Pediatric Ultrasound Market to Reach $564.9 Mn, Globally, by 2030 at 4.7% CAGR: Allied Market Research
High-end technological advancements in ultrasound devices, increase in the incidence of pediatric chronic heart diseases, and low threat of exposures to ionizing radiations drive the growth of the global pediatric ultrasound market.
PORTLAND, Ore., April 5, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Pediatric Ultrasound Market by Age Group (Newborns, Infrants, Toddlers, Pre-Schoolers, School-Aged Childrens, Adolescents), by Modality (Handheld Ultrasound, Cart-Based Ultrasound), by End User (Hospitals, Specialized Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global pediatric ultrasound industry was estimated at $349.0 million in 2020, and is anticipated to hit $564.9 million by 2030, registering a CAGR of 4.7% from 2021 to 2030.
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Drivers, restraints, and opportunities-
High-end technological advancements in ultrasound devices, increase in the incidence of pediatric chronic heart diseases, and low threat of exposures to ionizing radiations drive the growth of the global pediatric ultrasound market. On the other hand, lack of skilled & dedicated pediatric sonographers and limitations of ultrasound imaging restrain the growth to some extent. However, growing investment in the emerging technologies is projected to create lucrative opportunities in the industry.
Covid-19 scenario-
- Delay in manufacturing and production of pediatric ultrasound devices, especially during the initial period, impacted the global pediatric ultrasound market negatively.
- Nevertheless, as the global situation has started getting better, the market is also anticipated to revive soon.
The newborns segment to dominate by 2030-
Based on age group, the newborns segment accounted for nearly one-fourth of the global pediatric ultrasound devices market share in 2020, and is anticipated to rule the roost by 2030. After birth, various tests for a newborn are performed to confirm proper functioning of the organs, which has heightened the demand for pediatric ultrasound, thereby boosting the segment growth. The toddlers segment, however, would cite the fastest CAGR of 5.7% throughout the forecast period, due to surge in the prevalence of diseases such as cardiomyopathy, heart murmurs, and arrhythmia, among toddlers.
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The hospitals segment to maintain the dominant share-
Based on end-user, the hospitals segment held more than three-fourths of the global pediatric ultrasound devices market revenue in 2020, and is expected to lead the trail by 2030. The same segment would also manifest the fastest CAGR of 4.8% from 2020 to 2030. This is attributed to rise in demand for hospitals services for children across the world.
Asia-Pacific, followed by Europe and North America, garnered the major share in 2020-
Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2020, generating nearly two-thirds of the global pediatric ultrasound market. Increase in the number of children suffering from chronic heart diseases fuels the market growth. LAMEA, on the other hand, would grow at the fastest CAGR of 5.2% by 2030.
Key players in the industry-
- Advin Healthcare
- Easote SpA
- Siemens AG
- Sonoscape Medical Corp.
- Mindray Medical International Limited
- Samsung Medison Co. Ltd
- Fujifilm Corporation
- Koninklijke Philips N.V.
- General Electric Company
- Alpinion Group
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