Pediatric Radiology Market Forecast 2024: Innovations, Market Size, and Key Industry Players

"The Business Research Company recently released a comprehensive report on the Global Pediatric Radiology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The pediatric radiology market size has grown strongly in recent years. It will grow from $5.63 billion in 2023 to $5.94 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to medical imaging innovations, increasing incidence of pediatric diseases, growing awareness and adoption, improvements in imaging quality and safety, and pediatric-focused research and training.

The pediatric radiology market size is expected to see strong growth in the next few years. It will grow to $7.47 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to the integration of artificial intelligence (AI), telemedicine and remote imaging, personalized medicine and precision imaging, the shift towards value-based healthcare, and innovations in emerging markets. Major trends in the forecast period include advancements in pediatric-specific imaging techniques, integration of artificial intelligence (AI) and machine learning, expansion of point-of-care imaging, remote monitoring and telemedicine solutions, and emphasis on patient-centered care and family-centered imaging.

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Market Drivers and Trends:

The rising prevalence of chronic conditions is expected to propel the growth of the microbial API market going forward. A chronic condition is a long-lasting health condition or disease that is persistent or otherwise long-lasting in its effects. Chronic conditions are rising due to a combination of factors, including aging populations, sedentary lifestyles, poor diets, environmental changes, and increased detection and diagnosis of diseases. Microbial APIs are increasingly employed in the management of chronic conditions, leveraging their therapeutic properties derived from microorganisms to develop effective treatments. For instance, in July 2021, according to the International Diabetes Federation (IDF), a Belgium-based diabetes organization, the global number of people with diabetes is predicted to reach 537 million in 2021, 643 million in 2030, and 783 million in 2045, with an anticipated 541 million people having impaired glucose tolerance by 2021. Additionally, nearly 6.7 million individuals aged 20 to 79 are expected to die from diabetes-related complications in 2021. Therefore, the rising prevalence of chronic conditions is driving the growth of the microbial API market.

Major companies operating in the pediatric radiology market are developing innovative products such as mini transesophageal echocardiography (TEE) ultrasound transducers to expand diagnostic and treatment options for smaller or more vulnerable patients, enhance imaging precision, and improve overall patient comfort and outcomes. Mini transesophageal echocardiography (TEE) ultrasound transducers are compact imaging devices designed to provide detailed images of the heart and its structures through the esophagus, enhancing diagnostic and treatment capabilities for patients of varying sizes and conditions. For instance, in May 2024, Koninklijke Philips N.V., a Netherlands-based conglomerate corporation, launched the X11-4t Mini 3D TEE transducer. This innovative transducer, designed for enhanced patient comfort, extends the benefits of 3D transesophageal echocardiography (TEE) to previously underserved patient groups, including small pediatric patients and adults at risk of complications. The miniaturized, 35% smaller transducer provides detailed 3D imaging crucial for diagnosing and treating structural heart diseases, aiding in minimally invasive surgeries. Compatible with Philips' EPIQ CVx and EchoNavigator systems, it offers high-quality imaging while minimizing the need for general anesthesia and reducing recovery times.

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Major Key Players of the Market:

Samsung Electronics Co. Ltd., Hitachi Ltd., Siemens AG, General Electric Company, Toshiba Corporation, Fujifilm Holdings Corporation, Koninklijke Philips N.V., Agilent Technologies Inc., Hologic Inc., Shimadzu Corporation, Varian Medical Systems Inc., Cook Medical Inc., Agfa-Gevaert N.V., Neusoft Corp, Carestream Health Inc., Shanghai United Imaging Healthcare Co. Ltd, NuVasive Inc., Esaote S.p.A., Canon Medical Systems Corporation, OrthoPediatrics Corporation, Ziehm Imaging GmBH, Shenzhen Landwind Industry Co., DMS Imaging SA, Allengers Medical Systems Ltd., Mindray Medical International Ltd

Pediatric Radiology Market 2024 Key Insights:

• The pediatric radiology market size is expected to see strong growth in the next few years. It will grow to $7.47 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Chronic Pediatric Conditions Fuels Growth In The Pediatric Radiology Market
• Innovative Mini TEE Ultrasound Transducers Revolutionize Pediatric Radiology
• North America was the largest region in the pediatric radiology market in 2023

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