Dublin, Jan. 30, 2020 (GLOBE NEWSWIRE) -- The "Robotic Catheter Systems Market Research Report: By Type, Technology, Application, Component, End User, Geographical Outlook - Global Industry Analysis and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Witnessing a CAGR of 5.2% during the forecast period (2019-2024), the global robotic catheter systems market is predicted to grow to $656.8 million by 2024, witnessing a significant jump in its revenue from $493.5 million in 2018.
The major drivers of the market are the rising prevalence of cardiovascular diseases and reduced occupational hazards for cardiologists. These systems are medical robots that work through a joy stick or a remote to perform various diagnostic and therapeutic procedures, such as the stent implantation, myocardial biopsy, ablation, and coronary angiogram, among others.
Based on type, the robotic catheter systems market is bifurcated into single-specialty and multi-specialty. In 2018, the larger revenue share to the market was contributed by the multi-specialty type, and it is further expected to witness the faster growth of 5.3% during the forecast period. This can be attributed to the versatility of these systems as they can be used for interventional procedures or multiple ablation. For instance, a Hansen Medical Inc. product - the Sensei robotic catheter system - can be used to perform both cardiovascular procedures and radiofrequency ablation.
The robotic catheter systems market is categorized into Middle East & Africa, Latin America, Asia-Pacific, Europe, and North America based on region. In 2018, the highest revenue generator in the market was North America, and in the forecast period as well, it would continue to dominate the market, in terms of revenue. The major driving factors of the regional market are the high adoption of these systems for cardiovascular diagnostic and therapeutic procedures in hospitals and clinics and the large presence of key manufacturers.
The robotic catheter systems market is witnessing the trend of digitization of instruments, which has been a key factor in the evolution of integrated and automated cardiovascular interventional labs. The advancements in the robotic technology are taking place rapidly, which, in turn, is helping hospitals cut down on catheterization lab costs, particularly in remote areas. The operational efficiency of cath labs has massively improved due to the commercialization of such systems. Even though these systems are pretty expensive, they are being heavily deployed owing to the advantages they offer over conventional catheterization procedures.
One of the major factors driving the growth of the robotic catheter systems market are the reduced risk of occupational hazards for cardiologists. Many surgeons have reported suffering from occupational hazards while performing interventional cardiology procedures. The modem catheterization laboratories extensively use ionizing radiation in the form of X-rays, which put the practitioners at a risk of malignancy, including in the head and neck region. Even though they wear lead aprons, their long-term use may result in orthopedic injuries. To make conducting procedures safer for surgeons, robotic catheter systems are being deployed.
With the technological advancements, the robotic catheter systems market would witness remarkable growth due to the extensive testing of these systems in the clinical trials. Catheterized cardiovascular procedures, such as catheter ablation, are popularly used in modern medicine, but robot-assisted catheterized procedures have not become as popular as their conventional counterparts due to the scarcity of skilled professionals. Companies, such as CorPath, Amigo, Sensei, and Niobe are commercializing robot catheterization systems, which may contribute in the demand for training people for operating the technology, thereby making them popular among patients and surgeons.
Hence, the market for robotic catheter systems is set to advance in the forecast period as the requirement for safer technologies for carrying out cardiovascular procedures is rising.
Key Topics Covered
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Type
1.3.2 Market Segmentation by Technology
1.3.3 Market Segmentation by Application
1.3.4 Market Segmentation by Component
1.3.5 Market Segmentation by End-user
1.3.6 Market Segmentation by Geography
1.3.7 Analysis Period
1.3.8 Market Data Reporting Unit
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By region
2.2.1.2 By industry participant
2.2.1.3 By company type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Type
4.1.1.1 Multi-specialty systems
4.1.1.2 Single-specialty systems
4.1.2 By Technology
4.1.2.1 Electromechanical
4.1.2.2 Magnetic
4.1.3 By Application
4.1.3.1 Interventional electrophysiology procedures
4.1.3.2 Peripheral vascular procedures
4.1.3.2.1 Ablation procedures
4.1.3.2.2 Coronary procedures
4.1.4 By Component
4.1.4.1 Systems
4.1.4.2 Accessories
4.1.5 By End-user
4.1.5.1 Hospitals and specialty clinics
4.1.5.2 ASCs
4.2 Market Dynamics
4.2.1 Trends
4.2.1.1 Digitalization in catheterization labs
4.2.2 Drivers
4.2.2.1 Reduced risk of occupational hazards for cardiologists
4.2.2.2 Advantages of robotic catheter systems
4.2.2.3 Increasing prevalence of cardiovascular diseases
4.2.2.4 Impact analysis of drivers on market forecast
4.2.3 Restraints
4.2.3.1 Large initial investment and high system cost
4.2.3.2 Impact analysis of restraints on market forecast
4.2.4 Opportunities
4.2.4.1 Adoption of new technical advancements in the system
4.3 Porter's Five Forces Analysis
4.4 Regulatory Framework Analysis
4.4.1 U.S
4.4.2 Europe
4.4.3 APAC
4.4.4 LATAM
4.4.5 MEA
4.5 Upcoming and Emerging Technologies
4.6 Pricing of Robotic Catheter Systems
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.2 By Technology
5.3 By Application
5.3.1 Interventional Electrophysiology Procedures Market, by Type
5.4 By Component
5.5 By End-user
5.6 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Strategic Developments of the Key Players
11.1 Product Launches
11.2 Acquisitions
11.3 Agreement, Partnership, and Collaborations
Chapter 12. Company Profiles
12.1 Stereotaxis Inc.
12.1.1 Business Overview
12.1.2 Product & Service Offerings
12.1.3 Key Financial Summary
12.2 Corindus Vascular Robotics Inc.
12.3 Catheter Precision Inc.
12.4 Hansen Medical Inc.
12.5 Intuitive Surgical Inc.
12.6 Magnetecs Corporation
12.7 Boston Scientific Corporation
12.8 Abbott Laboratories
12.9 Biosense Webster Inc.
For more information about this report visit https://www.researchandmarkets.com/r/babe84
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.