Regulatory Framework Shaping Future of Robotic Catheterization Systems Market
Robotics marked its presence in healthcare in the early 1980s. However, the applicability has been limited primarily attributing to its fragile regulatory nature. Robotic catheterization systems stand among the predominantly adopted, minimally invasive devices that are utilized in peripheral and coronary intervention procedures caused due to acute myocardial infarction and various other indication. Although holding a negligible share in the robotic surgery market at present, robotic catheterization systems will receive a strong boost from favorable government regulations and reimbursement scenario. Sales of robotic catheterization systems will see a notable spike in revenues by 2019 and the market will snowball at a dexterous CAGR of ~16% during 2019-2029.
Key Factors Shaping Robotic Catheterization Systems Market
Remote Access Capabilities
Increasing demand from developed regions has concentrated the market in one place. The U.S. is the significant large market and accounts for a high number of robotic catheterization procedures. Corindus Vascular Robotics Inc., a subsidiary of Siemens AG, has operations only in the U.S. The company generated US$ 8 Mn in 2018, with sales solely in the country. Additionally, the company holds monopoly in PCI robotic catheterization systems.
The key players in the robotic catheterization systems market offer their portfolios in developed regions, mainly attributable to growing awareness about percutaneous coronary intervention, robotic catheterization procedures, and coronary artery diseases (CADs). The market is still largely in its infancy, with a relatively small installed base. However, growing adoption of robotic catheterization system by surgeons and potential leverage to operator in reducing the radiation exposure are favoring demand from end users.
Corindus Vascular Robotics Inc. has installed base of 52 systems globally and around 90% of the system are in the U.S. alone. Additionally, the company is installing new 16 devices per year on an average. The development of remote operated robotic catheterization system CorPath from Corindus offers higher advantage to teleoperator and experimental adoption of robotic systems together are expected to generate high revenue sales for the robotic catheterization systems market during the forecast period.
Frequent Product Innovations
The key players in the market are focusing on developing their product portfolio and expand their reach and footprint in developed markets to strengthen their position in the robotic catheterization systems market. Key players are focusing on novel and innovative robotic catheterization solutions with features such as remote operated, self-guiding, automatic robotic catheterization systems, supplementary products, and others, to differentiate themselves in the market and generate maximum revenue.
Manufacturers in North America and Europe are focusing on strategic tie-ups to leverage the experimental adoption of robotic catheterization systems. Such as participation of mayo clinic with Corindus Vascular Robotics to explore preclinical studies involving stenting procedure. This strategic reliance has primarily contributed to the growth of the robotic catheterization systems market.
Reduced Radiation Exposure
Primary factors for the growth of the robotic catheterization systems market are the attainment of higher degree of precession in surgical interventions and catheterization. Robotic catheterization systems are used for Teleoperation, and have future prospects in increasing number of remote surgeries. Robotic catheterization systems are portable and can be transferred within hospital rooms. Manufacturers have designed their robotic devices as open source architecture platform, which enable connecting with emerging and existing technologies. The main reason for integrating remote catheterization procedure is to limit the radiation exposure to surgical operator/technician and support staff.
For a surgical operator, performing some procedures while seated position and within lower-radiation level could possibly increase his/her productivity without jeopardising personal health. While catheter-based endovascular procedures are fetching much of attention in modern medicine techniques, robot-assisted catheterization procedures are not as prevalent because they demand new skills for operation. There is a steep learning curve associated with such procedures due to their complexity that can be time consuming and challenging for the surgeon.
A clinical study sponsored by Corindus Vascular Robotics Inc. published results on radiation level study with robotic catheterization and normal cardiac intervention procedures. The robotic catheterization system shows reduction of ionizing radiation exposure by 95%. This factor is facilitating the user adoption and impelling growth of the robotic catheterization systems market.
Robotic Catheterization Systems Market Structure Analysis
- The global robotic catheterization systems market is a highly consolidated, with Hansen Medical, Inc. (Johnson & Johnson), and Corindus Vascular Robotics Inc. (Siemens AG) being among the prominent players
- Companies are focusing on collaborations with players in developed markets to gain market share and develop technologically advanced products.
- With increasing incidence of PAD and CAD, the scope of robotic-assist devices especially while working with radiation fields is renewing interest in robotic catheterization systems market.
