Pediatric Radiology Market

Global Pediatric Radiology Market Size (2023 to 2028)

The global pediatric radiology market is anticipated to progress at a compound annual growth rate (CARG) of 5.22% from 2023 to 2028. The market size is expected to grow from USD 6.69 billion in 2023 to USD 8.63 billion by 2028.

Impact of COVID-19 on the global pediatric radiology market:

The COVID-19 outbreak began in March 2020 and continued for over a year. The lockdowns and quarantines resulted from the coronavirus outbreak in China. As a result, many businesses have suffered losses. In addition, there was a rise in the unemployment rate as more deaths were reported. The COVID-19 pandemic has had a negative impact on the growth of the pediatric radiology market. During the COVID-19 pandemic, many pediatric radiology exams have been postponed and canceled which resulted in a reduced number of procedures due to the measures taken by the governments such as lockdowns, social distancing and travel bans to limit the spread of the coronavirus. The COVID-19 pandemic further resulted in the removing non-essential expenses from their respective budgets due to the bad condition of the general economy, which has shown a negative impact on market growth. Furthermore, the rising concerns of parents for protecting their children encountering the virus further led to delayed check-ups which led to the slowing of the global pediatric radiology market growth during the COVID-19 pandemic. However, now that the impact of the COVID-19 pandemic is reducing gradually, the global pediatric radiology market is expected to recover quickly and showcase a healthy CAGR during the forecast period.

MARKET DRIVERS:

The growing incidence of pediatric diseases, especially chronic diseases is one of the key factors propelling the growth of the pediatric radiology market.

The need for specialized imaging services that can help diagnose and treat pediatric diseases is growing at a rapid pace including pediatric radiology. The amount of pediatric population suffering from pediatric diseases is on the rise and primarily due to the growing prevalence of chronic diseases such as obesity, diabetes, and asthma in children, environmental pollution, exposure to toxins, and genetic disorders and this trend is expected to accelerate further in the coming years and contribute to the market growth. As per the statistics published by the World Health Organization (WHO), the number of children with obesity or overweight under the age of 5 has increased from 32 million in 1990 to 41 million in 2016 worldwide. CDC says an estimated 6.2 million children under the age of 18 in the U.S. have asthma. Pediatric radiology plays an important role in the diagnosis and treatment of pediatric diseases and imaging technologies such as X-ray, ultrasound, MRI, and CT scans are being used to visualize the condition of the internal organs of the body for the detection of abnormalities. Likewise, the demand for pediatric radiology services is expected to rise with the growing patient population suffering from pediatric diseases and boost market growth.

Technological advancements in pediatric imaging are another notable factor boosting the growth rate of the pediatric radiology market.

In recent years, the accuracy and precision of pediatric imaging technologies have been improved to a tremendous level due to technological advancements. The usage of advanced imaging modalities such as MRI, CT, and ultrasound has increased notably in the diagnosis of various pediatric diseases. In addition, technological advancements have improved diagnostic capabilities, reduced radiation exposure, and increased patient comfort with patient imaging technologies, which is resulting in the growing demand for pediatric radiology services and contributing to the market growth.

In addition, factors such as the growing demand for minimally invasive procedures, increasing healthcare expenditure, rising awareness about early diagnosis and the improvements in the healthcare infrastructure in emerging economies favors the growth rate of the pediatric radiology market. Furthermore, an increasing number of initiatives and funding by several governments in favor of pediatric radiology, the growing number of advancements in medical imaging software, rising demand for diagnostic imaging in emerging economies, increasing awareness about radiation safety in pediatric imaging, and growing adoption of digital radiography and picture archiving and communication systems (PACS) further fuels the growth rate of the pediatric radiology market. Factors such as the growing penetration of pediatric radiology services in outpatient settings, increasing demand for fetal imaging, rising demand for 3D and 4D imaging, the emergence of hybrid imaging technologies, increasing adoption of telemedicine and teleradiology and rising preference for radiation-free diagnostic techniques are predicted to support the market growth during the forecast period.

MARKET RESTRAINTS:

The shortage of pediatric radiologists and the high costs associated with pediatric radiology equipment majorly hampers the market’s growth rate. The hesitation from parents and healthcare providers to use pediatric radiology due to fear of radiation hinder the market growth. Poor awareness among healthcare professionals regarding the potential benefits of pediatric radiology in some countries and strict regulatory requirements and lack of proper reimbursement policies for pediatric radiology further inhibits the market’s growth rate. Furthermore, the competition from alternative imaging modalities and limited access to pediatric imaging facilities showcases a negative impact on the growth rate of the market.

REPORT COVERAGE:

This research report on the global Pediatric radiology market has been segmented and sub-segmented into the following categories.

Pediatric Radiology Market - By Type:

• Magnetic Resonance Imaging (MRI)
• X-Ray
• Ultrasound
• Computed Tomography

Based on type, the MRI segment had the major share of the global market in 2022 and is anticipated to account for the major share of the worldwide pediatric radiology market during the forecast period. The segmental growth is primarily driven by the rising prevalence of pediatric diseases, technological advancements in MRI systems, and rising awareness among parents about the benefits of non-invasive imaging procedures for children.

On the other hand, the ultrasound segment is expected to showcase a lucrative CAGR during the forecast period. The safety and effectiveness that ultrasound offers in diagnosing a wide range of pediatric conditions, including heart defects, abdominal masses, and urinary tract abnormalities majorly drive segmental growth.

