The North America Pediatric Medical Devices Market would witness market growth of 6.3% CAGR during the forecast period (2022-2028).
The FDA is dedicated to promoting the creation and accessibility of reliable pediatric medical equipment. It has launched several initiatives, containing projects like combining known data regarding device effects in many other populations to establish pediatric indications, hence increasing the variety of medical devices having labeling for pediatric patients.
Certain standard objectives laid out by FDA for pediatric health includes surveying situations when there is a plausible chance that kids will utilize the equipment under consideration, hiring advisory panels, and safeguarding kids who take part in clinical experiments. The FDA also cooperates with the Institute of Medicine and conducts post-market surveillance to gauge the efficiency of pediatric medical device. It also gathers information on children's unmet medical device needs and the challenges facing the creation of novel pediatric devices.
Manufacturers present in the region have increased their R&D to offer numerous innovative products. Efficient product's introduction in will also benefit the market. For example, the Harmony Transcatheter Pulmonary Valve (TPV) System was given approval by the U.S. Food and Drug Administration to treat pediatric patients with a surgically repaired or native right ventricular outflow tract (RVOT). Patients with serious pulmonary valve regurgitation, characterized by blood leaking into the heart's lower right chamber, are the target audience for the device. This ailment is commonly brought on by congenital cardiac dysfunction. Additionally, the supportive measures proposed by the governments and a significant rise in research collaborations will aid in the industry's expansion. The region is anticipated to expand in the future as a result of favorable healthcare legislation, a sizable patient population, as well as a mature healthcare sector.
The US market dominated the North America Pediatric Medical Devices Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $11,393.3 million by 2028. The Canada market is poised to grow at a CAGR of 8.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 7.7% during (2022 - 2028).
Based on Product, the market is segmented into In Vitro Diagnostic (IVD) Devices, Anesthesia & Respiratory Care Devices, Cardiology Devices, Diagnostic Imaging Devices, Neonatal ICU Devices and Others. Based on End User, the market is segmented into Hospitals, Clinics, Ambulatory Surgery Centers and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Pediatric Medical Devices Market is Estimated to reach $42 Billion by 2028, at a CAGR of 7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, Abbott Laboratories, Cardinal Health, Inc., GE HealthCare Technologies, Inc., Hamilton Medical AG (Hamilton Bonaduz AG), TSE spol. s.r.o. (TSE Medical), Fritz Stephan GmbH, Phoenix Medical Systems Pvt. Ltd., Trimpeks, and Atom Medical Corporation.
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