The Global Medical Automation Market is expected to grow at a CAGR of 7.0% during the forecast period 2017-2023.
In recent years, various technological advancements led to the automation of the medical sector which enabled the controlled use of medical systems and related technologies. This reduced the need for human work in the production of goods and services. Increasing prevalence of the chronic diseases like cancer, diabetes, and others along with the growing pharmaceutical & biotechnology sector are the major drivers for the market growth during the forecast period. In 2015, according to the World Health Organization, cancer was the second leading cause of global deaths, killing as many as 8.8 million people. Moreover, it was estimated that about 70% of the reported deaths were accounted by the middle and low middle-income countries.
Moreover, according to the Biotechnology and Biological Sciences Research Council in 2015, the U.K biotechnology businesses spent approximately USD 2.6 billion on equipment, materials, and services. Additionally, rising demands for robotic surgery and rising healthcare expenditure is boosting the market growth. In 2014, according to the Health Research Funding, in 2012 approximately 400,000 robotic surgeries were performed across all types of surgeries in the U.S. Moreover, it is suggested that blood transfusion rates during robotic surgeries are minimal as compared to the open surgery blood transfusion rates that may be up to 40%. However, the high cost of automation, risks associated with the robotic surgery along with the necessity of physician training are the major restraining factor for the market growth during the forecast period.
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In 2017, according to a case study published in the Journal of Public Health Research, the unified automated laboratory in Brescia called Core-Lab’s equipment cost increased approximately from USD 17.7 million to USD 24.2 million due to lab automation. Moreover, it was estimated that the physicians need a rigorous training for the surgical application of the medical robots. Approximately, USD 3,000 is the training cost per physician.
Key players in global medical automation market
The key players in the global medical automation market are
- Koninklijke Philips N.V.,
- Siemens AG,
- GENERAL ELECTRIC,
- Accuray Incorporated
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.
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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.
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