Market Trends of Global Pediatric Radiology Industry
This section covers the major market trends shaping the Pediatric Radiology Market according to our research experts:
Magnetic Resonance Imaging (MRI) Segment is Expected to Hold the Major Market Share in the Pediatric Radiology Market
Pediatric magnetic resonance imaging (MRI) uses a powerful magnetic field, radio waves, and a computer to produce detailed pictures of the internal body structures. MRI may be used to help diagnose or monitor treatment for a variety of conditions within the brain, chest, abdomen, pelvis, and extremities. The growth of the market segment can be attributed to factors such as the increasing burden of pediatric births and pediatric diseases; growing technological advancements in pediatric imaging techniques; as well as rising collaborations, approvals, and launches to enhance pediatric care worldwide.
The increasing burden of premature births and pediatric diseases is driving the demand for magnetic resonance imaging equipment. For instance, as per the article titled, "Global burden of preterm birth" published in July 2020, preterm birth is a live birth that occurs before 37 completed weeks of pregnancy, and approximately 15 million babies are born preterm annually worldwide, indicating a global preterm birth rate of about 11%. As per the same source, with 1 million children dying due to preterm birth before the age of 5, preterm birth is the leading cause of death among children, accounting for 18% of all deaths among children aged under 5 years and as many as 35% of all deaths among newborns. Thus, the demand for pediatric MRI is on the rise in order to obtain early diagnosis and treatment.
Furthermore, the increasing initiatives are contributing to the segment’s growth. For instance, in May 2021, Neoscan Solutions invented an MRI scanner for babies. The smaller and lighter MRI scanner can be placed directly in the children's ward of the hospital. Such launches are propelling the growth of the market. Similarly, in February 2022, neurosurgeons at Primary Children's Hospital launched innovative technology to improve outcomes in children requiring brain surgery. It is a specialized intraoperative MRI to analyze deep inside the brain during surgeries to help children with severe seizures and protect their healthy brain tissue when removing tumors.
Thus, due to the above-mentioned developments, the segment is expected to witness significant growth over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
Within North America, the United States held the major share of the market. The factors propelling the market growth are the increasing burden of pediatric births and pediatric diseases; growing technological advancements in pediatric imaging techniques; and rising collaborations, approvals, and launches to enhance pediatric care worldwide. For instance, as per the data updated in November 2021 by the Centers for Disease Control and Prevention (CDC), in 2020, preterm birth affected 1 of every 10 infants born in the United States. It also reported that in 2020, the rate of preterm birth among African American women (14.4%) was about 50 percent higher than the rate of preterm birth among white or Hispanic women (9.1% and 9.8%, respectively). Since infants born preterm are at an increased risk of neurological complications, radiological procedures help in the diagnosis and detection of these conditions and thus drive the growth of the market.
In addition, in December 2021, Hyperfine Inc., inventor of one of the first United States Food and Drug Administration cleared portable magnetic resonance imaging (MRI) devices, Swoop, entered into a partnership with Raising Malawi to build and co-operate Malawi's only specialized pediatric hospital, the Mercy James Centre for Paediatric Surgery & Intensive Care (MJC). The partnership was intended to highlight the research made possible at MJC with Hyperfine's breakthrough portable MRI system, which can be replicated to support medical research and improve patient care in other low-resource settings. Such developments are propelling the growth of the studied market in the region.
Moreover, in November 2021, Fujifilm Healthcare Americas Corporation, one of the leading providers of diagnostic imaging and medical informatics solutions, unveiled the Velocity MRI System, its advanced, high-field open MRI system, during the 2021 Radiological Society of North America (RSNA) conference. The Velocity MRI system is Fujifilm's newest MRI scanner, designed to streamline workflow and enhance the patient experience with its unique open gantry, integrated radiofrequency (RF) coils, and reconstruction technologies. The scanner's unique, open gantry creates a spacious feeling for pediatric patients and other patients. The introduction of new products is boosting the growth of the market in the region.
Thus, due to the above-mentioned developments, the market is expected to witness significant growth over the forecast period.
