Wed, 20 Oct 2021

Growing occurrences of chronic conditions in infants and children, among others, is one of the significant factors influencing the market growth.

The global pediatric market is expected to reach USD 11.90 Billion by 2027, according to a new report by Reports and Data. Growing occurrences of chronic conditions in infants and children, among others, is one of the significant factors influencing the market growth. The incidence of chronic conditions is increasing in most developed and developing nations and is expected to be responsible for the major cause of death in the coming years. Amongst children, and particularly among adolescents, increased life expectancy owing to better hygiene, nutrition, and control of communicable diseases is creating an epidemiologic transition where non-infectious diseases, such as chronic diseases and disability, are evolving as significant health problems. As per the National Center for Health Statistics, 3.2% of children remain absent for 11 or more days from school per year owing to illness or injury. It was observed that 17.4% of children are obese and 4% of children face a dearth of a usual source of healthcare and the death rate amongst children aged between 5 to 14 years is 12.7 per 100,000 and the major reasons of death in such children comprise cancer, accidents, and voluntary self-harm.

The rapid technological advancements in imaging modalities are driving the growth of the pediatric imaging market. X-rays witness highest order volume, whereas ultrasound and MRI, specifically, are making swift growth. For instance, ultrasound offers a number of benefits comprising an enhanced definition of organs and structures, radiation-free visualization, and the ability to use higher-frequency transducers. A novel practice in ultrasound in pediatric imaging is the deployment of elastography, which uses sound waves to evaluate tissue stiffness and is mainly useful for the detection of cancer, as tumors are frequently characterized by harder tissue.

COVID-19 Impact Amongst the major Covid-19 testing options, imaging is considered appropriate by most healthcare professionals as it delivers a crucial diagnosis result in a short time. As compared to adults, pediatric patients suffering from COVID-19 displayed distinct characteristics in CT imaging and clinical presentation. Pediatric patients are likely to have milder clinical symptoms, fewer CT findings, and reduced extent of disease in the lungs. Furthermore, peribronchial distribution and bronchial wall thickening were more commonly observed in pediatric patients. A relatively small number of cases have been observed in children, and so far, in China, only around 2.4% of cases occurred in those under 19 years of age, and related trends have been experienced in the United States.

Top Companies Profiled in the Report Include:

Toshiba Medical Systems Corporation, Siemens Healthineers, Agfa Healthcare, GE Healthcare, Fujifilm Holdings Corporation, Carestream Health Inc., Philips Healthcare, Mindray Medical International Limited, Samsung Medison Company Limited, and Koninklijke Philips N.V., among others.

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Market Overview:

The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.

The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.

The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Pediatric Imaging market in these key regions.

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Further key findings from the report suggest

By imaging type, magnetic resonance imaging (MRI) contributed to the largest market share in 2019. MRI finds application in diagnosing extensive conditions in children owing to illness, injury, or congenital abnormalities. Moreover, when the diagnosis of a child's spinal cord and the brain is required, MRI is beneficial owing of its ability to view through the skull and spine without the need for radiation.

By application, orthopedics contributed to the largest market share in 2019. Orthopedic problems are quite common in children and may be developmental, congenital, or acquired, comprising those of neuromuscular, infectious, neoplastic, nutritional, and psychogenic origin.

By end-users, diagnostic centers are estimated to grow at the fastest rate of 7.9% in the forecast period. Medical imaging of pediatric patients at diagnostic centers provides various benefits as these centers have requisite laboratory equipment and skilled staff as well as medical personnel that helps them in the process of recognizing diseases in a patient who is having specific symptoms or signs.

North America held the largest market share in 2019 and is likely to grow at a rate of 6.6% in the forecast period. The market dominance of North America is owing to rapid technological advancements, such as the growing incidence of target diseases, the development of molecular imaging, and the launch of new radiopharmaceuticals for diagnosis, among others.

In May 2019, Boston Children's Hospital entered into a partnership with GE Healthcare to develop radiology artificial intelligence.

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Additionally, the report consists a detailed analysis of the segmentation of the Pediatric Imaging market based on product types and end-use/application offered in the Pediatric Imaging market.

Imaging Type Outlook (Revenue, USD Million; 2017-2027)

Magnetic Resonance Imaging (MRI)

Ultrasound

Positron Emission Tomography-Computed Tomography (PET-CT)

X-Ray

Others

Application Outlook (Revenue, USD Million; 2017-2027)

Orthopedics

Gastroenterology

Neurology

Cardiology

Oncology

Others

End-Users Outlook (Revenue, USD Million; 2017-2027)

Hospitals & Clinics

Diagnostics Center

Others

Country-wise regional analysis covers:

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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