Pediatric Interventional Cardiology Market
Number of pages: 100 | Report Format: PDF | Published date: January 31, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 2.3 billion |
|
Revenue Forecast in 2030 |
US$ 4.05 billion |
|
CAGR |
6.5% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Device Type, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global pediatric interventional cardiology market was valued at US$ 2.3 billion in 2021 and is expected to register a revenue CAGR of 6.5% to reach US$ 4.05 billion by 2030.
Pediatric Interventional Cardiology Market Fundamentals
Pediatric interventional cardiology is a branch of cardiology that specializes in treating cardiac problems non-surgically using catheters. These non-invasive or minimally invasive cardiology procedures are risk-free and efficient and offer lower complication rates. These factors make the treatment superior to open heart surgery and a viable alternative for newborns and young children who require heart procedures. Dilatation of constricted arteries or valves and blockage of aberrant connections are the fundamental goals of interventional pediatric cardiology. Many transcatheter procedures have been modified from adult practice, including coil occlusion, balloon dilatation, and stent placement. Adults can now use septal defect occlusive devices that were originally designed for use in children.
In the past ten years, pediatric interventional cardiology has seen significant technological advancements. Several improvements in cardiac imaging have also been made, particularly in 3-dimensional echocardiography, computed tomography, magnetic resonance imaging, and cineangiography. As a result, the cardiac catheter laboratory can now treat a wider variety of congenital heart problems than ever before. Additionally, lesions that were once thought to be resistant to interventional therapy can now be treated with high rates of success. The usage of endovascular therapies as an adjuvant to surgical operations has increased thanks to the hybrid approach, which has made it possible to overcome the drawbacks of percutaneous access while reducing invasiveness and improving patient outcomes. The implantation of pulmonary valves through the skin has proven to be an effective alternative treatment.
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Pediatric Interventional Cardiology Market Dynamics
One of the main factors influencing the growth of the global pediatric interventional cardiology market is the rising prevalence of various congenital cardiac diseases in children, such as atrial septal defect (ASD), atrioventricular canal defect, patent ductus arteriosus (PDA), and ventricular septal defect (VSD). Congenital heart disease patients often have early decompensation, according to a research report released in November 2021, “Impact of the nutritional status of infants with congenital heart illnesses on the early postoperative outcome.” About 20% of these newborns develop heart failure during the first week of life, 18% between 1 and 4 weeks, and 20% between 1 and 12 months. Another significant growth-promoting aspect is the development of new and more effective pediatric interventional cardiology devices, such as catheters, bio-absorbable stents, guidewires, balloons, stents, vascular closure devices, and atherectomy devices. Accordingly, the market expansion is also fueled by patients' shifting preferences for minimally invasive medical procedures and a growing understanding of their advantages, including a lower risk of infection, quicker postoperative healing, and the avoidance of noticeable scars. The industry revenue growth is being boosted by other factors, such as rising healthcare costs and the numerous efforts made by governments of different countries to expedite regulatory processes. In-depth R&D initiatives, rising consumer healthcare spending, increasing investments by government and non-government organizations (NGOs) in bolstering the current healthcare infrastructure, and substantial technological developments in the cardiology field are other factors driving the market revenue growth.
However, the global pediatric interventional cardiology market is likely to experience rising challenges due to stringent regulatory frameworks and expensive therapies and treatments.
Pediatric Interventional Cardiology Market Ecosystem
The global pediatric interventional cardiology market has been analyzed from three perspectives: device type, end-user, and region.
Pediatric Interventional Cardiology Market by Device Type
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Based on the device type, the global pediatric interventional cardiology market has been segmented into transcatheter heart valves, atherectomy devices, catheters, closure devices, balloons, stents, and others.
The stents segment is projected to dominate the pediatric interventional cardiology market during the forecast period. This is due to the rising demand for stents brought on by the rising prevalence of heart problems in children.
The transcatheter heart valve segment of the market is also expected to experience rapid revenue growth in the next few years due to the increasing prevalence of congenital heart disorders. A biological tissue called a transcatheter aortic valve can take the place of an unhealthy aortic valve, thus leading to the gradual adoption of this device.
Pediatric Interventional Cardiology Market by End-user
Based on the end-user, the global pediatric interventional cardiology market has been segmented into hospitals, home healthcare, and ambulatory centers.
The hospitals segment dominates the global pediatric interventional cardiology market. The dominance of hospitals can be linked to their well-equipped infrastructure, accessibility to technical equipment, growth in the number of practitioners and patients, and a surge in global partnerships to relieve the burden of diagnosis and treatment. Additionally, a shift in focus toward ambulatory clinics for treatment and the availability of advanced equipment to monitor pediatric cardiac problems have boosted the number of patients preferring mobile facilities for diagnosis. As a result, the ambulatory centers segment is expected to register revenue growth at a higher CAGR during the forecast period.
Pediatric Interventional Cardiology Market by Region
Based on the region, the global pediatric interventional cardiology market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
The market for pediatric interventional cardiology in North America is expanding with a significant revenue CAGR due to the aging population, increase in congenital cardiac conditions, and technical developments in the regional field. Heart disease is one of the most common illnesses in the United States, according to the Centers for Disease Control and Prevention (CDC). Moreover, the CDC update from February 2022 notes that approximately 2.1% of children in the United States in 2020 had fair or poor health, and approximately 3.3% of children aged 5 to 11 missed 11 or more days of school in the previous 12 months as a result of an illness or injury. Additionally, according to the source mentioned above, 20.3% of children in the United States between the ages of 6 and 11 are obese. Given that obesity is one of the major risk factors for a number of diseases, the prevalence of pediatric illness in the nation is anticipated to rise, which is expected to fuel revenue growth in the market under consideration.
Pediatric Interventional Cardiology Market Competitive Landscape
The prominent players operating in the global pediatric interventional cardiology market are -
Pediatric Interventional Cardiology Market Strategic Developments
The global pediatric interventional cardiology market is expected to register a revenue CAGR of 6.5% during the forecast period.
Medtronic Plc, Abbott Laboratories, GE Healthcare, Cardinal Health, and NuMED Inc. are among the key players operating in the global Pediatric interventional cardiology market.
The stents segment dominates the global pediatric interventional cardiology market.
Asia Pacific is expected to register the highest revenue growth in the global pediatric interventional cardiology market during the forecast period.
The global pediatric interventional cardiology market was valued at US$ 2.3 billion in 2021.
*Insights on financial performance are subject to the availability of information in the public domain