Pediatric interventional cardiology devices are used to diagnose and treat a range of congenital heart defects in children. Cardiac catheterization has long been a central diagnostic modality in the evaluation of children, adolescents, and adults with congenital heart disease, and in children with acquired heart disease. Over the past two decades, transcatheter interventions have become equally important in the treatment of pediatric and congenital heart disease. Moreover, the advancements in pediatric interventional cardiac catheterization have changed the therapeutic strategy for several patients with congenital heart diseases.
Market Statistics:
The Global Pediatric Interventional Cardiology Market is estimated to account for US$ 2,152.0 Mn in terms of value by the end of 2022.
Drivers:
Increase in adoption of pediatric interventional cardiology devices across the globe is expected to drive growth of the global pediatric interventional cardiology market over the forecast period. For instance, with the increase in burden of congenital heart diseases among pediatric patients, demand for pediatric interventional cardiology devices is also increasing rapidly, worldwide. In October 2021, Enzyvant received the U.S. Food & Drug Administration (FDA) approval for RETHYMIC, a one-time regenerative tissue-based therapy for immune reconstitution in pediatric patients with congenital athymia. With this USFDA approval, Enzyvant has obtained a Priority Review Voucher (PRV) under the Rare Pediatric Disease Program.
Opportunities:
Favorable initiatives by public and private organizations are expected to offer significant growth opportunities for players in the pediatric interventional cardiology market. For instance, public and private organizations worldwide are increasingly investing in interventional cardiology to provide high quality care for heart patients of all ages, especially for pediatric patients. In April 2022, the Children's Hospital of Philadelphia (CHOP) Research Institute opened the CHOP Cardiovascular Institute (CHOP CVI) to advance the care of pediatric cardiovascular diseases. CHOP CVI will drive scientific discovery and medical breakthroughs that will improve the pediatric cardiovascular care. This in turn is expected to boost the market growth.
Restraints:
High cost associated with the procedure and reimbursement and regulatory issues are major factors expected to hinder growth of the global pediatric interventional cardiology market. For instance, the cost of pediatric interventional cardiology treatment/therapy is high, and is generally not easily affordable by common people. Furthermore, for the hospital to be reimbursed for the TAVR (Trans Catheter Aortic Valve Replacement) procedure, a patient must be evaluated by a multidisciplinary team that involves multiple cardiac surgeons and interventional cardiologists.
Global Pediatric Interventional Cardiology Market- Impact of Coronavirus (Covid-19) Pandemic:
Outbreak of COVID-19 has had a severe impact on the pediatric interventional cardiology market. Moreover, the pandemic has disrupted pediatric cardiac services around the world. Children with heart disease are at a higher risk of death when they acquire COVID-19 infection. Pediatrics with congenital heart disease (CHD) are also at high risk of serious illness from COVID-19. However, there has been an increase in number of hospitalizations and outpatient visits as there are numerous guidelines introduced for the treatment of patients with cardiac disease during the pandemic. This in turn is expected to aid in the growth of the market.
To know the latest trends and insights prevalent in this market, click the link below:
Key Takeaways:
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.
Among product Stents segment held dominant position in the global pediatric interventional cardiology market in 2021, accounting for 30.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
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 during the forecast period, driving the growth of the market.
Competitive Landscape:
Major players operating in the global pediatric interventional cardiology market include 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.
Recent Developments:
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.
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.
