PEDIATRIC INTERVENTIONAL CARDIOLOGY MARKET ANALYSIS

The global pediatric interventional cardiology market was valued at US$ 2,019.1 Mn in 2021 and is forecast to reach a value of US$ 3,166.7 Mn by 2028 at a CAGR of 6.6% between 2022 and 2028. The global pediatric interventional cardiology market is experiencing strong growth due to the rise in burden of congenital heart disease among pediatric patients and technological advances in pediatric interventional cardiology. Moreover, increase in focus on the pediatric interventional cardiology and increase in focus on the development of novel devices is expected to boost growth of the market. However, factors such as high cost of the procedure and reimbursement & regulatory issues are expected to hamper growth of the market.

Global Pediatric Interventional Cardiology Market: Regional Insights

Based on geography, the global pediatric interventional cardiology market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the growing incidence of congenital heart conditions and increase in focus on the development of novel pulmonary and aortic heart valves in the region. For instance, interventional cardiology is a medical field often used to diagnose and treat a range of congenital heart defects in children of all ages. According to the American Heart Association, about 9 of every 1,000 babies born in the United States have a congenital heart defect, making heart defects the most common birth defects. This in turn is expected to drive market growth.

Asia Pacific is also expected to witness significant growth in the global pediatric interventional cardiology market owing to the favorable government investments in cardiology and rapid growth of medical tourism in the region. For instance, in 2021, 5 Centers of Excellence launched in India, Malaysia, and China to train pediatric cardiac specialists to treat children the fastest. The initiative has developed strong pediatric cardiology training program and developed strong connections with community providers through years of outreach and awareness building. This in turn is expected to propel the growth of the market in the region.

Figure 1. Global Pediatric Interventional Cardiology Market Share (%), by Region, 2021

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Global Pediatric Interventional Cardiology Market Drivers:

Rise in burden of congenital heart conditions among pediatric patients across the world is expected to boost growth of the global pediatric interventional cardiology market during the forecast period. For instance, congenital heart disease refers to one or more problems with the heart structure that are present at birth. It is a structural heart problem that develops during the pregnancy. Congenital heart defects (CHDs) are the most common types of birth defects. According to mendedhearts.org, around 100 to 200 deaths are due to unrecognized heart disease in newborns each year. However, these numbers exclude those dying before diagnosis.

Technological advancements in pediatric interventional cardiology are expected to propel growth of the global pediatric interventional cardiology market over the forecast period. For instance, the advances in pediatric interventional cardiac catheterization have changed the therapeutic strategy for several patients with CHD. According to the National Institutes of Health (NIH), the field of pediatric congenital cardiac catheterization has evolved rapidly in recent years. Catheter-directed interventions for congenital heart lesions have taken on a significant role in patient management. Cardiac catheterization now has a role in the treatment as well as the diagnosis of pediatric cardiac disease. This in turn is driving the market growth.

Global Pediatric Interventional Cardiology Market Opportunities:

Increase in focus on the pediatric interventional cardiology is expected to offer significant growth opportunities for players in the global pediatric interventional cardiology market. For instance, in October 2019, Ochsner Health opened a new Pediatric Interventional Cardiology Lab (cath lab) at its flagship campus Ochsner Medical Center – New Orleans. The new lab is now ready to serve Ochsner’s smallest and most complex cardiac patients and further enhances Ochsner’s capabilities to provide high quality care for heart patients of all ages. The 1,250 square foot space was designed with pediatric patients in mind, driving the growth of the market.

Increase in focus on the development of novel devices is expected to provide significant growth opportunities for players in the pediatric interventional cardiology market. For instance, with the rise in prevalence of congenital heart conditions, the demand for novel cardiology devices is also increasing rapidly. Thus, market players are focusing on developing and launching novel devices. In May 2022, Royal Philips announced the international launch of EchoNavigator 4.0, an advanced image-guided therapy solution to treat structural heart disease (SHD). EchoNavigator gives users of Philips’ EPIQ CVXi interventional cardiology ultrasound system greater control of live fusion-imaging on the company’s Image Guided Therapy System.

