Global Congenital Heart Defect Devices Market Share 2024, Forecast To 2033
10 Oct, 2024
The congenital heart defect devices market has also experienced strong growth, expanding from $2.72 billion in 2023 to $2.91 billion in 2024, with a CAGR of 7.0%. This growth can be attributed to an increase in healthcare awareness campaigns, the rising number of heart defect screening programs, stricter medical device regulations, the growing prevalence of congenital heart defects, and the increased risk of organ failure. The market is expected to continue growing, reaching $3.86 billion by 2028 at a CAGR of 7.3%. This growth will be driven by a rise in clinical trials, an increase in the geriatric population, higher prevalence of congenital heart defects, growing government support and funding, and a larger number of specialized medical centers. Major trends expected in the forecast period include technological advancements, the use of digital health technologies, the rise of personalized medicine, 3D printing technology, and wearable medical devices.
Major Driver In The Congenital Heart Defect Devices Market
The increasing number of minimally invasive procedures is expected to significantly propel the growth of the congenital heart defect device market. These procedures involve surgical interventions performed through small incisions or natural body openings, utilizing specialized tools to minimize trauma and enhance recovery. The rise in such procedures is attributed to advancements in technology, patient preferences for less invasive treatments, improved surgical techniques, and the advantages of reduced recovery times and complications. Congenital heart defect devices are employed in these minimally invasive procedures to assist in diagnosing, treating, and managing heart abnormalities through smaller incisions or catheter-based approaches. For instance, in 2022, the American Society of Plastic Surgeons reported that there were 23,672,269 cosmetic minimally invasive procedures performed in the United States, marking a 7% increase compared to previous years. This trend is projected to lead to a market growth from $1.5 billion in 2023 to $1.7 billion in 2024, ultimately reaching $2 billion by 2028. Therefore, the growing prevalence of minimally invasive procedures is a significant driver of the congenital heart defect devices market.
Request A Free Sample Of The Congenital Heart Defect Devices Market ReportCongenital Heart Defect Devices Market Competitive Landscape
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
Key Congenital Heart Defect Devices Market Trend
Major companies in the congenital heart defect device market are concentrating on developing innovative technologies, particularly transcatheter treatment options, to enhance the efficacy and safety of interventions for congenital heart defects. Transcatheter treatment is a minimally invasive medical procedure used to address various heart conditions, including congenital heart defects, without resorting to open-heart surgery. For example, in June 2021, Abbott Laboratories, a US-based medical device company, introduced the Amplatzer Piccolo, a device specifically designed to treat congenital heart defects in premature infants. This device employs advanced materials and a specialized design tailored to the delicate physiology of premature babies, utilizing a minimally invasive transcatheter approach that allows for precise placement and adjustment without open-heart surgery. Enhanced imaging technology ensures accurate navigation and positioning of the device within the intricate structures of a premature baby's heart.
Purchase The Global Congenital Heart Defect Devices Market Report Directly And Get A Swift DeliveryGlobal Congenital Heart Defect Devices Market Segmentation
The congenital heart defect devices market covered in this report is segmented –
1) By Device Type: Catheters, Pacemakers, Single-Chamber Pacemakers, Dual-Chamber Pacemakers, Biventricular Pacemakers, Leadless Pacemakers, Implantable Cardioverter Defibrillators, Biventricular Devices, Implanted Cardiac Loop Recoders, Other Device Types
2) By Defect Type: Atrial Septal Defect, Ventricular Septal Defect, Atrioventricular Septal Defect, Tricuspid Atresia, Truncus Arteriosus, Other Defect Types
3) By End user: Hospitals, Specialty Clinics, Academic And Research Institute, Other End Users
By Geography:The regions 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.
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 Congenital Heart Defect Devices Global Market Report 2024 furnishes information about the global congenital heart defect devices market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.