Pediatric Radiology Market By Type (Ultrasound, Magnetic Resonance Imaging (MRI), others), By Application (Oncology, Orthopedics, Cardiology, Others), By End User (Hospitals, Specialised Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global pediatric radiology market was valued at $5,547.0 million in 2021, and is projected to reach $8,746.52 million by 2031, registering a CAGR of 4.7% from 2022 to 2031.
Pediatric radiology is a diagnostic radiology associated with children which involves the use of nonionizing radiation for the specialized imaging care for the children, infants, neonates and young adults (under the 21 age) with acquired conditions. Pediatric radiology is based on a lowest possible dose of radiation because children are more susceptible to the adverse effects of radiation than are adults of equivalent size and there is a risk of cancer development.
The increase in birth rate and rise in number of preterm births boosts the growth of the market. For instance, according to Centers for Disease Control and Prevention (CDC), around 3,613,647 newborns were reported to be born in 2020. Thus, increase in number of childbirth and surge in number of preterm births drive the growth of the market. The rise in demand for advanced diagnostic tools and surge in healthcare expenditures of patients, provide ample opportunities for market growth. Pediatric radiology is used for the diagnosis of various diseases such as cancer and cardiological disorders which further propels the growth of the market.
The increase in demand for quick and accurate diagnosis of conditions such as pediatric appendicitis and pneumonia has contributed to the market growth. For instance, according to World Health Organization (WHO), pneumonia killed 7,40,180 children under the age of 5 in 2019, accounting for 14% of all deaths of children under five years old but 22% of all deaths in children aged 1 to 5. Pneumonia affects children and families everywhere, but deaths are highest in South Asia and sub-Saharan Africa. In addition, increase in the awareness about advanced pediatric diagnostic tools and rise in number of diagnostic centers are expected to drive the market growth in the coming years.
Moreover, the increase in R&D activities for development of advanced pediatric radiology, product approvals and novel product launches in the market by key players boost the market growth. For instance, in May 2021, Esaote, the Italian leading company in the biomedical field such as ultrasound, dedicated MRI, and healthcare IT, announced the launch of new MyLab X75 ultrasound system. However, the high cost of advanced pediatric radiology and dearth of skilled and experienced sonographers worldwide are projected to hinder the growth of the market.
The pediatric radiology market is segmented on the basis of type, application, end user and region. By type, 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. By application, 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 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 opportunities.
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.
Key Market Segments
By Type
Ultrasound
Type
Handheld Ultrasound
Cart-Based Ultrasound
Magnetic Resonance Imaging (MRI)
others
By Application
Oncology
Orthopedics
Cardiology
Others
By End User
Hospitals
Specialised Clinics
Others
By Region
North America
U.S.
Mexico
Canada
Europe
France
Germany
UK
Italy
Spain
Rest Of Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Taiwan, Province Of China
Rest Of Asia-Pacific
LAMEA
Brazil
Turkey
Venezuela
Saudi Arabia
South Africa
Rest Of LAMEA
Key Market Players
Fujifilm Holdings Corporation
Canon Medical Systems
Samsung Electronics Co., Ltd.
Agfa Healthcare
Carestream Health, Inc.
Hitachi Healthcare
Medtronic plc
Canon Medical System
Siemens AG
Canon Inc.
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