Global Pediatric Ultrasound Market: Overview
Pediatric ultrasound is a safe, noninvasive test that uses high frequency sound waves to generate precise images of the blood vessels and internal organs of children’s abdomen. Ultrasound does not use involve radiation, is painless, and is particularly useful for evaluating pelvic, abdominal, or scrotal pain in children. It is carried out to obtain a complete view of congenital as well as acquired diseases in children.
As per statistics of Center for Disease Control and Prevention, blunt trauma is the leading cause of death and disability among children in the U.S. Due to the increased risk of radiation-induced scanning such as computed tomography, the use of abdominal ultrasound for blunt abdominal trauma among children has increased.
Global Pediatric Ultrasound Market: Key Trends
The pediatric ultrasound market is developing mainly due to technological advancements such as 3D and 4d imaging for ultrasound systems, increased prevalence of pediatric diseases that need imaging for diagnostic purposes, increasing awareness about early diagnosis. Additionally, vast untapped opportunities in developing and less-developed countries are also expected to fuel the market’s growth over the next few years.
Conversely, lack of skilled personnel for operating imaging devices and carrying out imaging on children is restraining the growth of the pediatric ultrasound market. The limitations of ultrasound diagnostics is also hindering the growth of this market to some extent.
Global Pediatric Ultrasound Market: Market Potential
The scope of ultrasound for diagnostics is more than for abdominal areas of the body. In a recent industry development, high intensity ultrasound was utilized for collapsed intervertebral discs, which would otherwise need invasive surgery.
Developed at the Institute of Biomedical Engineering at Oxford University, the technology allows ultrasound to be targeted at a precise point on the spine. High-intensity focused ultrasound is being considered as the probable new approach for the treatment of chronic back pain that overcomes the limitations of predecessor techniques such as partial disc replacement. High-intensity focused ultrasound involves liquefying the core of the disc, which is advantageous over partial disc replacement that has chances of leaking of the implant through the wall of the disc.
Global Pediatric Ultrasound Market: Regional Outlook
The global pediatric ultrasound market can be analyzed with respect to the regional segments of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Amongst these, Asia Pacific contributed the highest revenue to the overall market in the recent past and is expected to be the fastest growing region over the fastest period. In this region, healthcare reforms for wider reach, high incidence of pediatric cardiac diseases, and unmet healthcare needs in developing countries such as China and India are favoring the growth of this market. Europe is expected to be the second-largest regional market as pediatric; while the region is matured for the use of ultrasound devices for pediatric cardiology, the use of technologically advanced devices is at a nascent stage, which is expected to bode well for the market’s growth.
Global Pediatric Ultrasound Market: Competitive Landscape
The top players operating in the global pediatric ultrasound market are General Electric Company, Siemens AG, Analogic Corporation, Fujifilm Corporation, Mindray Medical International Limited, Toshiba Corporation, Samsung Medison Co. Ltd, Koninklijke Philips N.V., Esaote SpA, Hitachi Ltd., and Samsung Medison Co. Ltd.
Key players in this market are focused on the development of advanced products to stay competitive in the pediatric ultrasound market. For instance, the increasing demand for compact handheld devices has compelled top players to focus on niche product segments to reap sustainable returns.
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.