PUBLISHER: The Business Research Company | PRODUCT CODE: 1574680
PUBLISHER: The Business Research Company | PRODUCT CODE: 1574680
Congenital heart defect devices are specialized medical instruments and implants designed to address and manage heart abnormalities present from birth. These devices are used to diagnose, treat, and support the heart's function in individuals with congenital heart defects, aiming to restore normal blood flow and enhance cardiac performance.
The primary types of congenital heart defect devices include catheters, pacemakers (single-chamber, dual-chamber, biventricular, and leadless), implantable cardioverter defibrillators, biventricular devices, and implanted cardiac loop recorders. Catheters are slender, flexible tubes inserted into the body for various functions such as diagnostic, therapeutic, or monitoring purposes. These devices are used for different types of congenital defects, including ventricular septal defect, atrioventricular septal defect, tricuspid atresia, truncus arteriosus, and others. They are employed by hospitals, specialty clinics, academic and research institutions, and other healthcare settings.
The congenital heart defect devices market research report is one of a series of new reports from The Business Research Company that provides congenital heart defect devices market statistics, including congenital heart defect devices industry global market size, regional shares, competitors with a congenital heart defect devices market share, detailed congenital heart defect devices market segments, market trends and opportunities, and any further data you may need to thrive in the Congenital heart defect devices industry. This Congenital heart defect devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The congenital heart defect devices market size has grown strongly in recent years. It will grow from $2.72 billion in 2023 to $2.91 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The expansion during the historical period can be ascribed to heightened healthcare awareness campaigns, a rise in heart defect screening programs, stricter medical device regulations, a growing incidence of congenital heart defects, and an elevated risk of organ failure.
The congenital heart defect devices market size is expected to see strong growth in the next few years. It will grow to $3.86 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth projected for the forecast period can be attributed to a rise in clinical trials, an expanding geriatric population, a higher prevalence of congenital heart defects, increased government support and funding, and a growing number of specialized medical centers. Key trends anticipated during this period include advancements in technology, the proliferation of digital health technologies, personalized medicine, 3D printing technology, and wearable devices.
The growth of the congenital heart defect device market is anticipated to be driven by the rising number of minimally invasive procedures. These procedures involve performing surgeries through small incisions or natural body openings, using specialized tools and techniques to minimize trauma and improve recovery. Factors contributing to the increase in minimally invasive procedures include technological advancements, patient preference for less invasive treatments, enhanced surgical techniques, and the advantages of reduced recovery times and complications. Congenital heart defect devices play a crucial role in these procedures by enabling the diagnosis, treatment, and management of heart abnormalities through smaller incisions or catheter-based approaches. For example, according to the American Society of Plastic Surgeons (ASPS), 23,672,269 cosmetic minimally invasive procedures were performed in the United States in 2022, marking a 7% increase from previous years. This rise in minimally invasive procedures is consequently boosting the congenital heart defect device market.
Key players in the congenital heart defect device market are focusing on developing innovative technologies, such as transcatheter treatment options, to enhance the efficacy and safety of interventions for congenital heart defects. Transcatheter treatment is a minimally invasive procedure used to address various heart conditions, including congenital heart defects, without the need for open-heart surgery. For instance, in June 2021, Abbott Laboratories, a US-based medical device company, introduced the Amplatzer Piccolo, a device designed for treating congenital heart defects in premature infants. This device features advanced materials and a specialized design to suit the delicate physiology of premature babies, employing a minimally invasive transcatheter approach for precise placement and adjustment without open-heart surgery. Enhanced imaging technology ensures accurate navigation and positioning within the tiny structures of a premature baby's heart.
In June 2023, Translumina Therapeutics LLP, an India-based cardiovascular device manufacturer, acquired Wellinq Group Company for an undisclosed sum. This acquisition aims to broaden Translumina's cardiovascular and endovascular solutions portfolio and strengthen its market presence in the Netherlands by integrating Blue Medical Devices' innovative technologies and expertise. Wellinq Group Company, based in the Netherlands, specializes in developing and manufacturing products for treating congenital heart defects.
Major companies operating in the congenital heart defect devices market are Pfizer Inc., Johnson & Johnson, AstraZeneca plc., Abbott Laboratories, GlaxoSmithKline plc., Medtronic plc., Philips Healthcare, Boston Scientific Corporation, W. L. Gore & Associates Inc., Masimo Corporation, Lepu Medical Technology (Beijing) Co. Ltd., MicroPort Scientific Corporation, Stereotaxis Inc., Berlin Heart GmbH, Ventracor Limited, Syncardia Systems LLC, On-X Life Technologies Inc., Occlutech Holding AG, Sahajanand Medical Technologies Pvt. Ltd., Response Biomedical Corporation, Xeltis AG, Procyrion Inc., Heartstitch Inc., Cardia Inc., OSYPKA Medical GmbH
North America was the largest region in the congenital heart defect devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the congenital heart defect devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the congenital heart defect devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The congenital heart defect devices market consists of sales of septal occluders, heart valves, patent ductus arteriosus (PDA) devices, and bioprosthetic devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Congenital Heart Defect Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on congenital heart defect devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for congenital heart defect devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The congenital heart defect devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.