The global pediatric interventional cardiology market is expected to witness lucrative growth in the forecast period owing to the ongoing development of novel minimally invasive devices and the growing population base of pediatric patients. Some other key drivers expected to fuel market demand are the growing incidences of congenital heart conditions among pediatric patients, initiatives taken by regulatory authorities to reinforce the interventional cardiology segment and growing expenditure by market participants for the R&D of novel heart valve products.
The product portfolio for the pediatric interventional cardiology market consists of ASD, VSD, PFO, PDA & LAA closure devices, catheters, guide wires, transcatheter pulmonary & aortic valves, and balloons or stents for angioplasty. Owing to the fact that cardiac surgeries using transcatheter pulmonary valves have exhibited greater efficacy, it is expected that they will fuel the growth of this market at a steady rate throughout the forecast period. The ASD closure device finds greater application in effectively closing congenital holes on the walls of the heart. Due to the increasing incidences of congenital cardiac structural defects, it is expected that the heart defect closure devices segment will witness substantial growth in demand through to 2020.
Geographically, the shares of generated revenue from the pediatric interventional cardiology market are divided into North America, Europe, Asia Pacific, and RoW of which North America accounted for the largest share in 2013. The ongoing R&D programs developing novel pulmonary & aortic heart valves using decellularized matrices are expected to reduce post surgery rejection rates and consequently fuel market growth in the region. These developments combined with FDA initiatives to strengthen the interventional cardiology regulatory framework are expected to drive the North America pediatric interventional cardiology market throughout the forecast period. The Asia Pacific region is expected to grow at a considerable rate during the next six years due to the increasing government investments in cardiology and growth of medical tourism. Edwards Life science, Abbott Vascular, St. Jude Medical, Gore Medical, Medtronic, Inc. and Boston Scientific Corporation are the key players in the pediatric interventional cardiology market. The market is highly consolidated, oligopolistic, and competitive. The market is capital intensive and demands high investments in research and development programs.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.