As per the market outlook foreseen by the IndustryARC’s business intelligence market research report, titled “Pediatric Market: By Services (Interventional Cardiology, Imaging, Monitoring, Diagnostics); By region – Forecast (2018 - 2023),” the market is anticipated for robust growth owing to increasing awareness and commitment by various government healthcare-monitoring organization and private organizations in curtailing the pediatric ailment.
Global Pediatric Market: Snapshot
As per WHO, 5.4 million children under the age of five died in 2017 out of which infant mortality accounted for 75% (4.1 million). While UNICEF agrees with the data, its reports highlight that newborn mortality is not decreasing as quickly as that for children 1 to 59 months. Some of the major causes of mortality rate are preterm birth complications, acute respiratory infections, and intrapartum-related complications. Pediatrics is the branch of medical science dealing with the care for infants, children, and adolescents and its market is propelling due to cumulative cases of deaths, obesity, and infectious diseases such as measles, diphtheria, pneumonia, and poliomyelitis in children.
Browse 76 Market Tables, 178 Figures spread through 178 slides and an in-depth TOC on “Pediatric Market (2018 - 2023)”
Alarming Under-Five Mortality Rate Makes Africa Key Regional Market
As per the WHO reports, African countries have eight times higher rate (74 per 1000 births) in terms of risk of children dying under the age of five than European countries (9 per 10,000 birth). Same organization stated that in 2106, the number of overweight children under the age of five was 41 million globally and one-fourth of such cases resided in Africa.
Thus, in course of reducing such inequities, pediatric market is poised for exponential growth due to the ample amount of untapped application-opportunities in the African region. A challenge in this region is the low-income economic infrastructure, which can be overcome with government funding and private sector interventions.
Leading Health Care Services of Pediatric Market
In the IndustryARC’s research report, the pediatric market is segmented under services into interventional cardiology, imaging, monitoring and diagnostics. The United States dominates the pediatric interventional cardiology market owing to increasing cases of cardiac diseases among children. A study from the Centers for Disease Control and Prevention (CDC) estimated that there were nearly 900,000 children in the U.S with different types of heart conditions. Owing to such gigantic figures, interventional cardiology segment is forecast to stroke the pediatric market with abundant demand.
In terms of products, antibiotic drugs segment is leading the pediatric medical care market due to their extensive application and effectiveness in treating bacterial infections. As per a chart formulated by PubMed- a database maintained by The United States National Library of Medicine (NLM) at the National Institutes of Health, nearly 16% of febrile patients in the pediatric emergency department were diagnosed with a serious bacterial infection. Due to such percentage detection, antibiotics are poised with the potential to lead the market towards exponential growth.
Globally, guardians are extra cognizant about the health of their children. Subsequently, the pediatrics market is evolving at an enormous stride with companies penetrating to get a critical share of the domain. The phenomenon can be rightly justified of its importance with the fact that European Union has determined the pediatric market as an integral part of the overall development of the drugs industry.
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