Robotic Angiography Systems Market Trends

Growth Drivers

• Promising Expenditure from Hospitals for the Adoption of Advanced Medical Robotics to Drive Market Growth - According to the statistics by the Centers for Medicare & Medicaid Services (CMS) of the United States government, hospital expenditure in the United States (U.S.) reached USD 1270.1 Billion in 2020, witnessing a growth of 6.4% in the same year, up from 6.3% in the year 2019. Additionally, according to the statistics by the World Bank, the current health expenditure around the globe as a share of GDP increased from 8.63% in the year 2000 to 9.84% in the year 2019.

The rising need for healthcare service providers to improve workflow efficiency, along with the need for the early diagnosis of diseases, is expected to promote the adoption of these advanced diagnostic systems. Supported by the rising expenditure by hospitals, the adoption of robotic diagnostic devices amongst healthcare service providers is anticipated to increase, which in turn, is expected to drive the growth of the global robotic angiography systems market during the forecast period.

• Rising Trends of Internet of Medical Things (IoMT) - the medical things (IoMT) are projected to reach a valuation of about USD 162.2 billion by the end of 2024 across the globe.
• Growing Integration of Automation in the Healthcare Industry - the share of healthcare providers who are planning to invest in robotic process automation (RPA) is expected to grow from about 5% to over 50% between 2020 and 2023 across the globe.
• Surge in Advancements in Developing Imaging Solutions – robotic imaging solutions includes ultrasound, computed tomography (CT), magnetic resonance tomography, and others. For instance, nearly 70 million CT scans are performed across the globe every year.
• Increasing Incidence of Cardiovascular Diseases (CVDs) Globally – Deaths registered owing to CVD worldwide were about 17.9 million deaths in the year 2019, as per the WHO.

Challenges

• High Cost of Angiography Procedures and Robotic Angiography Devices - The price of angiography can be affected by several factors that can increase them significantly. These factors include consultation charge, age of patients, type of angiography procedure, type of contrast dye, admission room charger, and many more. Hence, all these factors may limit the market growth over the forecast period.
• Concern for Exposure to Radiation
• Probability of Injury Caused Due to Catheterized Artery