The global robotic catheter systems market was valued at $493.5 million in 2018, which is projected to reach $656.8 million by 2024, progressing at a CAGR of 5.2% during the forecast period (2019–2024). Based on type, the multi-specialty category held the largest share in the market in 2018. The category is also expected to witness the fastest growth during the forecast period, owing to the fact that multi-specialty systems can perform multiple procedures, which is a major reason for their popularity, as compared to single-specialty systems.
Digitalization in Catheterization Labs is a Key Trend Observed in Robotic Catheter Systems Market
The digitalization in cath labs across the world is a key trend witnessed in the robotic catheter systems market. Robotic catheter systems can perform catheter-based procedures, which are less invasive, as compared to manual catheterization procedures, and also take less time for treating blood clotting issues in blood vessels during the procedures. These factors are expected to boost the market growth.
Market for Robotic Catheter Systems is Likely to Witness Significant Growth due to their Advantages
Owing to the various advantages of robotic catheter systems over manual catheter procedures, the robotic catheter systems market is expected to witness significant growth. Some of the advantages include increased precision in minimally invasive cardiac procedures by using catheter steering system, and access the areas of heart that are hard and critical to reach with manual procedures in less time. Moreover, while operating through robotic-assisted catheterization systems, operator performs procedures without radiation exposure.
Segmentation Analysis of Robotic Catheter Systems Market
Geographical Analysis of Robotic Catheter Systems Market
Globally, the North American robotic catheter systems market is expected to hold 55.0% share by 2024. This can be mainly attributed to high healthcare spending, and increasing number of catheter-based procedures in the region. In addition to this, the presence of regional distributors of key global players in the region is also driving the market growth.
The U.S. is a major market for robotic catheter systems in North America, due to the fact that most of the key manufacturers, who have commercialized their robotic catheter systems, are headquartered in the country. Also, companies, such as Hansen Medical Inc., Stereotaxis Inc., Corindus Vascular Robotics Inc., and Catheter Precision Inc., are engaged in the expansion of their businesses through their sales force and other distribution channels. Thus, these factors support the growth of the industry in the U.S.
Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA) are the other regions, which hold considerable shares, in the robotic catheter systems market, on account of rising incidence of cardiovascular diseases and digitization of the medical device industry in these regions.
Competitive Landscape of Robotic Catheter Systems Market
Stereotaxis Inc., Corindus Vascular Robotics Inc., Catheter Precision Inc., and Hansen Medical Inc. are some of the major manufacturers operating in the global robotic catheter systems industry.
Browse report overview with detailed TOC on "Robotic Catheter Systems Market Research Report: By Type (Multi-Specialty Systems, Single-Specialty Systems), Technology (Electromechanical, Magnetic), Application (Interventional Electrophysiology Procedures, Peripheral Vascular Procedures), Component (Systems, Accessories), End User (Hospitals, ASCs), Geographical Outlook (U.S., Canada, Germany, France, U.K., Japan, China, India, Brazil, Mexico, South Africa, Saudi Arabia) – Global Industry Analysis and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/robotic-catheter-systems-market
The manufacturers in the robotic catheter systems market are involved in product launches and collaboration to increase their market shares. For instance, in May 2019, Stereotaxis Inc. entered into a strategic collaboration with Osypka AG to design and develop a next-generation magnetic ablation catheter, which is being navigated by using Stereotaxis' robotic technology. Stereotaxis Inc. is funding the development and will be the sole owner of the catheter. In April 2017, Corindus Vascular Robotics Inc. announced a strategic partnership with BLOXR Solutions. This three-year distribution agreement grants Corindus the non-exclusive rights to distribute BLOXR's radiation protection products, globally, and provide BLOXR with additional reach into the interventional cardiology space.
Market Segmentation by Type
Market Segmentation by Technology
Market Segmentation by Application
Market Segmentation by Component
Market Segmentation by End User
Market Segmentation by Geography