Robotic Catheter Systems Market Latest Trend, Advancement, Growth and Business Opportunities
In 2018, the global robotic catheter systems market generated a revenue of $493.5 million. The market is predicted to progress at a CAGR of 5.2% during 2019—2024. According to the forecast of P&S Intelligence, a market research company based in India, the market would attain a valuation of $656.8 million by 2024. The growing incidence of cardiovascular diseases is one of the biggest factors fueling the advancement of the market across the world.
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Additionally, the various benefits of robotic catheter systems and their ability to reduce the risk of occupational hazards for cardiologists are pushing up their demand all over the globe, which is, in turn, causing the boom of the robotic catheter systems market. In recent times, the incidence of chronic cardiovascular diseases such as coronary artery diseases and arrhythmia has increased massively, mainly because of the growing adoption of sedentary lifestyles and the surging geriatric population around the world.
As the robotic catheter systems are extensively used for the treatment, management, and diagnosis of cardiovascular diseases with minimal pain and invasion, the rising incidence of cardiovascular diseases is causing a huge positive impact on the worldwide sales of these systems. Furthermore, the high accuracy and precision offered by these systems in healthcare procedures is boosting their popularity throughout the world. Depending on type, the robotic catheter systems market is divided into single-specialty and multi-specialty.
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Of these, the multi-specialty category recorded higher growth in the market in the past years. Moreover, this category is predicted to demonstrate faster growth in the future years, on account of the fact that the multi-specialty robotic catheter systems can be used for interventional or multiple ablation procedures. For example, the Sensei robotic catheter system developed by Hansen Medical Inc. can be used for both cardiovascular and radiofrequency ablation procedures.
When application is taken into consideration, the robotic catheter systems market is divided into interventional electrophysiology and peripheral vascular categories. Of these, the interventional electrophysiology category registered higher growth in the market in the years gone by, mainly because of the high incidence of arrhythmia around the world. Additionally, various systems such as the Sensei system developed by Hansen Medical Inc. were manufactured mainly for electrophysiology procedures, which further contributed toward the growth of the category in the past years.
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Geographically, the robotic catheter systems market is predicted to register the highest and the fastest growth in North America in the upcoming years. This would be a result of the increasing healthcare expenditure and the soaring number of catheter-based procedures being performed in the regional countries. In addition to this, the existence of several regional distributers of the leading global players in this region is fueling the market advancement in the region.
Hence, it can be said with full surety that the market would demonstrate substantial growth all over the world in the future years, mainly because of the rising incidence of various cardiovascular diseases, the surging healthcare expenditure, and the presence of a soaring geriatric population in several countries around the world.
SOURCE: P&S Intelligence
