Medical Automation Market

Medical Automation market was valued at USD 42.80 Bn. in 2023 and expected to grow at a CAGR of 8.2% during the forecast period (2024-2030), thanks to the growing trend of Off-Grid segment use which has boosted demand for Global Medical Automations Market.

Medical Automation Market Overview:

Automation in medicine involves the use of different technologies to promote the efficiency of healthcare services. Some of the automation used in healthcare are continuous glucose monitor, automated patient reminder systems, chatbots to assist professionals and patients. This automation in healthcare helps to address the current workforce shortage, prevention of human error, improve outcomes, patient management and improve patient satisfaction. Physicians expect almost one-third of their job to be automated by 2040. As a result medical automation is expected to reach US$ 58.66 Bn. during the forecast period.

The report has covered the market trends from 2018 to forecast the market through 2030. 2023 is considered a base year however 2023’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done good in lockdown also and specific strategic analysis of those companies is done in the report.To know about the Research Methodology :- Request Free Sample Report

Medical Automation Market Dynamics:

Risk of rising chronic diseases like diabetes, heart diseases, strokes, and arthritis, etc are leading the cause of deaths, to reduce man-made errors, rising demand for accuracy in healthcare procedure, growing awareness of the population, need for transparency in processing, etc these are the factors boosting the medical automation industry.

According to the “State of AI Survey” conducted by Deloitte, In 2020, Health care organizations invested US$ 50 Mn. in AI technologies. US Food & Drug Administration (FDA) issued AI-based software as a “ Medical Device (SaMD) Action Plan” to assist health care providers and improve patient care are adding an advantage to the market.

Development of new technologies such as PYXIS MedStation Rx, Baxter Sure is the automated pharmacy systems to maintain the drug inventories. The use of advanced workstations in the laboratory like GENESIS FE500, OLA1500 are driving the market positively.

Some of the factors affecting the growth of the market are lack of training on computerized programs for staff, drug dispensing machines may be programmed incorrectly, providing drugs through machines leading to death.

Medical Automation Market Segmentation:

Based on Type Segment, The global Medical Automation market is sub-segmented into Diagnostics and Monitoring, Therapeutic, Pharmacy and Laboratory, and Medical Logistics & Training Automation Market. Amongst Therapeutic segment held the maximum share of 58% in 2023. Because of the developed automated medication system, advanced surgical robots, intelligent operating systems, hearing aids, durable glasses, wheelchairs, etc are driving the global market positively.

Based On End-User Segment, the global Medical Automation market is sub-segmented into Hospitals & Diagnostic Centers, Research Laboratories & Institutes, and Pharmacies. Hospitals & Diagnostic Centers dominate the global market and it held a share of 62% in 2023. Because of simplifying the process of medicine order, helping to reduce medication error, nurse calling systems, video conference system, multimedia processors are driving factors of the global medical automation market and is expected to grow at a CAGR of 5.2% during the forecast period.

Medical Automation Market regional insights:

Because of the developing healthcare industry, government policy and the region’s economic prosperity, and increasing patient population, and rising healthcare prices, etc are major factors in the Asia-Pacific region to drive the growth of the market. The growing biotechnology and pharmaceutical industries in the area also have a significant impact on the medical automation sector. The “Asia-Pacific Medical Technology Association (APACMed)” launched a Digital Health (DH) Committee in 2020 to ensure the safety and effectiveness use of diagnostics and medical devices. “ Accenture report,”2017 says that 16 medical IT startups in India received global funding so that automation could add US$ 1 trillion to India's economy by 2035.

North America is the second dominating region in the global medical automation market. Increasing investment and funding by the government, use of advanced technologies in the pharmaceutical sector, rising healthcare expenditure and demand for robotic operations, etc are adding an advantage to the growth of the market. According to the “Council for Affordable Quality Healthcare's 2020 Index,” the US healthcare system could save US$ 16.3 Bn through the use of automation. As a result, North-America medical automation market is expected to grow at a CAGR of 4.2% during the forecast period.

The objective of the report is to present a comprehensive analysis of the global Medical Automation market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Medical Automation market dynamics, structure by analyzing the market segments and projecting the Medical Automation market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Medical Automation make the report investor’s guide.

Medical Automation Market Scope: Inquiry Before Buying

Medical Automation Market, by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

Medical Automation Market, Key Players

1. K Medtronic Inc.
2. DePuy Synthes (Johnson & Johnson)
3. Koninklijke Philips N.V.
4. Ge Healthcare
5. Siemens Healthineers
6. Cardinal Health Inc.
7. Stryker Corporation Becton
8. Dickinson and Company
9. Baxter
10.Danaher Corporation
11.Stanley Black and Decker Inc.
12.Intuitive Surgical
13.Swisslog Holding AG
14.Tecan Group Ltd.
15.iCad INC

Frequently Asked Questions:

1. Which region has the largest share in Medical Automation Market?
Ans: Asia-Pacific held the largest share in 2023.

2. What is the growth rate of the Medical Automation Market?
Ans: The Medical Automation Market is growing at a CAGR of 8.2 % during the forecasting period 2024-2030.

3. What segments are covered in Medical Automation Market?
Ans: Medical Automation Market is segmented into capacity, mobility and application.

4. Who are the key players in Medical Automation Market?
Ans: K Medtronic Inc, DePuy Synthes (Johnson & Johnson), Koninklijke Philips N.V., Ge Healthcare, Siemens Healthineers, Cardinal Health Inc., Stryker Corporation Becton, Dickinson and Company, Baxter, Danaher Corporation, Stanley Black and Decker Inc., Intuitive Surgical, Swisslog Holding AG, Tecan Group Ltd., iCad INC.

5. What is the study period of this market?
Ans: The Medical Automation Market is studied from 2023 to 2030.