Global Medical Automation Market: Information by Type (Medical Logistics & Training (Logistic Automation and Trainers), Lab & Pharmacy Automation, Therapeutic Automation (Non-Surgical and Surgical) and Diagnostic & Monitoring Automation (Automated Monitoring, Point-of-Care Testing and Automated Image Analysis)), by End User (Hospitals & Diagnostic Centers, Pharmacies, Research labs & Institutes and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2023
Medical automation is an emerging branch of the medical sector that is tended to evolve continuously in the presence of the technological advancements. Increasing prevalence of chronic diseases like cancer, diabetes, and others followed by the growing pharmaceutical and biotechnology sector are the major drivers for the market growth during the forecast period, 2017-2023. According to the Indian Brand Equity Foundation in 2017, the Indian biotech industry holds about 2% share of the global biotech industry. The biotechnology industry in India comprises of about 800 companies and is valued to be about USD 11.6 billion in 2017. Additionally, rising demands for robotic surgery along with the rising healthcare expenditure boost the market growth. On the other hand, the high cost of automation, risks associated with the robotic surgery and the necessity for the physician training are estimated to restrain the market growth during the forecast period.
The medical automation Industry expected to register a CAGR of 7.0% and is anticipated to reach USD 42,284.6 million by 2023. Automation is defined as the use of control systems and information technologies to reduce the need for human work in the production of goods and services. In recent years, technological advancements have been incorporated into the medical sector, which drives the growth of the medical automation market.
The Americas dominate the global medical automation market owing to an increasing prevalence of the diseases like cancer, diabetes, and others. Moreover, growing biotechnology and biopharmaceutical sector within the region is fuelling the market during the forecast period. In 2016 according to the National Cancer Institute, approximately 1,685,210 new cases of cancer were diagnosed in the United States and approximately 595,690 deaths were reported due to the same, Europe is the second largest market for the global medical automation. The market growth in the European region is facilitated by the presence of developed economies. Huge patient population and rising healthcare expenditure within the region is further fuelling the market growth within the region. In Asia Pacific region growing biotech and biopharmaceutical factor, increasing patient population and rising healthcare expenditures along with the increasing demands for the robotic surgery is driving the market growth. Moreover, favorable government policies are boosting the market growth within the region. The Middle East & Africa & Africa holds the least market share. This can be attributed to the presence of the low per capita income and stringent government policies, especially within the African region.
The key players in the global medical automation market are Koninklijke Philips N.V., Siemens AG, GENERAL ELECTRIC, Medtronic, Stryker, Danaher, Accuray Incorporated, and others.
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