Global Pediatric Interventional Cardiology Market - Segmented by Product and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Pediatric Interventional Cardiology Market is expected to grow at a CAGR of 6.5%. The market is growing at a significant rate, due to the increasing instances of heart diseases in children and the rising technological advancements in the field.
Rapid Technological Advances to Boost the Market
During the last 10 years, there have been various technological advancements in the pediatric interventional cardiology market. Some of the new advancements in cardiac imaging modalities, such as intracardiac echocardiography (ICE), real-time 3-dimensional (3D), transesophageal echocardiography (TEE), cardiac computed tomography (CT), magnetic resonance imaging (MRI), holography, 3D printing, etc. These technological advances can treat congenital heart diseases. Therapies like percutaneous pulmonic valve implantation, have achieved success in the market. The recent advancement of percutaneous pulmonary valve implantations, has helped reduce the risk and stress of open-heart surgery. Hence, due to these continuous technological advances, the market is growing at a faster pace.
Other factors driving the market include increasing awareness among the population, increased preference of minimally invasive procedures over conventional surgeries, and the rising number of the congenital disorders.
Different Regulatory Policies Delaying the Product Launches
According to the FDA product classification, majority of the medical devices used in pediatric interventional cardiology belong to the class III medical devices. The class III devices are considered to be of high risk devices and are subjected to strict regulations to be certified as safe and effective. Due to a number of regulations, the process required for the approval to distribute the new products is complex, expensive, and time-consuming, which causes a delay in the product launches. Hence, due to stringent regulatory policies, the market growth is hampered.
Other factors restraining the market include expensive treatments, therapies, and unfavorable market conditions for new players.
North America holds the Largest Share of the Market
The US pediatric interventional cardiology market has the largest share among the North American countries, which can be due to the rising number of the congenital heart defects. The Asia-Pacific region is also projected to grow at a significant rate during the next 7 years, due to the growing government investments in cardiology and medical tourism.
Key Developments in the Market
March 2017: Boston Scientific announced that it had signed a definitive agreement to obtain Symetis SA, a manufacturer of transcatheter aortic valve replacement systems.
Major Players: ABBOTT, BOSTON SCIENTIFIC CORPORATION, CARDINAL HEALTH, EDWARDS LIFESCIENCES CORPORATION, GE HEALTHCARE, GORE MEDICAL, MEDTRONIC, NUMED INC., AND SIEMENS HEALTHCARE, amongst others.
Reasons to Purchase this Report
Current and future global Pediatric Interventional Cardiology Market outlook in the developed and emerging markets
Various perspectives of the market, with the help of Porter’s five forces analysis
The segment expected to dominate the market
The region expected to witness the fastest growth rate during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
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