Global Pediatric Interventional Cardiology Market Trends:

In the past few years, there has been an increased awareness of Pediatric Interventional Cardiology, and rise in incidence of congenital anomalies has increased the adoption of pediatric interventional cardiology devices. Moreover, efforts to educate people for early detection of heart diseases have also increased the adoption of pediatric interventional cardiology devices. This trend is expected to continue over the forecast period, driving the growth of the market.

Moreover, factors such as the increasing prevalence of heart diseases coupled with initiatives by public and private organizations are expected to aid in the growth of the market. Public and private organizations around the world are increasingly investing in pediatric interventional cardiology to provide high quality care for heart patients of all ages, especially for pediatric patients. This trend is expected to continue during the forecast period, driving the market growth.

Global Pediatric Interventional Cardiology Market Restraints:

High cost of the procedure is expected to hamper the growth of the global pediatric interventional cardiology market. The cost of pediatric interventional cardiology treatment/therapy is high, and is generally not easily affordable by common people. For instance, TAVR (Trans Catheter Aortic Valve Replacement) device costs US$ 30,000, more than six times the price of the average surgical valve. A TAVR is one of the costliest therapies for cardiac patients. Hence, the high costs of such procedures are restraining the growth of the market.

Reimbursement and regulatory issues are expected to hinder growth of the pediatric interventional cardiology market. For instance, as per National Institutes of Health (NIH), current reimbursement models, such as the APR-DRG, for pediatric cardiac surgery are imperfect and may not adequately reward high-complexity neonatal care. Furthermore, for the hospital to be reimbursed for a TAVR procedure, the patient must be evaluated by a multidisciplinary team that involves multiple cardiac surgeons and interventional cardiologists.

Figure 2. Global Pediatric Interventional Cardiology Market Share (%), by Product, 2021

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Global Pediatric Interventional Cardiology Market Segmentation:

The global pediatric interventional cardiology market report is segmented into Product and Geography.

Based on Product, the market is segmented into Closure Devices, Transcatheter Heart Valves, Atherectomy Devices, Catheters, Guidewires, Balloons, Stents, Imaging Technique, and Others. Of which, Stents Segment is expected to dominate the global pediatric interventional cardiology market over the forecast period and this is attributed to the increase in demand for stents due to increasing incidences of cardiac disorders among pediatric population .

Transcatheter Heart Valves Segment is also expected to witness significant growth in the near future and this is owing to the rising incidences of congenital heart diseases. Transcatheter aortic valve is a biological tissue that can replace diseased aortic valve.

Global Pediatric Interventional Cardiology Market: Key Developments

In September 2022, The U.S. Food and Drug Administration (FDA) has granted the first pediatric indication for an implantable cardiac monitor to Medtronic. The Linq II Insertable Cardiac Monitor (ICM) system is the first such device to receive 510(k) clearance for use in pediatric patients over the age of 2 who have heart rhythm abnormalities and require long-term, continuous monitoring.

In May 2019, B. Braun Interventional announced the launch of NuDEL all-in-one stent delivery system. The NuDEL CP Stent Delivery System is developed in collaboration with NuMED Inc. to treat congenital heart defects.

Global Pediatric Interventional Cardiology Market: Key Companies Insights

The global pediatric interventional cardiology market is highly competitive. This is attributed to the rising incidences of congenital heart diseases across the globe, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global pediatric interventional cardiology market are Siemens Healthineers, NuMed Inc., Medtronic, Gore Medical, GE Healthcare, Boston Scientific Company, Terumo Getinge Group (Maquet), Abbott, Cordis Edward Lifesciences, and Toshiba (Toshiba Medical Systems), among others.

*Definition: the interventional cardiology team uses cardiac catheterization to diagnose and treat a range of congenital heart defects in children. Pediatric interventional cardiology is the process of performing interventional cardiology on infants, children, and adolescents.