Pediatric Radiology Market is Expanding at a CAGR of 7.7% from 2017 to 2026
Posted: May 17, 2019
As imaging specialism continues to penetrate through the global healthcare landscape, the adoption of radiology in diagnosis and medical imaging operations continues to gain grounds, particularly in pediatric care. Protecting the new-born babies from suffering traumas during or post- birth has fuelled the demand for employing the subspecialty medical imaging science of radiology in pediatric diagnosis. In the future, hospitals and child specialty centers will actively install pediatric radiology devices to improve the diagnosis of young infants and children. However, growing speculations of parents with respect to radiation exposure continues to put pediatric radiology in a bad light. Moreover, education of pediatric radiology remains nascent and radiographers are facing challenges in being updated with the upgradations in pediatric imaging techniques.
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Transparency Market Research’s latest forecast study observes that the global pediatric radiology market will expand vigorously in the near future. Despite the considerable restraints, the global adoption of pediatric radiology will reflect robust growth. During the forecast period, 2017-2026, the global pediatric radiology market will register a CAGR of 7.7%. The study further reveals that by the end of 2026, the global pediatric radiology market will touch a valuation of US$ 3.57 Bn. North America will represent the most lucrative marketplace for adoption of pediatric radiology devices. Robust healthcare infrastructure in the US, dense presence of medical device manufacturers and high spending of pediatric care will continue to drive the adoption of pediatric radiology in North America. By the end of 2026, North America’s pediatric radiology market will be worth one-third of global market value forecasted in the report.
Ultrasound Devices to Outsell X-ray Systems Towards the End of Forecast Period
Effectiveness of pediatric radiology devices in terms of producing quality images, integrating clinical information, and accurately assessing the conditions of the imaged body part continues to influence their sales. In 2017, around US$ 640 Mn worth of x-ray pediatric radiology devices were sold across the globe. The demand for x-ray systems will remain high in the first half of the forecast period, albeit, will dwindle towards the end of 2026. Adoption of ultrasound pediatric radiology devices is anticipated to gain traction. By 2026-end, over 40% of global pediatric radiology market value will be netted from sales of ultrasound systems and devices.
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Hospitals to Represent Largest End-user; Standalone Modality to Remain Sought-After through 2026
Pediatric diagnosis is widely available across hospitals as parents are willing to spend on providing highest level of care for their babies. Reduced hospitalization time and immediate access to treatment options continue to drive hospitals in instating departments on pediatric radiology. By the end of 2026, pediatric radiology devices will be largely used in hospitals, bringing in nearly US$ 1.5 Bn in global revenues. Pediatric clinics, on the other hand, will register fastest end-use by reflecting a value CAGR of 10.9% during the forecast period. The report further reveals that standalone devices worth over US$ 1 Bn were sold in the global pediatric radiology market by 2017-end. In terms of modality, standalone devices will remain more convenient for diagnosis and high-tech imaging. The report also reveals that portable modality of pediatric radiology devices will register fastest uptake, reflecting a 9.5% CAGR over the forecast period.
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Global Pediatric Radiology Market: Key Stakeholders
Leading manufacturers of pediatric radiology devices have been profiled in the report. These include, Analogic Corporation, Esaote SpA, Fujifilm Corporation, General Electric Company, Hitachi, Ltd., Koninklijke Philips N.V., Mindray Medical International Limited, Toshiba Corporation, Samsung Medison Co. Ltd., and Siemens AG. Majority of these companies are observed to invest in lowering the hazards of radiology techniques when used on infants and children. Several market players are also likely to introduce multipurpose pediatric radiology devices in the upcoming years.
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