Pediatric Radiology Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.99 Billion |
| Market Size (2029) | USD 8.70 Billion |
| CAGR (2024 - 2029) | 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Pediatric Radiology Market Analysis
The Pediatric Radiology Market size is estimated at USD 6.99 billion in 2024, and is expected to reach USD 8.70 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).
The major factors driving the market's growth include the increasing burden of pediatric diseases, such as coronary heart failure and pneumonia, the rise in affordability, and increased government initiatives and research and development activities to develop advanced pediatric radiology devices.
Pneumonia is one of the major chronic diseases observed in younger children. For instance, according to a report published by UNICEF in November 2023, globally, there are over 1,400 cases of pneumonia per 100,000 children, or 1 case per 71 children every year, with the most significant incidence occurring in South Asia (2,500 cases per 100,000 children) and West and Central Africa (1,620 cases per 100,000 children). One of the most common chronic diseases in children is pneumonia, increasing the demand for medical diagnostic imaging, thereby boosting the market growth.
Similarly, an increase in asthma cases in children is observed, propelling the market's growth. For instance, the Journal of Asthma and Allergy in January 2023 indicated that the worldwide prevalence of asthma stands at 11% for children aged 6-7 years and 9.1% for those aged 13-14 years. Also, there is a suggested correlation between asthma and lower academic performance. The rising cases of asthma among children are creating a demand for novel diagnostics technologies, thereby propelling the pediatric radiology market.
The key players in the market are focusing on different growth strategies, such as collaboration for the installation of novel products in different healthcare facilities, which are expected to drive the market. For instance, in July 2023, Eyas Medical Imaging installed its neonatal MRI system Ascent within Cincinnati Children's Hospital's neonatal intensive care unit (NICU). The Ascent utilizes a 3-tesla magnet, which results in improved accuracy in neonatal diagnostic imaging. This improvement could enhance patient treatment plans and better outcomes for vulnerable infants. This will further improve the adoption of pediatric radiology systems in developed countries, thus leading to lucrative market growth.
In conclusion, the increasing cases of chronic diseases and increased government initiatives are propelling the market's growth during the forecast period. However, ethical issues in pediatric research and a need for more skilled healthcare professionals are expected to hinder the market's growth during the forecast period.
Pediatric Radiology Market Trends
The Magnetic Resonance Imaging (MRI) Segment is Expected to Hold the Major Market Share in the Pediatric Radiology Market
Pediatric magnetic resonance imaging (MRI) uses magnetic fields, radio waves, and a computer to produce detailed pictures of the internal body structures. MRI may help diagnose or monitor treatment for various conditions within the brain, chest, abdomen, pelvis, and extremities. The market segment's growth can be attributed to factors such as 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.
The increasing burden of premature births and pediatric diseases is driving the demand for magnetic resonance imaging equipment. According to a report published by the World Health Organization in May 2023, an estimated 13.4 million babies are born annually, more than 1 in 10 babies. The report also revealed that 152 million vulnerable babies were born too soon. Many premature babies also face a lifetime of disability, including learning disabilities and visual and hearing problems. As preterm birth is associated with issues in the neurological system, MRI is widely preferred to diagnose the abnormality in the brain. Thus, the demand for pediatric MRI is rising for early diagnosis and treatment.
Additionally, according to a report published by the Bliss Organization in May 2023, nearly 58,000 babies are born prematurely in the United Kingdom every year, i.e., one in 13 babies in the country are born premature. The rising incidence of premature births is expected to fuel the growth of the pediatric radiology market, as is the demand for specialized medical devices and technologies to cater to the unique needs of premature infants.
Also, increasing initiatives are contributing to the segment's growth. For instance, in July 2022, portable MRI manufacturer Hyperfine launched its Swoop scanner, which will attract the interest of pediatric neurologists, neurosurgeons, and neuroradiologists. Such launches are propelling the market's growth.
Thus, the segment is expected to witness significant growth during the forecast period due to the increasing burden of preterm births and new launches.
North America Holds a Significant Share in the Market During the Forecast Period
North America is expected to hold a significant market share, while the United States is believed to have a substantial share. The factors propelling the market growth are the increasing burden of pediatric births and diseases, growing technological advancements in pediatric imaging techniques, and rising collaborations, approvals, and launches to enhance pediatric care worldwide.
Moreover, according to a report published by the Centers for Disease Control and Prevention in October 2023, in 2022, preterm birth affected about 1 of every 10 infants born in the United States. Similarly, according to a report published by the Government of Canada in June 2024, over 8.6% of the total births in Canada were preterm births. Since infants born preterm are at an increased risk of neurological complications, radiological procedures help diagnose and detect these conditions and thus drive the market's growth.
In addition, in November 2022, the Children's Hospital of Orange County opened a nuclear medicine suite inside its campus in Orange. It is one of the only pediatric nuclear medicine programs in Orange County. It completes a full suite of radiology offerings in a healing environment dedicated to children and their families. Similarly, in May 2022, FUJIFILM VisualSonics Inc. launched its Vevo F2, an ultrasound and photoacoustic imaging system for preclinical use in Toronto, Canada.
