Market Research Future published a cooked research report on global medical automation market. The global medical automation market is expected to grow at a CAGR of 7.0% during the forecast period.
Medical Automation is a new technological paradigm that is evolving in the healthcare sector. In recent years, the pharmaceutical and biotechnology have expanded in hand to hand with the information technology. This along with the increasing prevalence of the diseases like cancer and diabetes besides others have created favorable backgrounds for the market development. Additionally, the demands for diagnostic accuracy and minimally invasive surgeries have increased, fuelling the growth of the market. In these prevailing conditions, the new product launches and products under research along with the untapped markets serve as the revenue pockets which are needed to be addressed.
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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.
Koninklijke Philips N.V. is the market leader in the global medical automation market with a share of 19.0% in 2016. The company has a huge brand image, broad product portfolio, and strong distribution network around the globe. In the last three years, the company adopted the organic strategy of product launches to cement its position in the global market. Further, the company has also invested heavily in various research & development activities to bring innovative products to the market and to cater to the unmet market needs.
Siemens AG held the second position in the global medical automation market with a share of 16.0% in 2016. The company recorded a positive growth in its total revenue in 2016 as compared to 2015. This growth in revenue can be attributed to strong sales in high potential emerging markets. Further, to sustain its place in the medical automation market Siemens AG follows strategic business alliances such as partnerships, acquisitions, collaborations, and joint ventures to expand its product portfolio and to extend its geographical reach. For instance, in December 2017- the company recently acquired Fast Track Diagnostics to expand the molecular testing market.
GENERAL ELECTRIC is the third market leader in the global medical automation market with a share of 15.0% in 2016. The company adopted the strategy of FDA approvals and product launches to expand their market. Additionally, the company has a huge product portfolio and good brand identity. For instance in September 2017- the company launched a mammography system that allows the patients to control their compression by remote control.
The other prominent players in the market include Medtronic, Stryker, and Danaher. Other players accounted for a share of 38.0% in the market in 2016. Majority of the companies have adopted the strategy of acquisition for the market development. For instance, Stryker in September 2017- Stryker completed the acquisition of NOVADAQ Technologies Inc.
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- New product launches
New products are being launched in the global medical automation market as a result of the continuous R&D investments by the key players in the market. For instance, the R&D expenses of the Koninklijke Philips N.V. increased from 7.9% in 2015 to 8.2% in 2016 of its total revenue. This is estimated to enable the company to launch new MR Solutions for diagnostic procedures support, in November 2017. Such products and related platforms which are continuously emerging in the market will address the growing demands and thus, is expected to serve the medium of the new revenue pockets for the market growth.
- New revenue markets
The presence of the medical automation market is marked significantly within the developed economies of the world. However, the market for the same is growing steadily in the middle and low-income region. The Asia Pacific region is estimated as the fastest growing region. There are huge possibilities within the region for the market growth. For instance, the Indian healthcare sector is expanding and thus the demand for the medical automation within the region is also increasing. According to the Indian Brand Equity Foundation in 2017, Indian healthcare sector was one of the fastest growing industries which were expected to advance at a CAGR of 22.87% during 2015-2020 and reach USD 280 billion. Thus, there is an immense scope for enhancing medical automation services’ penetration in India, presenting ample opportunities for generating the revenue for market within the region.
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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 medical automation market has been on the rise over the past few years. Based on the MRFR analysis, the market is projected to reach USD 42,284.6 million by 2023 at a healthy CAGR of around 7.00%. The global market was valued at USD 26,332.7 million in 2016. The global market for medical automation is expected to grow at an exponential rate owing to the growing biotechnology and pharmaceutical sector and rising demands for robotic surgery. Majority of market players are focusing on the development of new products and product expansion in the emerging markets.
Increasing prevalence of the chronic diseases like cancer, diabetes, and others. Thus, the increasing patient population have generated demand for better treatment, which helps them to get effective outcomes. Also increasing research and developments funding’s by various public and private sectors has also lead the demands for better drugs in coming future.
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