Pediatric Imaging Market Set for 8% CAGR Growth by 2030

According to market research firm Fact.MR, the pediatric imaging market is expected to grow at a compound annual growth rate (CAGR) of 8% from 2022 to 2030. Pediatric imaging, also known as pediatric radiology, specializes in imaging fetuses, neonates, children, adolescents, and young adults (under 21).

The demand for diagnostic ultrasound technologies within the pediatric imaging market is projected to grow at an impressive CAGR of 8.6% over the next eight years. This growth is driven by factors such as the increasing availability of imaging technology, a rise in trained professionals, and the frequent introduction of advanced imaging systems tailored specifically for young patients.

Download Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=7793

Even though certain diseases identified in pediatrics are the same as those seen in adults, there are a number of disorders that are uniquely present in newborns. Growing rates of pediatric illnesses like pneumonia, tumors in children, and coronary heart failure are major factors propelling the pediatric imaging market's expansion.

Growing demand for advanced pediatric healthcare procedures, an increase in pediatric surgeries, and government programs to enhance access to and awareness of state-of-the-art pediatric radiology technology are all contributing to the global market's rapid revenue growth. The use of cutting-edge technology in a range of clinical settings, such as hospitals and pediatric healthcare services, is expected to have a major impact on market expansion.

The increasing need for imaging and preventative care, as well as the growth in preterm deliveries worldwide, are driving demand for state-of-the-art pediatric radiology equipment.

Why is the Demand for Advanced Pediatric Imaging Systems Growing?

Rising Need for Enhanced Patient Safety, Shorter Stays, and Lower Costs

The demand for advanced pediatric imaging systems is increasing in both developing and developed nations, driven by hospitals and pediatric imaging centers seeking to improve patient safety, reduce hospital stays, and cut treatment costs.

For example, Lucile Packard Children's Hospital Stanford opened a state-of-the-art surgical facility in 2018, featuring a hybrid operating room that enables quick post-operative assessments. Such innovations enhance patient safety, reduce turnaround times, and lower overall treatment expenses. The adoption of next-gen microchips is also expected to lower costs, promoting faster adoption of advanced imaging technologies, especially in emerging markets.

The rising incidence of pediatric illnesses, the growing number of preterm births, and the growing need for imaging and preventative care are some of the factors driving the need for cutting-edge pediatric imaging systems.

According to estimates from the Centers for Disease Control and Prevention (CDC), 9.2 million children in the US are admitted to emergency rooms as a result of burns, car crashes, and falls.
The incapacity of pediatric patients to express particular challenges significantly increases the adoption of effective pediatric imaging solutions. Additionally, effective imaging techniques are required to lessen the effects as the prevalence of birth defects increases.

How Can New Players Succeed and Profit in the Pediatric Imaging Market?

Focus on Developing Advanced Imaging Systems for Pediatric Comfort

Increased investment in advanced imaging technologies is expected to open opportunities in the pediatric imaging market. New entrants should prioritize creating innovative, patient-friendly imaging systems tailored to the specific needs of pediatric patients to capture market share and boost revenue.

For example, the American College of Radiology (ACR) and the Radiological Society of North America (RSNA) introduced RadInfo 4 Kids in December 2018, an educational resource designed to inform children and parents about radiology.

Pediatric imaging tests can be stressful for both children and parents. This often leads to additional scans or the need for sedation, both of which carry risks like delayed brain development. As a result, there are significant opportunities for innovation, particularly in the pediatric MRI market, to improve patient comfort and reduce the need for repeated scans.

Which Regional Market Holds High Potential for Pediatric Imaging Producers?

North America Leads Pediatric Imaging Market Due to Strong Reimbursement and R&D Support

North America is the dominant region in the global pediatric imaging market, driven by favorable reimbursement policies, increased research efforts, and innovation.

For example, in September 2018, the Children’s Hospital of Philadelphia (CHOP) received a $300,000 grant from Bracco Diagnostics Inc. to support research and staff training on new ultrasonic contrast technology. Additionally, the Children’s Health Insurance Program (CHIP) in the U.S. covers pediatric imaging services, further boosting demand.

Looking ahead, the Asia Pacific pediatric imaging market is expected to grow significantly, fueled by expanding market access in developing nations, a rise in pediatric health issues, and supportive government policies. In December 2018, Philips launched its affordable diagnostic ultrasound, Lumify, in several Asian countries, enabling better healthcare delivery.

Country-wise Insights

The majority of the North American pediatric imaging market is accounted for by the United States. Sales in the global market are being driven by the presence of major competitors, advancements in technology, and an increase in the number of preterm births.

For example, the Centers for Disease Control and Prevention (CDC) reported in November 2021 that 1 in 10 newborns born in the United States in 2020 were born prematurely.
One of the leading providers of diagnostic imaging and medical informatics solutions, Fujifilm Healthcare Americas Corporation, unveiled the Velocity MRI System, an enhanced high-field open MRI system, at the Radiological Society of North America (RSNA) conference in November 2021.

Category-wise Analysis

Pediatric magnetic resonance imaging (MRI) uses a strong magnetic field, radio waves, and a computer to produce detailed images of internal body structures, aiding in the diagnosis and monitoring of various conditions affecting the brain, chest, abdomen, pelvis, and limbs.

The growing demand for pediatric MRI is driven by the increasing prevalence of pediatric disorders, advancements in pediatric imaging technologies, and a rise in global collaborations, product launches, and approvals aimed at improving child healthcare.

The rising number of premature births is also a significant factor contributing to the demand for pediatric MRI devices. According to a July 2020 report, approximately 15 million premature babies are born annually, making preterm birth a leading cause of child mortality, driving the need for advanced diagnostic tools.

For example, Neoscan Solutions launched a compact MRI scanner for babies in May 2021, designed for use in pediatric wards, accelerating growth in the pediatric MRI market. Similarly, in February 2022, Primary Children's Hospital introduced advanced intraoperative MRI technology to enhance brain surgery outcomes for children with severe epilepsy, further boosting the demand for pediatric MRI systems.

This surge in demand for pediatric MRI equipment, driven by technological advancements and the rising need for early diagnosis, is expected to fuel the growth of the pediatric imaging market globally.

The Competitive Environment

Because there are so many significant domestic and international industry players, the pediatric imaging market is quite competitive. In terms of market share, a small number of large companies currently control the majority of the market.

Some large companies are introducing new items, while others support distribution. Among the major participants in the pediatric imaging market are Siemens AG, Hitachi Ltd., Canon Inc., Koninklijke Philips N.V., and Esaote SpA.

In August 2022, Children's Hospital New Orleans and Cleveland Clinic formed a new collaboration to increase access to board-certified pediatric radiology experts for children and families in New Orleans and Louisiana.