Global Pediatric Health Care Products and Services Market: Growth and Opportunities 2024
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The market of pediatric healthcare products and services market can be segmented as follows:
Short term illness (such as ear infection, upper respiratory infection and others)
Chronic illness (such as cystic fibrosis, diabetes, malnutrition and others)
Increasing population using pediatric healthcare products and services will drive the growth of this market. In addition, increasing number of cases of diarrhea, malnutrition and other disorders in children will demand utilization of pediatric products and services hence stimulates the market growth.
According to United Nations Children's Fund (UNICEF), there are 195 million children (less than 5 five years of age) affected by malnutrition every year. Thus, increasing cases of malnutrition in pediatric population propels the uptake of pediatric healthcare products and services and drives the market growth.
Additionally, consistent efforts of key players to introduce safe and effective feeding methods for pediatric patients will further accentuate the growth of this market. For example, CORPAK Medsystems, Inc., in collaboration with Baxa Corporation and Premier, Inc. developed CORFLO Anti-IV Enteral Feeding Tube and Baxa Exacta-Med Anti-IV enteral syringe. These devices are designed to prevent tubing misconnection issue and provide safety to pediatrics during the feeding process.
Moreover, many manufacturers offer innovative and novel pediatric products that will further attract more customers. For example, GE Healthcare offers pediatric imaging services that provide comprehensive clinical insights without ionizing radiation and contrast injection. These types of launches will build healthy platform to attract more number of users and hence drives the market growth.
Furthermore, several organizations have published guidelines and strategies aiming to reduce pediatric medication errors which would ultimately increase the uptake of these products. For example, in 2008, The Joint Commission (TJC) has released document on preventing pediatric medication error.
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This document provides an overview regarding pediatric mediation error rates and also discusses strategies to reduce pediatric mediation error. However, pediatric product lacks significant biocompatibility and safety criteria which may restrain the growth of pediatric products and services market. For example, most of the commercial pediatric products are for off label use and these products do not have Food and Drug Administration (FDA) approved under pediatric clinical trials. In addition, major challenge of this market is to design compatible pediatric devices that are easy to use and provides appropriate care to the pediatric patients.
Geographically, North America is considered to be the largest market of pediatric healthcare products and services owing to incessant launch of novel and advanced pediatric products by key players. Europe is considered as the second largest market of pediatric healthcare products and services. The growth is mainly attributed to increasing use of pediatric products and services by European people. In addition, Asia-Pacific region is the emerging market for pediatric healthcare products and services because of rising pediatric healthcare awareness among people.
Various key players contributing to the global pediatric healthcare products and services market includes GE Healthcare, CORPAK Medsystems, Inc., Abbott Nutrition and others.
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