Moreover, in April 2024, Shimadzu Medical Systems USA (SMS) acquired California X-ray Imaging Services Inc. (CIS) to expand its Healthcare Business in North America. This will assist Shimadzu Medical Systems in acquiring CIS's medical imaging products and services as an authorized dealer of several professional brands, leading to increased market growth in the region.
Thus, the market is expected to grow significantly during the forecast period due to the above developments.
Pediatric Radiology Industry Overview
The pediatric radiology market is semi-consolidated, with several global and international players. A few major players dominate the market in terms of market share. Some prominent players launch new products, while others focus on broadening distribution channels. Some companies key players in the market are Esaote SpA, Siemens Healthineers AG, Hitachi Ltd, Canon Inc., and Koninklijke Philips N.V.
Pediatric Radiology Market Leaders
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Esaote SpA
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Hitachi Ltd
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Canon Inc
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Koninklijke Philips N V
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Siemens Healthineers AG
*Disclaimer: Major Players sorted in no particular order
Pediatric Radiology Market News
- May 2024: Red Hat Inc. agreed with Boston Children’s Hospital to pilot imaging analysis using Red Hat OpenShift for artificial intelligence (AI). The collaboration between Red Hat and Boston Children’s Hospital utilizes AI adoption in the hospital’s radiology department to improve image quality and the speed and accuracy of image interpretation.
- April 2024: Royal Philips and Nicklaus Children’s Health System entered a strategic collaboration aimed at innovation in pediatric care. Nicklaus Children’s adopted Philips technologies, such as the Ingenia Ambition X-MR and EPIQ CVx ultrasound, with AI-enabled radiology workflow solutions.
Pediatric Radiology Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Pediatric Diseases, such as Coronary Heart Failures, Pneumonia, and Rise in Affordability
4.2.2 Increased Government Initiatives and R&D Activities to Develop Advanced Pediatric Radiology Devices
4.3 Market Restraints
4.3.1 Ethical Issues in Pediatric Research
4.3.2 Lack of Skilled Healthcare Professionals
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Product Type
5.1.1 Ultrasound
5.1.2 MRI
5.1.3 X-ray
5.1.4 Computed Tomography Scanner
5.1.5 Other Product Types
5.2 By Modality
5.2.1 Standalone Devices
5.2.2 Table-top Devices
5.2.3 Portable Devices
5.3 By End User
5.3.1 Pediatric Clinics
5.3.2 Diagnostic Centers
5.3.3 Hospitals
5.3.4 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Esaote SpA
6.1.2 Siemens Healthineers AG
6.1.3 Hitachi Ltd
6.1.4 Canon Inc.
6.1.5 Koninklijke Philips N V
6.1.6 Toshiba Corporation
6.1.7 General Electric Company
6.1.8 Samsung Medison Co. Ltd
6.1.9 Analogic Corporation
6.1.10 Fujifilm Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Pediatric Radiology Industry Segmentation
As per the report's scope, pediatric radiology is an imaging specialism in diagnostic radiology focused on children and fetuses. Adolescents are referred to pediatric radiologists because growing bodies are more susceptible to the adverse effects of radiation than adults of equivalent size. The pediatric radiology market is segmented by product type, modality, end user, and geography. The product type segment is further segmented into ultrasound, MRI, X-ray, computed tomography scanner, and other product types. The modality segment is divided into standalone, table-top devices, and portable devices. The end user segment is further bifurcated into pediatric clinics, diagnostic centers, hospitals, and other end users. The geography segment is divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD) for the above segments.
| By Product Type | |
| Ultrasound | |
| MRI | |
| X-ray | |
| Computed Tomography Scanner | |
| Other Product Types |
| By Modality | |
| Standalone Devices | |
| Table-top Devices | |
| Portable Devices |
| By End User | |
| Pediatric Clinics | |
| Diagnostic Centers | |
| Hospitals | |
| Other End Users |
| Geography | ||||||||
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Pediatric Radiology Market Research FAQs
How big is the Pediatric Radiology Market?
The Pediatric Radiology Market size is expected to reach USD 6.99 billion in 2024 and grow at a CAGR of 4.5% to reach USD 8.70 billion by 2029.
What is the current Pediatric Radiology Market size?
In 2024, the Pediatric Radiology Market size is expected to reach USD 6.99 billion.
Who are the key players in Pediatric Radiology Market?
Esaote SpA, Hitachi Ltd, Canon Inc, Koninklijke Philips N V and Siemens Healthineers AG are the major companies operating in the Pediatric Radiology Market.
Which is the fastest growing region in Pediatric Radiology Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Pediatric Radiology Market?
In 2024, the North America accounts for the largest market share in Pediatric Radiology Market.
What years does this Pediatric Radiology Market cover, and what was the market size in 2023?
In 2023, the Pediatric Radiology Market size was estimated at USD 6.68 billion. The report covers the Pediatric Radiology Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Pediatric Radiology Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Pediatric Radiology Industry Report
Statistics for the 2024 Pediatric Radiology market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pediatric Radiology analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
