Pediatric Interventional Cardiology Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Congenital Heart Diseases and Growing Pediatric Cardiology Procedures
The pediatric interventional cardiology market is estimated to be valued at USD 2.88 Bn in 2024, exhibiting a CAGR of 10.3% over the forecast period (2024-2031). Rising birth rate and increasing prevalence of congenital heart diseases are the major factors driving market growth. Furthermore, advancements in interventional cardiology devices and growing number of pediatric cardiology procedures being performed are expected to boost the market growth during the forecast period.
Market Dynamics:
The growth of the pediatric interventional cardiology market is primarily driven by the increasing prevalence of congenital heart diseases and rising pediatric cardiology procedures. Congenital heart disease (CHD) is one of the most common birth defects globally and a major cause of infant mortality. According to Centers for Disease Control and Prevention, nearly 1 in 100 babies in the U.S. are born with a heart defect each year. The rising patient pool suffering from CHD is consequently increasing demand for advanced interventional cardiology devices and procedures in pediatrics.
Additionally, continuous technological advancement in interventional cardiology devices is another key factor fueling the pediatric interventional cardiology market growth. Manufacturers are increasingly investing in R&D to develop innovative devices specific to pediatric cardiology with reduced diameter and length.
Increasing Prevalence of Congenital Heart Diseases is Driving the Market Growth
One of the major drivers fueling the growth of the pediatric interventional cardiology market is the rising prevalence of congenital heart diseases (CHDs) among children globally. On February 27, 2023, according to the Centers for Disease Control and Prevention (CDC), heart defects affect nearly 1% of―or about 40,000―births per year in the United States. affect nearly 1% of live births worldwide each year. Treatment of such diseases requires minimally invasive cardiac procedures like catheterizations and angioplasty which are performed by pediatric interventional cardiologists. The increasing number of children born with CHDs is leading to higher demand for diagnostic and interventional cardiology services and products tailored for pediatric use.
Advancements in Technologies for Pediatric Cardiology is Boosting Market Adoption
Constant innovations and development of new technologies specifically designed for pediatric cardiology interventions are enhancing the clinical outcomes and propelling the market growth. Some of the recent technological developments contributing to this growth include miniature devices and catheters, 3D imaging systems, cardiac mapping systems, and intracardiac echocardiography. For instance, advancement in micro-catheters and guidewires allow the treatment of even smaller vessels and complex anatomies in infants and newborns. Growing technological capabilities are making previously complex procedures safer for children and expanding the suite of treatable cardiac conditions, thereby augmenting market revenues.
Lack of Trained Pediatric Cardiologists is Hampering Market Expansion
One of the major restraints for the pediatric interventional cardiology market is the shortage of properly trained cardiologists specializing in pediatric cardiac care. Due to the technical complexities involved, pediatric cardiology requires extensive experience and additional training which many adult cardiologists lack. This leads to fewer qualified professionals to cater to the growing disease burden. The pandemic has further exacerbated this issue and delayed training programs. The lack of skilled pediatric interventional cardiologists restricts access to advanced treatment options for young patients globally.
High Cost of Developing Pediatric-specific Technologies Acts as a Market Barrier
Developing medical devices customized for young patients poses several challenges compared to adult variants. This includes miniaturization, complex designs to navigate smaller anatomies, usage of bioabsorbable or degradable materials, and rigorous testing and approvals. All these factors escalate R&D costs significantly. Furthermore, the pediatric cardiac device market is relatively niche with lower volumes compared to adult cardiology. This deters many companies from investing substantially in this domain. The high costs associated with product development and compliance norms pose a restraint on the pediatric interventional cardiology market growth.
Rising Healthcare Expenditure in Developing Nations Provides Lucrative Opportunities
Developing regions like Asia Pacific and Latin America are witnessing steady economic growth along with increasing government focus on expanding healthcare access. This is improving medical insurance coverage and boosting healthcare expenditure in these nations, creating profitable opportunities. As disposable incomes rise, more people can afford specialized pediatric services which were previously unaffordable. This growing ability to pay will augment the demand for pediatric interventional devices and drive market revenues upwards. Furthermore, developing country governments are giving incentives like tax benefits to attract global manufacturers, benefiting market expansion.
Awareness Initiatives to Diagnose and Treat CHDs Early Will Fuel Market Prospects
Non-governmental organizations as well as companies are taking several initiatives to educate parents and healthcare providers about the signs, symptoms, and importance of early diagnosis of CHDs. This is helping detect defects in newborns timely and facilitate necessary interventions at the right age. Early treatment can help avoid complications and reduce the lifelong burden of complex cases. Growing awareness about CHDs is allowing more children to benefit from interventional cardiology procedures. It is thus anticipated to generate sustained demand and continued market growth opportunities going ahead.
Key Developments
- On September 11, 2024, Children’s Hospital Los Angeles (CHLA) made a significant advancement in pediatric cardiology with the Minima stent, the first cardiac stent specifically designed for infants and young children that can be expanded to adult sizes as the child grows
- On September 8, 2024, Children’s National Hospital and Additional Ventures announced a total of US$ 300,000 in grants aimed at fostering innovation in pediatric cardiology devices. This initiative is part of the Alliance for Pediatric Device Innovation (APDI), a non-profit consortium focused on developing medical technologies specifically designed for children with heart conditions.
- On August 29, 2024, Renata Medical, a U.S.-based healthcare technology company, gained the U.S. Food and Drug Administration (FDA) approval for a new stent specifically designed for pediatric patients with congenital heart defects
Key Players
NuMed Inc., Medtronic, GE Healthcare, Gore Medical, Abbott, Cordis Edward Lifesciences, Siemens Healthcare, Toshiba Medical Systems, Biotronik, Terumo Corporation, Boston Scientific Corporation, Cardinal Health, B. Braun SE, St. Jude Medical Inc., and MicroPort Scientific Corporation
