Robot Assisted PCI Market: Introduction

  • Percutaneous Coronary Intervention (PCI) is a non-surgical procedure for the implantation of stent using a catheter to treat obstructive coronary artery disease and open up blocked or narrowed blood vessels. Robot assisted intervention offers several advantages over the conventional procedure. It reduces operator radiation exposure, thus lowering the chances of orthopedic injury and operator fatigue.
  • CorPath 200 manufactured by Corindus, Inc. was the first system to receive FDA approval in 2012 for the treatment of coronary artery disease (CAD)

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Key Drivers and Restraints of Robot Assisted PCI Market

  •  Remote-controlled robotic-enhanced percutaneous coronary intervention (PCI) device was developed to improve procedural outcomes as well as ergonomics. This device does not lead to increased fluoroscopy duration, radiation, or contrast media exposure to patients.
  • Coronary heart disease (CHD) is the most common heart disease accounting for over 370,000 deaths annually in the U.S. An estimated 92.1 million adults in the country have, at least, one type of cardiovascular disease. It is projected that by 2030, 43.9% of the U.S. adult population will have some form of cardio vascular disease (CVD). In 2010, approx. 954,000 inpatient PCI procedure were performed in the U.S.
  • Percutaneous Coronary Intervention (PCI) has been replacing the Coronary Artery Bypass Graft Surgery (CABG) for the treatment of heart diseases due to relative benefits of PCI over CABG, such as non-invasiveness of procedures and faster patient recovery. The advent of robot assisted surgery and its combined features, including minimally invasive approach and additional benefits will boost the market growth during the forecast period.
  • High cost of robot assisted PCI systems may hinder market expansion. The initial cost of CorPath GRX, which is a product of Corindus, Inc., costs approximately US$ 650,000, along with additional US$ 650 – US$ 750 single use or disposable accessories.
  • PCI needs special cardiac cauterization suites or cath lab equipped with X-ray capability and trained personnel to operate robot assisted systems. Moreover, lack of skilled cardiologists is restraining market growth. Future generation interventional cardiologists need hands-on trainings to operate technologically advanced devices. Tele-mentoring is also used in surgery and other fields of medicine. It helps medical centers in underprivileged areas where education in interventional cardiology is lacking.

Robotic System Product Type Segment to Witness High Demand

  • Based on product type, the global robot assisted PCI market can be divided into robotic system and accessories
  • In July 2019, Corindus, Inc. announced that Albert Einstein Jewish Hospital (Brazil) has become the first hospital in South America to install their CorPath GRX System for robotic assisted percutaneous coronary intervention (PCI). With this installation, the company has expanded its business in South America.

Hospital End-use Industry Segment Offers Significant Growth Potential

  • In terms of end-use industry, the global robot assisted PCI market can be divided into hospital and CATH lab
  • The hospital end-use industry segment is likely to hold a significant share of the robot assisted PCI market during forecast period. As of December 31, 2018, Corindus, Inc. has installed 48 CorPath GRX systems in hospitals across the U.S. and four at international locations.
  • Hospitals with cath lab rooms, which perform PCI and pulmonary vein isolation (PVI) procedures are potential users of CorPath Systems
  • In February 2017, Corindus, Inc. signed a strategic distribution agreement with Japan Medicalnext Co., Ltd., a wholly owned entity of MC Healthcare, Inc., a subsidiary of Mitsubishi Corporation and a prominent supplier of medical devices in Japan, for the distribution of its systems in the country

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Asia Pacific to Lead the Global Robot Assisted PCI Market

  • In terms of region, the global robot assisted PCI market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific is likely to witness the maximum demand for robot assisted PCI from 2019 to 2027.

In 2017, the CorPath GRX system was installed in Fu Wai Hospital, the largest hospital of China. This is the first installation of the next-generation CorPath System outside of the United States. Following this, the Department of Cardiology at the Fu Wai Hospital has performed its first robot assisted PCI procedure in Asia. 

  • Japan performs nearly 250,000 PCI procedures annually and represents a major market for PCI worldwide. With the approval of Pharmaceutical and Medical Device Agency (PMDA) in 2018, CorPath GRX is also available in Japan for vascular robotic program and offers patients the benefits of robotic assisted PCI.
  • Corindus, Inc. is likely to continue to distribute its products through their former exclusive worldwide distributor Philips Medical Systems Nederland B.V. They also have additional agreements in place with distribution and/or agent partners globally, including in India, Australia, New Zealand, and few countries located in the Middle East, Southeast Asia, and Europe.
  • In 2019, Robocath received CE approval for its robotic assisted solution, R-One robotic device, for the treatment of coronary disease. This will enable the company to distribute its products in Europe and the Middle East.

Key Manufacturers Operating in Global Market

Key manufacturers operating in the global robot assisted PCI market are:

  • Corindus, Inc.
  • Robocath

Global Robot Assisted PCI Market: Research Scope

Global Robot Assisted PCI Market, by Product Type

  • Robotic System
  • Accessories

Global Robot Assisted PCI Market, by End-use Industry

  • Hospital
  • Cath Lab

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

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