The X-ray segment held a considerable share of the worldwide market in 2023 and is expected to grow at a healthy CAGR during the forecast period owing to the growing incidence of bone fractures, dental problems, and respiratory infections in children. In addition, the availability of portable X-ray systems and the introduction of digital X-ray systems fuel the segment’s growth rate.

Pediatric Radiology Market - By Modality:

• Standalone Devices
• Table-top Devices
• Portable Devices

Based on the modality, the portable devices segment is anticipated to hold a dominant share of the global pediatric radiology market during the forecast period due to factors such as the growing demand for mobile imaging devices, which can be easily carried to different locations for diagnosis, rising preference for portable devices by the healthcare professionals and increasing awareness among the healthcare providers regarding the benefits of portable devices such as convenience. The cost-effectiveness of portable devices is another key factor propelling the segmental growth.

On the other hand, the standalone devices segment is expected to hold a substantial share of the global pediatric radiology market during the forecast period. The benefits of standalone devices such as high performance and accuracy promotes the segmental growth.

Pediatric Radiology Market - By End-User:

• Hospitals
• Clinics
• Diagnostic Centers
• Others

The hospital segment held the major share of the global pediatric radiology market in 2022 and the domination of the segment is likely to continue throughout the forecast period. The growth of the segment is majorly driven by factors such as the increasing number of hospitals worldwide and the rising demand for high-quality pediatric radiology services. Hospitals have been investing significant amounts in being equipped with advanced imaging technologies and equipment to offer the latest and most efficient imaging services to their patients, which favors the segment’s growth rate. Furthermore, the growing prevalence of chronic diseases and the increasing need for accurate diagnoses contribute to segmental growth.

The clinic segment accounted for the second-largest share of the global market in 2022 and is estimated to register a notable CAGR during the forecast period. The growth of the segment is attributed to the increasing number of private clinics and the growing demand for outpatient services. In addition, the growing prevalence of chronic diseases among children and the increasing demand for early detection and preventive care boosts the growth rate of the segment.

On the other hand, the diagnostic centers segment is anticipated to account for a substantial share of the global market during the forecast period owing to the growing demand for accurate and timely diagnoses, the increasing number of diagnostic centers worldwide and the rising demand for specialized diagnostic services.

Pediatric Radiology Market - By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America had the largest share of the global pediatric radiology market in 2022 and the domination of the region is anticipated to continue throughout the forecast period. The presence of sophisticated healthcare infrastructure, increasing adoption of advanced medical imaging technologies, and growing awareness about pediatric diseases majorly boost the growth of the North American pediatric radiology market. In addition, the rising incidence of chronic diseases among children, such as cancer, neurological disorders, and cardiovascular diseases is another major factor boosting the regional market growth. Furthermore, the presence of many international market participants in North America, favorable reimbursement policies for pediatric radiology services and increasing healthcare expenditure accelerate the growth rate of the North American market. The U.S. had the largest share of the North American market in 2022, followed by Canada.

Europe Pediatric Radiology Market is another potential regional market for pediatric radiology worldwide and is expected to showcase promising growth during the forecast period. Factors such as the rising adoption of advanced imaging techniques and growing demand for pediatric radiology services majorly drive the pediatric radiology market growth in Europe. The presence of several market participants in Europe and favorable government initiatives to improve healthcare infrastructure further fuels the growth rate of the European pediatric radiology market. The rising adoption of digital healthcare technologies and an increasing number of diagnostic imaging centers in Europe are contributing to the growth rate of the European pediatric radiology market. UK, Germany, France and Spain held the major share of the European market in 2022.

The Asia-Pacific is estimated to register the fastest CAGR in the global market during the forecast period. The growth of the APAC market is majorly fuelled by factors such as increasing healthcare expenditure, growing awareness about pediatric diseases, and rising demand for advanced medical imaging technologies. The growing pediatric patient population with chronic diseases and growing disposable income further promote regional market growth. India, China and Japan accounted for the largest share of the APAC market in 2022.

The Latin American market held a considerable share of the worldwide market in 2022 and is expected to grow at a healthy CAGR during the forecast period. The growth of the Latin American market is majorly driven by the increasing efforts by Latin American countries to improve the healthcare infrastructure and promote awareness among people regarding pediatric diseases. The rising awareness about the importance of early disease detection and prevention, increasing investments in healthcare by private sector companies and rising prevalence of chronic diseases among children, such as malnutrition and infectious diseases drive the regional market during the forecast period. Mexico and Brazil are predicted to account for the largest share of the Latin American market during the forecast period.

The MEA market captured a moderate share of the global market in 2022 and is expected to grow at a steady rate during the forecast period.

KEY MARKET PLAYERS:

Esaote, Siemens, Mindray Medical, General Electric, Shimadzu Corporation, Hitachi, Samsung Medison, Toshiba, Fujifilm, Analogic, Koninklijke Philips, and Hologic are a few of the notable companies in the pediatric radiology market.

RECENT MARKET DEVELOPMENTS:

• In November 2022, Samsung announced their plans to showcase their innovations in Ultrasound, digital radiography, and mobile CT modalities at RSNA 2022, which have worked to redefine the industry through the implementation of AI technology into the device in real-time, helping the examination of patients to be varied out accurately and efficiently.
• In August 2022, New Orleans Children's Hospital and Cleveland Clinic collaborated to open a new hospital for pediatrics with 24/7 access to pediatric radiologists, accepting trauma patients directly from the scene of the accident.