Report : Europe 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)
In Vitro Diagnostic (IVD) Devices Segment to Dominate Europe Pediatric Medical Devices Market during 2020–2028
According to a new market research study on “Europe Pediatric Medical Devices Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and End User” is expected to reach US$ 13,862.68 million by 2028 from 8,253.86 US$ million in 2021. The market is estimated to grow at a CAGR of 7.7% from 2021 to 2028. The report provides trends prevailing in the Europe pediatric medical devices market along with the drivers and restraints pertaining to the market growth. Pediatric medical devices available in wide rage is the major factor driving the growth of the Europe pediatric medical devices market. However, issues associated with inadequate knowledge about medical devices designed for Infants hinders the growth of Europe pediatric medical devices market.
Europe 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 Europe pediatric medical devices market is segmented into France, Germany, Italy, Spain, UK, and rest of Europe. Germany held the largest market share in 2021.
The European market is severely hit due to the exponential increase in COVID-19 cases in the region. Many nations are now reporting more patients per day than during the first wave earlier this year. Lockdowns are being reintroduced in the UK, Spain, and Italy, and Ireland. Due to the second wave of COVID-19 crisis, the governments of many countries are heading toward mounting up testing capacity. The European countries were profoundly affected due to the COVID-19 pandemic. Countries such as Italy, Spain, and France have recorded the most significant number of positive cases and have registered the maximum number of deaths. The rising rate of COVID-19 cases has increased stress on the region's healthcare system, thereby propelling the demand for diagnostic tests in its healthcare system and supporting the expansion of the sector in this region. Moreover, regulatory bodies in the region are taking preventive measures such as shutting down business operations. In March 2020, the European Medicines Agency established a managing committee to deal with the impact of COVID-19 on the supply chain of medicines. Many studies revealed the clinical features of COVID-19 in adults and infants. Limited knowledge about characteristics, results, and intrauterine transmission potential in pediatric aged 28 days or less have chances to acquire COVID-19. Due to the fear of infection in babies, people are refraining from hospitals, gynecology clinics, and baby care centers for neonatal care. These measures are likely to hamper the overall manufacturing and marketing of pediatric medical devices, which will have an adverse impact on market growth.
Atom Medical Corp.; F. Hoffmann-La Roche Ltd.; Fritz Stephan GmbH; General Electric Company; Hamilton Medical; Koninklijke Philips N.V.; Medtronic; Siemens AG; and TSE MEDICAL are among the leading companies in the Europe 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.