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Valued at $493.5 million in 2018, the global robotic catheter systems market is projected to generate revenue worth $656.8 million by 2024, witnessing a CAGR of 5.2% between 2019 and 2024.
Among all regions, North America is expected to lead the market during the forecast period. Presence of key manufacturers and high adoption of robotic catheter systems for cardiovascular diagnostic and therapeutic procedures in hospitals and specialty clinics are the major factors driving the regional market. Moreover, the provision of insurance facility for robotic surgeries in the region is supporting the growth of the robotic catheter systems market in North America.
Dynamics of Robotic Catheter Systems Market
The key trend observed in the robotic catheter systems market is the digitization of instruments, which has led to the evolution of integrated and automated cardiovascular interventional labs. The robotic technology is advancing at a rapid pace and helping hospitals cut down catheterization lab costs, especially in remote areas. Moreover, commercialization of robotic catheter systems has positively impacted the operational efficiency of cath labs, globally. Despite the high cost of these systems, they are increasingly being adopted owing to their several advantages over conventional catheterization procedures. Thus, the digitization and robotization of cardiovascular medical procedures and instruments, including robotization of catheter-based procedures, can be viewed as a major trend in the market.
In recent years, medical practitioners, across the world, have reported occupational hazards due to radiation exposure during fluoroscopy, especially while performing interventional cardiology procedures. They are often exposed to the risk of occupational hazards, such as development of cataract and increased risk of malignancy, including head and neck tumors. Since robotic catheter systems are known to reduce the risk of occupational hazards, such as ionizing radiation, orthopedic trauma, and infections, they are witnessing a high demand from healthcare settings, which, in turn, is supporting the market growth.
In addition, the increasing prevalence of chronic cardiovascular diseases, such as arrhythmia and coronary artery disease, owing to sedentary lifestyle and age-related factors is contributing to the growth of the robotic catheter systems market. This can be attributed to the fact that robotic catheters are widely used for the diagnosis and management of cardiovascular diseases, with minimal invasion and pain. Moreover, the high precision of these systems in medical procedures encourages their adoption across the world.
Structural Analysis of Robotic Catheter Systems Market
Under market segmentation by type, multi-specialty systems held the larger share in the robotic catheter systems market in 2018 and are also expected to witness faster growth in demand, progressing at a CAGR of 5.3% during the forecast period. The market dominance of this category can be attributed to the fact that multi-specialty robotic catheter systems can be used for multiple ablation or interventional procedures. For instance, the Sensei robotic catheter system by Hansen Medical Inc. can be used for both radiofrequency ablation and cardiovascular procedures.
On the basis of technology, electromechanical robotic catheter systems accounted for the larger market share in 2018. Unlike magnetic catheter, an electromechanical robotic catheter system enables the operator to adjust the pressure according to the need.
Hospitals and specialty clinics constituted the larger end-user category of robotic catheter systems, accounting for 60.6% market share in 2018. This end-user category is also expected to be the faster-growing category in the robotic catheter systems market during the forecast period. Globally, cardiac surgeries are mostly performed in hospitals—a factor that plays a pivotal role in the market growth in this category.
Geographical Scenario of Robotic Catheter Systems Market
North America was the largest market for robotic catheter systems during the historical period and is expected to maintain the trend during the forecast period as well. On account of the growing pool of patients suffering from cardiovascular diseases, cardiac catheterization has emerged as the most widely performed cardiac procedure in the region.
The U.S. is the major market for robotic catheter systems in the North American region, as most of the key manufacturers that have commercialized these systems are either headquartered in or have their manufacturing base in the U.S., which also renders convenient distribution of their products across the country.
Competitive Landscape of Robotic Catheter Systems Market
The robotic catheter systems market is consolidated in nature, and Stereotaxis Inc., Corindus Vascular Robotics Inc., Catheter Precision Inc., and Hansen Medical Inc. are some of the major players engaged in the manufacturing and commercialization of these systems.
Recent Strategic Developments of Major Robotic Catheter Systems Market Players
In recent years, major players operating in the robotic catheter systems market have actively engaged in strategic growth activities such as product launches and acquisitions to gain a competitive edge in the industry. For instance, in May 2019, Stereotaxis Inc. introduced Stereotaxis Genesis RMN concurrently with Stereotaxis Imaging Model S as an integrated solution for a robotic interventional operating room.
Furthermore, in May 2016, Catheter Precision Inc. acquired a new product line named View into Ventricular Onset (VIVO), a computerized three-dimensional cardiac mapping system designed to show electrical activation of the ventricles.
Key Questions Addressed in the Report