Revolutionary technologies and cutting-edge research have led to the development of numerous innovative medical equipment, enabling patients to live healthier and longer. However, the pediatric population is at the risk of being left behind. Very few critical medical devices have been designed keeping children’s needs in mind. Children deserve medical devices that are effective, safe, and designed for their specific needs. However, the pediatric medical devices segment accounts for a minor share of the global medical devices market and pediatric illnesses are relatively rare. Hence, device manufacturers have less focus on children.
Home-use medical devices are intended for use in any location outside a professional health care facility. The user can be a caregiver, patient, or family member who directly uses a home-use medical device or offers assistance in using it. A skilled health care professional is a licensed health care professional with expert skills and proficiency who can aid or train caregivers and recipients in the use and maintenance of home-use medical devices. These devices have, until lately, been sold primarily through distributers. Medical devices are essential as pediatric patients shift to home-use services for long-term care or recovery. As a result, multifaceted medical devices are used more often in homes and, many times, under inappropriate conditions. This, in turn, has adverse effects on the safety of pediatric patients as well as effective operation of such devices, particularly those with particular necessities for correct operation or maintenance.
The global pediatric home-use medical devices market has experienced significant growth over the past decade, driven by technological advancements and increase in awareness for pediatric population. Rise in health care expenditure has been a fundamental factor for the shift in focus of health care from hospitals to home. Rise in government initiatives to support pediatric home health care is anticipated to drive the pediatric home-use medical device market during the forecast period.
The global pediatric home-use medical devices market can be segmented based on device type, distribution channel, and region. In terms of device type, the global pediatric home-use medical devices market can be categorized into ventilators, monitoring systems, heated humidifiers, suction equipment, oxygen suppliers, airway clearance, asthma supplies, food pumps, IV pumps, wound management supplies, nebulizer, noninvasive ventilation, and others. Based on distribution channel, the global pediatric home-use medical devices market can be segmented into hospital pharmacy, retail pharmacy, and online pharmacy. Hospital pharmacy accounts for the leading share of the pediatric home-use medical devices market. People prefer to buy equipment from hospital pharmacies as they can ask the pharmacist for a demonstration on operating the equipment.
The global pediatric home-use medical devices market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the dominant pediatric home-use medical devices market, followed by Europe, attributed to the increase in awareness for pediatric population in these regions. The pediatric home-use medical devices market in Asia Pacific is expanding at a significant growth rate.
The global pediatric home-use medical devices market is dominated by key players, such as, Medi-rents, Medtronic, TNI Medical, ResMed, and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.