PUBLISHER: The Insight Partners | PRODUCT CODE: 1843320
PUBLISHER: The Insight Partners | PRODUCT CODE: 1843320
The pediatric masks market in the Middle East and Africa was valued at approximately US$ 26.47 million in 2023, with projections indicating it will grow to US$ 35.27 million by 2031, reflecting a compound annual growth rate (CAGR) of 3.7% during this period.
Growth Drivers in the Pediatric Masks Market
The growth of the pediatric masks market is significantly influenced by increased research and development (R&D) activities and rising investments in healthcare. R&D in medical devices is known for being capital-intensive and fraught with risks, yet it is essential for transforming innovative ideas into effective products through processes like prototyping, validation, and testing. MedTech companies are ramping up their R&D investments to create cutting-edge products. For example, ResMed allocated US$ 307.52 million to R&D in 2023, which accounted for 6.6% of its net revenues. This commitment to innovation aims to enhance patient outcomes, support healthcare providers in managing chronic conditions, and lower healthcare costs. Consequently, the increasing focus on R&D and government funding aimed at improving pediatric healthcare are expected to drive market growth in the coming years.
Overview of the Pediatric Masks Market in the Region
Saudi Arabia is making significant strides in enhancing its healthcare services, with public organizations and the government launching initiatives to support research activities. The private sector has also become increasingly influential in the Saudi healthcare system, with substantial investments. The Saudi Vision 2030 program aims to diversify the economy and reduce reliance on oil and gas, leading to substantial improvements in healthcare services through advanced technology adoption. The government plans to invest over US$ 65 billion in the healthcare system as part of this vision, which includes privatizing 290 hospitals and 2,300 primary health facilities, thereby increasing private sector participation from 40% to 65%. This focus on healthcare development, coupled with a rising prevalence of respiratory diseases among children-such as asthma, which affects 8% to 25% of children in Saudi Arabia-has created a favorable environment for the growth of the pediatric mask market in the country.
Market Segmentation Analysis
The pediatric masks market in the Middle East and Africa is segmented by product type, modality, end user, and country:
Key Players in the Pediatric Masks Market
Several prominent companies are active in the pediatric masks market, including Ambu AS, Armstrong Medical Ltd, Besmed Health Business Corp, BLS Systems Limited, Circadiance, Dragerwerk AG & Co KGaA, Dynarex Corp, Fisher & Paykel Healthcare Corp Ltd, Flexicare (Group) Limited, Intersurgical Ltd, Koninklijke Philips NV, ResMed Inc, Sleepnet Corporation, and SunMed Group Holdings LLC (AirLife). These companies are at the forefront of developing and providing pediatric masks, contributing to the overall growth and innovation in the market.