Utilizing cutting-edge technology and techniques, such as cardiac catheterization, transcatheter aortic valve replacement, and mitral valve repairs, interventional cardiologists are responsible for a large variety of invaluable procedures to treat patients with heart disease, valve defects, or structural abnormalities. These highly trained specialists have a unique knowledge and skill set based in internal medicine and cardiology that continues to expand as clinical strategies for advanced interventions have increased in complexity as has the scope of their practice. The specialty of interventional cardiology itself has witnessed consistently rising demand over recent years in part due to an aging patient population and increasing burden of cardiovascular disease. Additionally, as forecasted physician shortages begin to affect the field demand for interventional cardiologists is expected to continue growing.
According to the latest data from Merritt Hawkins, the average starting salary for interventional cardiologists is $611,000 – the highest of any healthcare specialty. Non-invasive cardiology comes in third place as one of the top five highest earning specialties listed by the 2021 Review of Physician and Advanced Practitioner Recruiting Incentives report which evaluated data from April 1, 2020 to March 31, 2021 including starting salaries as well as recruitment statistics for medical specialities.
In terms of recruitment, cardiologists were ranked eleventh on the list of specialists with the highest recruiting numbers according to an article published in Cardiovascular Business. Overall, the cardiology specialty is expected to be heavily impacted by the physician shortage in the near future resulting in the demand of thousands of cardiologists. By the year 2025, cardiology could face demand of more than 35,000 specialists with a supply falling short of 29,000.
Interventional Cardiology Market Trends
Over the past few decades, the treatment of cardiovascular diseases has changed substantially as a result of the introduction of new drug therapies and devices, including guidewires and stents. Further technological advancements in interventional cardiology devices and equipment are driving major positive trends in the market, focused primarily on minimally invasive, catheter-based treatment approaches. This sector is expected to reach a valuation of $9.93 billion by the year 2025 rising at a compound annual growth rate of 7.7% over the coming years.
This growth and positive market trends are primarily a result of COVID-19 recovery predictions, companies restructuring operations to serve pent-up demand post pandemic, and an overall increase in cardiovascular diseases across the global population.
The Impact of COVID-19
Studies have noted significant reductions of interventional cardiology treatments caused by the COVID-19 pandemic and following lockdown measures that were implemented in Spain. These resulted in a drastic reduction in the number of interventional cardiology procedures in the Spanish population, per data from a study published by the Spanish Society of Cardiology and the Association of Interventional Cardiologists. Results revealed that there were 57% fewer diagnostic examinations, 48% fewer therapeutic coronary procedures and 81% fewer structural trans catheter procedures interventions performed after the beginning of the lockdown. Primary angioplasties performed in acute myocardial infarctions also significantly diminished with drops in the number of overall procedures observed all across the country.
Similar trends have been evidenced all across the globe in countries affected by the pandemic meanwhile the high incidence of cardiovascular disease persists. As a result, the subsequent refocusing of the health care industry on the treatment and prevention of illnesses other than COVID-19 is likely to further heighten demand for interventional cardiologists.
To prepare for the current and forthcoming demands of the cardiometabolic industry, CMHC invites clinicians to join our upcoming Frontiers in Interventional Cardiology: Advances & Expert Perspectives event taking place on October 15-16, 2021. This two-day masterclass led by prominent interventional cardiologist and trialist Dr. Deepak L. Bhatt will delve into the latest advances in interventional cardiology delivering a comprehensive agenda of the latest clinical topics, industry developments, and approaches to patient care.