NEW YORK, Sept. 18, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, global robotic catheter systems market share 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.
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.
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The multi-speciality systems category is expected to witness faster growth in the robotic catheter systems market. This can be ascribed to the increasing number of cardiac-related disorders that require diagnosis and treatment. These systems can perform different procedures with the same configuration.
Electromechanical systems are expected to grow at the fastest growth rate. Cost-effectiveness of these systems as compared to magnetic systems is leading the demand for electromechanical systems in the market.
Robotic catheter systems are largely being used in hospitals and specialty clinics, and accounted for a share of 60.6% in the robotic catheter systems market in 2018, as most of the patients with chronic heart disorders prefer hospitals and speciality clinics over ASCs.
Globally, the North American robotic catheter systems market is expected to hold 54.4% 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.
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
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.
Germany is expected to lead the European robotic catheter systems market, with revenue of over $62.9 million, by 2024. This can be attributed to the presence of a large number of technologically advanced hospitals and extensive presence of product distributors in the country.
Japan is the largest market for robotic catheter systems in the APAC region. This is mainly due to the presence of major distributors of robotic catheter systems, who have entered into agreements with key manufacturers, in the country. Also, robotic-assisted catheter-based diagnostic and treatment procedures are gaining popularity in cardiac catheterization, endovascular surgery, electrophysiology, and percutaneous coronary intervention (PCI) procedures, due to their potential advantages over the conventional catheter procedures.
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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.
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.
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