Pediatric Radiology Market Expected to Reach $8.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pediatric Radiology Market," The pediatric radiology market was valued at $5.6 billion in 2021 and is estimated to reach $8.8 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

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 increase in the prevalence of pneumonia in children and the rise in the malnutrition rate drive the growth of the market. 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.

Furthermore, factors that drive the growth of the pediatric radiology market include an increase in healthcare expenditure, a rise in the number of pediatric clinics, and advancement in pediatric radiology. In addition, the surge in demand for advanced diagnostic tools further contributes to the growth of the Pediatric Radiology Industry.  

Moreover, an increase in R&D activities for the development of advanced pediatric radiology tools, new product approvals, and product launches drive the growth of the Pediatric Radiology Industry. For instance, in October 2021, Royal Philips, 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 Pediatric Radiology Market Trends such as 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 growth of the pediatric radiology market.

The pediatric radiology market is segmented into type, application, end-user, and region.

By type, the market is divided into ultrasound, magnetic resonance imaging (MRI), and others. The magnetic resonance imaging (MRI) segment dominated the Pediatric Radiology Market Size in 2021, and this trend is expected to continue during the forecast period, owing to advancements in pediatric magnetic resonance imaging (MRI) tools, and a rise in demand for pediatric magnetic resonance imaging (MRI).

By application, the market is categorized into oncology, orthopedics, and others. The orthopedics segment dominated the Pediatric Radiology Market Size in 2021, and this trend is expected to continue during the forecast period, owing to the increase in the prevalence of pediatric orthopedic trauma and advancements in radiology tools.

By end user, the market is classified into hospitals, diagnostic centers, and others. The hospital segment dominated the Pediatric Radiology Market Share in 2021, and this trend is expected to continue during the Pediatric Radiology Market Analysis period, owing to an increase in the number of hospitals and a rise in the prevalence of pediatric diseases.

Europe accounted for a majority of the global pediatric radiology market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed to the increasing demand for advanced diagnostic tools, well-established healthcare infrastructure, and a surge in healthcare expenditure. Asia-Pacific is anticipated to witness lucrative growth during the Pediatric Radiology Market Forecast period, owing to the rise in the prevalence of pediatric diseases, the high population base, and the presence of key players in the region.

Key findings of the study

• By type, the magnetic resonance imaging (MRI) segment was the highest contributor to the market in 2021.
• By application, the orthopedics segment was the highest contributor to the market in 2021.
• By end users, the hospitals segment was the highest contributor to the market in 2021
• Region wise, Europe garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the significant CAGR during the forecast period.