A number of factors such as the growing prevalence of CVDs, increasing digitization of medical instruments, and surging focus of healthcare facilities on reduced risk of occupational hazards for cardiologists are expected to help the robotic catheter systems market exhibit a CAGR of 5.2% during the forecast period. According to P&S Intelligence, the market will generate revenue of $656.8 million by 2024. Additionally, the surging awareness regarding the advantages of robotic catheter systems over manual catheter procedures will also contribute to the industry growth.
The surging incidence of CVDs, such as coronary artery diseases and arrhythmia, owing to age-related factors and sedentary lifestyle, will facilitate the market growth, globally. Robotic catheters are used to diagnose and manage CVDs, with minimal invasion and pain. As per the American College of Cardiology, the total number of CVD patients surged from 271 million in 1990 to 523 million in 2019. Furthermore, the WHO estimates that CVDs claim approximately 17.9 million lives each year.
In recent years, digitalization in catheterization labs has become a prominent trend in the robotic catheter systems industry. Procedures performed by robotic catheter systems are less invasive than manual catheterization procedures. Additionally, robotic systems take less time for treating blood clotting issues in blood vessels during the procedures. Owing to these advantages, healthcare facilities are increasingly adopting digitized instruments to develop integrated and automated cardiovascular interventional labs. Moreover, ongoing developments in robotic technology are helping hospitals cut down catheterization lab costs.
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The multi-specialty systems category, under the type segment, accounted for a larger share in the robotic catheter systems market in the past few years. This is credited to the wide application base of multi-specialty robotic catheter systems in multiple ablation and interventional procedures. For example, the Sensei robotic catheter system by Hansen Medical Inc. can be used for both RF ablation and cardiovascular procedures. Owing to this reason, the market in this category is also expected to display faster growth in the forthcoming years.
Currently, dominant players in the robotic catheter systems industry are actively involved in product launches, collaborations, and acquisitions to consolidate their position. For example, in May 2019, Stereotaxis Inc. unveiled Stereotaxis Genesis RMN with Stereotaxis Imaging Model S, as an integrated solution for a robotic interventional operating room. Furthermore, in May 2019, Stereotaxis Inc. collaborated with Osypka AG to design and create a next-generation magnetic ablation catheter, which uses the robotic technology of the former for navigation.
Geographically, the North American region generated the highest revenue in the robotic catheter systems market in the last few years, and it will continue witnessing this trend in the coming years as well. The dominance of the regional market is attributed to the increasing number of CVD patients in the U.S. and Canada. For instance, according to the American Heart Association, CVDs were responsible for 868,662 deaths in the U.S. in 2017. In the region, the U.S. accounts for a larger market share, due to the presence of headquarters of prominent key players in the country.
Thus, the surging burden of CVDs and the increasing digitalization of catheterization labs will fuel the demand for robotic catheter systems.
SOURCE: P&S Intelligence