- Manufacturers of robotic catheterization systems are focusing on implementing horizontal integration strategies for their product lines and additionally working on distribution and lead time as obtaining robotic catheterization systems from manufacturers currently registers a lead time of 1-2 months. Key players are providing custom services to end users of robotic catheterization systems. All these factors are significantly boosting the robotic catheterization systems market growth.
Nonhospital-Provider Services for Outpatient Surgeries
Out-of-Hospital cardiac arrest (OHCA) lands among the list of leading causes of mortality and abnormality globally, accounting for 10% of overall mortality in developing countries. Survival in case of sudden cardiac arrest generally relies on prompt supervision of medical professionals. Owing to shorter visits, and reduced surgery duration, ambulatory surgical centers (ASCs) and catheterization laboratories are garnering significant prominence for performing outpatient surgeries. FMI opines that nonhospital-provider services, including cath labs and ASCs will encroach a major portion of robotic catheterization systems market through 2029. Furthermore, hospitals, particularly in Europe, are extending their hands to establish and run their cath labs in line with the shift towards operational expenditure.
North America Maintains its Supremacy
North America preserves its preeminence in robotic catheterization systems market. However, gradual approvals to robotics for healthcare applications stood as a major roadblock facing North American market. Since cardiovascular disorders (CVDs) remain leading cause of mortality in the U.S. and around half of the elderly continue to complain of some kind of CVD, Centers for Medicare and Medicaid Services (CMS) are providing reimbursements for peripheral access procedures, such as inserting port or a catheter into a large central artery that is within the purview of heart. Incidents of congestive heart failure increased by 5-10%, while that of acute myocardial infarction surged by 15-20% in 2017. Market in North America thus witnessed a sudden spike in revenues post 2017, as FDA approvals gathered momentum.
* This data is only a representation. Actual data may vary and will be available in report.
High Upfront Costs and Potential Complications – Key Pain Points to Address
Although robotic catheterization systems carry benefits of minimal post-surgery effects and decreased recovery time, they are subject to high initial investments. In North America, Europe and Oceania, average price of electromechanical robotic catheterization systems is greater than US$ 600,000, exclusive of ancillary equipment costs. Inadequacy of skilled operators echo the need for additional training, which further adds to operational expenses. Applicability of robotic catheterization systems thus remains limited to large-scale healthcare settings. Robotic catheterization systems are associated with major complications, including infection at the insertion site of the robotic catheterization systems guiding wire and catheter, contamination of the burr catheter and seeding of the catheter. Such potential risks are impeding the penetration of robotic catheterization systems in peripheral vascular intervention by patients. Further, clinical studies demonstrating efficacy of robotic catheterization systems is inept.
Electromechanical robotic systems in-demand
Magnetic-guided robotic systems see sluggish sales
Surging adoption in percutaneous coronary intervention
Moderate applicability in cardiac electrophysiology procedures
Hospitals remain top consumer
Cath labs to generate accelerating demand
How Growth will Unfold
With the advent of robotics in the repository of interventionists, robot-assisted percutaneous coronary intervention (PCI) has become predominant in treating coronary artery disease (CAD) which leads to heart failure. As surgical robotics is projected to mushroom at a healthy rate over the course of near future, robotic catheterization systems will witness a solid hike in sales for PCI. Moreover, adoption in cardiac electrophysiology procedures (CEPs) will remain steady throughout the period of projection.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Robotic Catheterization Systems Market Analysis 2019 - 2029
A recent market study published by Future Market Insights (FMI) offers global industry analysis for 2014–2018 and forecast for2019–2029. The study also offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters of the robotic catheterization systems market, the growth prospects of the market are obtained with maximum precision.
Robotic Catheterization Systems Market Taxonomy
The global robotic catheterization systems market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Electromechanical Robotic Catheterization Systems
- Magnetic-Guided Robotic Catheterization Systems
- Percutaneous Coronary Intervention
- Cardiac Electrophysiology Procedures
- Ambulatory Surgical Centers
- Catheterization Laboratories
- North America
- Latin America
- South Asia
- East Asia
- Middle East And Africa
The report commences with the executive summary of the robotic catheterization systems market, which includes a summary of the key findings and key statistics of the market. It also includes the market value (US$ million) estimates of the leading segments of the robotic catheterization systems market.
