Pediatric Radiology Market Research, 2031
The global pediatric radiology market was valued at $5.6 billion in 2021 and is projected to reach $8.8 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031. Pediatric radiology is diagnostic radiology associated with children which involve the use of nonionizing radiation for specialized imaging care for children, infants, neonates, and young adults (under the 21 age) with acquired conditions. Pediatric radiology is based on the lowest possible dose of radiation because children are more susceptible to the adverse effects of radiation than adults of equivalent size and there is a risk of cancer development. Pediatric radiology involves diagnostic imaging of children for the diagnosis of medical conditions such as pneumonia and cancer. It includes x-ray imaging, magnetic resonance imaging (MRI), and ultrasound.
The key Pediatric Radiology Market Trends that drive the growth of the Pediatric Radiology Industry are the increase in the prevalence of pneumonia in children and rise in the malnutrition rate and the rise in the number of pediatric clinics. For instance, according to the report shared by the World Health Organization (WHO), globally in 2020, 149 million children under 5 were estimated to be stunted (too short for age), 45 million were estimated to be wasted (too thin for height), and 38.9 million were overweight or obese. The rise in the number of diagnostic laboratories with skilled personnel, the increase in the installation of advanced radiology tools, and the surge in investments in the pediatric radiology sector, are expected to boost the growth of the global Pediatric Radiology Market Size. Moreover, an increase in R&D activities for the development of advanced pediatric radiology tools, new product approvals, and product launch drives the growth of the Pediatric Radiology Industry. For instance, in October 2021, Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the launch of Philips Pediatric Coaching, a holistic solution designed to be a less stressful experience for parents and their children undergoing magnetic resonance imaging (MRI) scans. Furthermore, the rise in the number of pediatric doctors, the increase in the number of private pediatric hospitals, and improvements in healthcare facilities in developing nations contribute to the Pediatric Radiology Market Growth.
However, the high cost of advanced pediatric radiology and the dearth of skilled and experienced sonographers worldwide may hinder the growth of the market. Conversely, the emerging healthcare market in developing countries and low-income countries lacking access to basic healthcare and the increase in the risk of pandemics and communicable diseases are expected to provide a lucrative opportunity for the growth of the Pediatric Radiology Market Size during the forecast period.
The pediatric radiology market is segmented based on type, application, end-user, and region. By type segment, the market is divided into ultrasound, magnetic resonance imaging (MRI), and others. The ultrasound segment is further divided into handheld ultrasound and cart-based ultrasound. Depending on the application segment, the market is classified into oncology, orthopedics, and others. By end user, the market is categorized into hospitals, diagnostic centers, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The pediatric radiology market is segmented into Type, Application, and End User.
By type, the pediatric radiology market is segmented into ultrasound, magnetic resonance imaging (MRI), and others. In 2021, the other segment accounted for the largest share of the market. The dominance of this segment can be attributed to the rise in prevalence of chronic diseases such as cancer, cardiac diseases, neurological diseases, dental problems, and orthopedic disorders drives the growth of the market. However, the magnetic resonance imaging segment is anticipated to grow at a significant rate during the forecast period. Owing to the rise in the incidence of diseases such as brain tumor, breast cancer, scoliosis, and sclerosis drive the growth of the market. Moreover, technological growth such as superconducting (SC) magnets, open architecture, high-field MRI, and software applications are other factors that contribute to the growth of the market.
By application, the pediatric radiology market is segmented into oncology, orthopedics, and others. The other segment exhibited the highest Pediatric Radiology Market Share in 2021 and is anticipated to lead during the forecast period. However, the cardiology segment is anticipated to grow at a significant rate during the forecast period. Owing to the rise in the prevalence of heart-related diseases leads to the increase in demand for technologically advanced pediatric radiology systems for the diagnosis of heart failure, artery diseases, blocked vessels,s and other heart-related disorders.
By end user, the market is segmented into hospitals diagnostic centers and others. The hospitals segment exhibited the highest growth in 2021, and is anticipated to lead during the Pediatric Radiology Market Forecast period, owing to rise in the number of patient visits in the hospital increase in awareness among people regarding advanced pediatric radiology are major factors responsible for the growth of the market. Howeverhe diagnostic centers segment is expected to witness considerable market growth during the forecast period, owing to the increase in number of diagnostic centers and rise in incidence of orthopedic injuries in children drive the growth of market.
Region-wise, the pediatric radiology market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a majority of the pediatric radiology market share in 2021 and is anticipated to remain dominant during the forecast period. The pediatric radiology market is mainly driven by the rising prevalence of targeted diseases, the increase in healthcare expenditure in this region, the presence of key players in the country and the strategies they adopt for their product development. Moreover, an increase in trauma and accident cases and a preference for minimally invasive surgeries boost the market growth.
Asia-Pacific was the second largest contributor to the market in 2021 and is expected to register the fastest CAGR during the forecast period. This is due to the presence of high unmet medical needs and a constantly improving healthcare infrastructure to cure chronic disorders. high population base, improvements in the healthcare sector in the region and a rise in healthcare expenditure drive the growth of the market.
The major companies profiled in the report include Altaris Capital Partner LLC, BARCO N.V, Esaote SpA, Fujifilm Holdings Corporation, General Electric Company, HITACHI LTD, HOLOGIC INC, Konica Minolta, Inc., Koninklijke Philips N.V, Mindray Medical International Limited, NORDION INC, ONEX CORPORATION (CARESTREAM HEALTH), Samsung Electronics Co., Ltd, SHIMADZU CORPORATION, Siemens AG and Toshiba Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the pediatric radiology market analysis from 2021 to 2031 to identify the prevailing Pediatric Radiology Market Opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the pediatric radiology market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global pediatric radiology market trends, key players, market segments, application areas, and market growth strategies.
Pediatric Radiology Market Report Highlights
Market Size By 2031
USD 8.8 billion
CAGR of 4.7%
2021 - 2031
By End User
Key Market Players
Canon Medical Systems, Carestream Health, Inc., Agfa Healthcare, Hitachi Healthcare, Samsung Electronics Co., Ltd., Medtronic plc, Fujifilm Holdings Corporation, Canon Inc., Siemens AG, Canon Medical System
This section provides the opinions of the top-level CXOs in the pediatric radiology market. Pediatric radiology is used for the diagnosis of various diseases in children. The radiology tools include ultrasound, magnetic resonance imaging (MRI), and computed tomography (CT). The factors such as an increase in the prevalence of pediatric pneumonia, advancements in pediatric radiology, and a surge in demand for advanced diagnostic tools drive the growth of the pediatric radiology market. In addition, an increase in healthcare expenditures and a rise in concern for pediatric care are expected to contribute to the growth of the pediatric radiology market.
Europe is expected to witness the highest growth, in terms of revenue, owing to the rise in incidences of chronic diseases, the presence of key players in the manufacturing & development of advanced pediatric radiology tools, and an increase in healthcare expenditures. However, the high cost of advanced pediatric radiology and underdeveloped health care infrastructure in developing countries is projected to hamper the market growth.