Report : Asia-Pacific Pediatric Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product [In Vitro Diagnostic (IVD) Devices, Cardiology Devices, Respiratory Care Devices, Monitoring Devices, Neonatal ICU Devices, and Others] and End User (Hospitals, Pediatric Clinics, and Others)
Pediatric Clinics Segment is Expected to be Fastest Growing Segment During Forecast Period for APAC Region
According to a new market research study on “APAC Pediatric Medical Devices Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and End User” is expected to reach US$ 11,230.82 million by 2028 from 6,308.79 US$ million in 2021. The market is estimated to grow at a CAGR of 8.6% from 2021 to 2028. The report provides trends prevailing in the APAC pediatric medical devices market along with the drivers and restraints pertaining to the market growth. Point-of-care products witnessing high demand is the major factor driving the growth of the APAC pediatric medical devices market. However, issues associated with less knowledge about medical devices designed for Infants hinders the growth of APAC pediatric medical devices market.
APAC pediatric medical devices market is segmented into product, end user, and country. The pediatric medical devices market, by product, is segmented into in vitro diagnostic (IVD), cardiology devices, respiratory care, monitoring devices, neonatal ICU devices, and others. The in vitro diagnostic segment is likely to hold the largest share of the market in 2021. Based on end user, the pediatric medical devices market is segmented into hospitals, pediatric clinics, and others. The hospitals segment is likely to hold the largest share of the market in 2021. Based on country, the APAC pediatric medical devices market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2021.
The 2019 novel coronavirus (2019-nCoV), officially named COVID-19 by the WHO, has spread to more than 180 countries, including China, prompting the WHO to declare the disease a global pandemic. The supply chain disruptions, along with the massive demand for efficient treatments for the therapy of COVID-19, have put the healthcare research industry in a crucial situation in APAC. Prohibitive measures have been taken to control the spread of the virus. The COVID-19 pandemic has broadly affected the economies in APAC. Countries such as India, China, Japan, South Korea were adversely affected by the pandemic. The socioeconomic factors were severely affected, rising in negative inflation, GDPs, and a surge in unemployment in the region toward medical devices. The pandemic has affected three main aspects of the global economy: production, supply chain, and firms and financial markets. Japan, China, South Korea, India, and Australia are the most affected countries due to the increasing number of COVID-19 cases and the associated deaths. Manufacturers and suppliers of medical devices have shifted their focus from regular pediatric medical devices to developing and supplying COVID-19 essentials and medical devices used for respiratory issues. This scenario has negatively impacted the pediatric medical devices market. The pandemic has affected business operations of various key players operating in this region. Furthermore, business strategies such as acquisitions, mergers, and partnerships are adversely affected by the imposition of complete lockdown. Such obstructions in business activities are projected to hamper the adoption of various technologically advanced healthcare systems, including medical devices.
Atom Medical Corp.; F. Hoffmann-La Roche Ltd.; General Electric Company; Hamilton Medical; Koninklijke Philips N.V.; Medtronic; and Siemens AG; are among the leading companies in the APAC pediatric medical devices market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Koninklijke Philips N.V. introduced the Philips Respironics E30 ventilator, a versatile and easy-to-use ventilator to treat patients with respiratory insufficiency, designed for large-scale production.