The pediatric radiology market is likely to register robust growth in the near future. Chronic illnesses among children including neurological disorders such as ADHD are on the rise. According to the US labor bureau, the demand for pediatrician is expected to grow by 24% on average by 2020. This is the highest average growth among all professionals in the United States.
Despite challenges such as training for new pediatricians, the pediatric radiology market is expected to register 7.7% CAGR during 2017-2026. The total evaluation of the market will reach $3.57 bn in 2026. The pediatric radiology devices are expected to register the fastest growth during 2017-2026. This segment is expected to garner a robust 9.5% CAGR during the forecast period.
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What is Fuelling Growth of the Pediatric Radiology Market?
In major regions of the pediatric radiology market, healthcare is expected expand to far more patients in the United States. Additionally, chronic illnesses are on the rise among children. According to Pubmed.gov, major illnesses like mental health conditions, asthma, neurodevelopmental disorders, and obesity are on the rise. The growing awareness of these conditions and current debates surrounding healthcare, and subsequent stringent regulations in relation to insurance are expected to expand health coverage to more children in the near future.
This is expected to be a major boost for the pediatric radiology market in the near future. Additionally, pediatricians are highly in demand in rural areas, wherein lack of quality facilities, and personnel still lags behind its urban counterpart. According to the American academy of Pediatricians, the access to family doctors and rise in technological advancements is expected to fuel growth for pediatricians. Technological advancements like Big data and AI analytics are expected to help parents diagnose critical illnesses early. Additionally, large penetration of handheld devices to monitor health are also expected to be a major boon for the pediatric radiology market.
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Notable Trends in the Pediatric Radiology Market
X-ray pediatric radiology continues to drive growth of the pediatric radiology market. However, this demand is expected to reach its peak in the first half of forecast period of 2027-2026. In the second half of the forecast period, ultrasound pediatric radiology is expected to gain immense traction in the pediatric radiology market. This major shift in dynamics is likely to occur thanks to the increased awareness of neurodevelopmental disorders. While the awareness of these disorders like Autism was high earlier, its prediction was complicated due to the complexity of its strong association with genetics. The growing research in the field thanks to Big data is expected to make it easier to predict and recommend screening for a wide variety of neurological disorders. According to TMR estimates, over 40% of revenues in the pediatric radiology market will be generated from ultrasound devices and systems by 2026 end.
By 2017 end, over $1 bn worth of standalone devices were sold in the global radiology market. This is expected to emerge as a major driving the growth of clinics in the pediatric radiology market. Concerns of high costs, limited insurance, low costs of service, and quick appointments are driving growth of health clinics across the US.
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Technological advancements like 3D printing, Nano-technology, and digitalization are expected to drive growth of the pediatric radiology market in the near future. These standalone devices are also ideal from the point of view of quality and quick screening, despite their low costs. Hence, clinics are expected to emerge as the fastest growing segments among point-of-care segments in the pediatric radiology market. Hospitals are expected to remain dominant in total growth as pediatric radiology market, thanks to the sensitive nature of treatment for infants and rise of chronic illnesses.
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