development provides patients with Medtronic implantable
cardioverter-defibrillators (ICDs), SureScan MR-conditional pacemakers, and
cardiac resynchronization therapy-defibrillators (CRT-Ds) and leads access to
MRI scans on any part of the body.
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