The global pediatric radiology market size was significantly large in 2022, and is expected to continue to register a rapidly inclining revenue CAGR between 2023 and 2032. Key factors responsible for driving market revenue growth are rising need for custom research and increasing diagnosis due to high prevalence of different illnesses in children.
Pediatric imaging, as opposed to conventional imaging technology or the specific organ, is diagnostic radiology that is focused on children and represents specific age abnormalities and normality. Pediatric radiology is primarily responsible for advanced imaging care in babies, children, neonates, and young adults (under 21 years of age) with inherited diseases. Diagnostic services in pediatric radiology include X-ray, ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), and nuclear medicine. ‘Imaging gently’ is a term used in pediatric radiology to describe the use of the lowest feasible dosage of radiation. Unlike general radiology, pediatric radiology encompasses a wide range of normal and pathological variations.
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Major Factors Driving Growth Of The Global Pediatric Radiology Market:
Increased demand for sophisticated healthcare practices in pediatric care, rising number of surgical operations, and government initiatives to promote awareness & expand accessibility of innovative pediatric radiology techniques are driving revenue growth of the global pediatric radiology market. The use of sophisticated technology in various clinical settings, such as hospitals and pediatric clinical services, is expected to have a major impact on market expansion in both emerging and established nations. With the introduction of next-generation microchips, total cost of advanced techniques is expected to fall, thereby encouraging the use of these imaging equipment, particularly in emerging nations. Lastly, increasing need for preventative treatment & imaging solutions, rising prevalence of pediatric illnesses, and higher rates of premature births are driving demand for innovative pediatric radiology systems.
Factors Restraining Growth Of The Global Pediatric Radiology Market:
The global pediatric radiology market growth is substantially hampered by several unfavorable factors. Growing parental concern over radiation exposure tends to cast a negative outlook on pediatric radiology. Furthermore, pediatric radiology curriculum is still in its infancy, and radiographers often face difficulty in keeping up with improvements. Radiation, especially in young patients, can often lead to cancer. Also, high implementation costs and lack of awareness regarding pediatric radiology may obstruct market growth.
Opportunities For Players Operating In The Global Pediatric Radiology Market:
Market participants are increasingly investing in state-of-the-art technologies and launching new products frequently in the pediatric radiology market. These strategies are likely to have a favorable influence on industry growth in the forthcoming years. Increased efforts by various government and non-government groups to raise knowledge of pediatric radiology tests are also projected to improve global procedure volume. Furthermore, the market is anticipated to expand as industry participants are focusing more on product innovation and strategic partnerships to create enhanced pediatric imaging techniques.
Global Pediatric Radiology Market Revenue Led by Modality Segment:
Based on modality, the Magnetic Resonance Imaging (MRI) segment is expected to reach the highest revenue share over the forecast period due to rising demand from hospital settings and rapid technical developments. Magnetic Resonance Imaging (MRI) is a valuable diagnostic technique for identifying diseases affecting the brain and blood vessels, such as lesions in the spine, strokes, and cancers. Improved rapid scan technologies, such as single-shot approach and gradient-echo, provide pictures that are both quicker and sharper. These methods are especially useful in pediatric radiology, where patient-operator cooperation is often lacking.
Global Pediatric Radiology Market Leading End-use Segment:
Based on end-use, the hospitals segment is expected to dominate all other segments in terms of revenue generation over the forecast period. Rising engagement of industry players in partnership strategies with hospitals to enhance pediatric care is a major driving factor. Pediatric diagnosis is also commonly available in hospitals because parents are ready to invest more money to provide their children with the best possible treatment. Hospitals are continuing to establish pediatric radiology sections in order to reduce hospitalization duration and provide easy accessibility to treatment alternatives.
North America Accounts for Largest Revenue Share in Global Pediatric Radiology Market:
Among regional markets, North America emerged as the largest market for pediatric radiology in 2020, with the highest revenue share. Presence of advantageous reimbursement laws, increased research, and higher technological advancements are primarily responsible for growth in North America. In addition, the Children\’s Health Insurance Program (CHIP) provides medical coverage for pediatric patients in the United States. It includes radiology services and hence considered to be a key market growth driver. Europe, on the other hand, is expected to register robust growth in terms revenue over the forecast period in the pediatric radiology market, owing to easy accessibility of pediatric radiology and presence of modern healthcare facilities in the region.
Asia Pacific Continues to Lead in Terms of Revenue CAGR:
The Asia Pacific pediatric radiology market is expected to register the fastest CAGR over the forecast period. Rising government initiatives for promoting pediatric care, increased incidence of pediatric illnesses, and presence of key participants in emerging nations are expected to contribute to the pediatric radiology market growth in the near future.
Major Companies Profiled in The Report:
- Analogic Corporation
- Agfa Healthcare
- Koninklijke Philips N.V.
- Canon, Inc. (Canon Medical Systems Corporation)
- General Electric Company
- Samsung Medison Co. Ltd.
- Siemens AG
- Toshiba Corporation
- Hitachi, Ltd.
- Carestream Health, Inc.
- Olympus Corporation
- Fujifilm Corporation
- Mindray Medical International Limited
- Esaote SpA
- Trivitron Healthcare
Strategies and Objectives of Major Companies:
- In April 2019, Agfa and MSF Logistique announced a two-year partnership to provide 20 Direct Radiography (DR) equipment. These technologies would be utilized to create the TB-Speed project\’s current analogue mobile X-ray machines. MSF Logistique received 20 wireless DR Retrofit systems for mobile X-ray from Agfa in order to combat pediatric TB.
- DelftHold BV, a supplier of enterprise healthcare information technology (IT) solutions, was acquired by Canon Medical Systems Europe in January 2023. Both firms were able to expand their product offerings, platforms, techniques, and services across Europe as a result of this purchase.
- Esaote announced the launch of MyLab X8, a high-performance, flexible ultrasound platform, in March 2019. Hospitals and clinics can use the platform to handle modern problems.
What Our Report Provides and Why Our Offering Is Better:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, global pediatric radiology market is segmented on the basis of modality, end-user, and region:
Modality Outlook (Revenue, USD Billion; 2023-2032)
- Computed Tomography (CT)
End-use Outlook (Revenue, USD Billion; 2023-2032)
- Pediatric Clinics
- Diagnostic Centers
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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