How Will High Prevalence of CVD Boost Robotic Catheter Systems Market Growth?

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% between 2019 and 2024. 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.

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.

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.