Readers can find the detailed segmentation and the definition of the robotic catheterization systems market in this chapter, which will help them understand the basic information about the robotic catheterization systems market. This section also highlights the inclusions and exclusions, which helps the reader understand the scope of the robotic catheterization systems market report.
The robotic catheterization systems market report provides the key market trends that are expected to significantly impact the market growth during the forecast period. Detailed industry trends are provided in this section.
This section includes the factors that have emerged as key successful factors and the strategies adopted by key market participants. Additional viewpoint on global average pricing analysis benchmark, consumer sentiment analysis, and value chain analysis, which are likely to contribute to market growth.
This section explains the global market volume analysis and forecast for the robotic catheterization systems volume between the forecast periods of 2019-2029. This chapter includes a detailed analysis of the historical robotic catheterization systems market. This section also explains the global market volume analysis and forecast for the robotic catheterization systems market between the forecast periods of 2019-2029.
This section includes the viewpoint on global average pricing analysis benchmark, based on product type.
This section explains the global market value analysis and forecast for the robotic catheterization systems market between the forecast periods of 2019-2029. This chapter includes a detailed analysis of the historical robotic catheterization systems market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029). Along with this, pricing analysis of the robotic catheterization systems market at the regional level has been provided in this section. This section also explains the global market volume analysis and forecast for the robotic catheterization systems market between the forecast periods of 2019-2029.
This chapter explains the key macroeconomic factors that are expected to influence the growth of the robotic catheterization systems market over the forecast period. Along with the macroeconomic factors, this section also highlights the impact factors, supply chain, forecast factors, Porter’s five forces analysis, and value chain analysis for the robotic catheterization systems market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section. Moreover, readers will understand the key trends followed by the leading manufacturers in the robotic catheterization systems market.
Based on product type, the robotic catheterization systems market is segmented into electromechanical robotic catheterization systems and magnetic-guided robotic catheterization systems. Readers can find information about the key trends and developments in the robotic catheterization systems market and market attractiveness analysis based on product type.
Based on Application, the robotic catheterization systems market is segmented into percutaneous coronary intervention and cardiac electrophysiology procedures. In this chapter, readers can find information about the key trends and developments in the robotic catheterization systems market and market attractiveness analysis based on application of robotic catheterization systems.
This chapter provides details about the robotic catheterization systems market on the basis of end user, and has been classified into hospitals, ambulatory surgical centers and catheterization laboratories. In this chapter, readers can understand the market attractiveness analysis based on end user.
This chapter explains how the robotic catheterization systems market will grow across various geographic regions, such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa (MEA).
This chapter includes a detailed analysis of the growth of the North America, along with a country-wise assessment that includes the U.S. and Canada.
Readers can find detailed information about several factors, such as the pricing analysis, which are impacting the growth of the Latin America. This chapter also includes the growth prospects of the robotic catheterization systems market in the leading LATAM countries such as Brazil, Mexico, and the Rest of Latin America.
Important growth prospects of the robotic catheterization systems market based on its end users in several countries, such as Germany, the UK, France, Spain, Italy, Russia, and the Rest of Europe, are included in this chapter.
India, Indonesia, Thailand, and Malaysia are among the leading countries in the South Asia region, which are the prime subjects of assessment to obtain the growth prospects of the South Asia robotic catheterization systems market in this chapter. Readers can find detailed information about the growth parameters of the South Asia Robotic Catheterization Systems market during the period 2019–2029.
This chapter highlights the growth of the robotic catheterization systems market in East Asia by focusing on China, Japan, and South Korea. This section also helps readers understand the key factors that are responsible for the growth of the robotic catheterization systems market in East Asia.
In this chapter, Australia and New Zealand are among the leading countries in the Oceania region, which are the prime subjects of assessment to obtain the growth prospects of the Oceania robotic catheterization systems market.
This chapter provides information about how the robotic catheterization systems market will grow in the major countries in the MEA region, such as GCC Countries, South Africa, Turkey, and the rest of MEA, during the forecast period 2019 - 2029.
In this chapter, readers can find detailed information about the tier analysis and market concentration of the key players in the robotic catheterization systems market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the leading stakeholders in the robotic catheterization systems market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Hansen Medical, Inc., Corindus Vascular Robotics Inc. and others.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the robotic catheterization systems market report.
This chapter helps readers understand the research methodology followed to obtain the various conclusions as well as important qualitative and quantitative information about the robotic catheterization systems market.
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