Market Trends of Pediatric Radiology Industry
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.
