Detail analysis of Global Medical Automation Market with respect to region specific market growth and competitive analysis on the basis of major players present in the market. Detail analysis on possible segments and sub segments of the market. Along with this regional analysis of the market which includes America, Europe, Asia Pacific and Middle East and Africa. Forecast till 2023
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Automation has drastically changed medical operations over the years, and medical automation market has witnessed substantial growth in the recent past. The global medical automation market is projected to grow at a promising CAGR of 7.0% over the forecast period of 2014 to 2023, reveals a study by Market Research Future (MRFR). Advancements in core technologies give rise to a myriad of complexities in the medical field which calls for automation. A rising number of hospitals and medical institutions are investing in medical automation as they help in cost and error reduction and improvement of outcomes. Medical errors occur more frequently than in any other industry, and the need for accuracy and precision in medical procedures augment the need for medical automation.
The rise in the geriatric population who are responsible for the consumption of a significant share of the medical services also add fuel to the growth of the market. The escalating demand for minimally invasive surgeries and raising awareness of technologically advanced systems such as surgical robots also remain a vital driver of the market. Regulations which make some extent of automation mandatory for standardization also adds to market growth. Lack of trained personnel to perform medical tasks necessitates the need for automation of repetitive procedures. Growing use of pint of care testing such as pregnancy and HIV testing kits, which involves automatic identification technologies and barcodes have also supported the growth of medical automation market. Furthermore, Growing R&D activities in the field of medical automation and developments in robotics technologies coupled with funding from key players is a significant driver of the market. Other factors include increased expenditure on healthcare infrastructure, rising government support for funding of medical automation, growth in the pharmaceutical and biotechnology sector, and growing adoption of automated devices. However, the medical automation market is not one without limitations. Substantial capital requirements associated with implementation and maintenance of automation, lack of trained professionals to operate overbuilt and complicated system designs, and loss of flexibility due to fixed processes are significant hindrances to the market growth. Moreover, the risks associated with robotic surgery such as bleeding, nerve injuries, blood clots, etc., due to malfunction poses restrictions on the growth of the market.
The Global Medical Automation Market has been segmented based on type and end-users. By type, the market has been segmented into Diagnostic and Monitoring Automation, Therapeutic Automation, Lab & Pharmacy Automation, and Medical Logistics & Training. By end-users, the market has been segmented into Hospitals, Pharmacies, and Research Labs.
The key markets of the global medical automation market comprise of the Americas, Europe, Asia-pacific and the Middle East & Africa. The Americas account for the most significant share of the market owing to rising incidences of chronic diseases such as cancer, diabetes. Presence of a robust healthcare sector in the region coupled with growing investments due to the availability of funds for R&D activities.
The global medical automation market is highly competitive, and the key players operating in the market include Koninklijke Philips N.V., GENERAL ELECTRIC, Stryker, Accuray Incorporated, Siemens AG, Medtronic, Danaher, and others.
- In June 2018, Siemens technology group announced a partnership with a supplier of the biopharmaceutical company, Sartorius Stedim Biotech (SSB) in the area of automation. Sartorius Stedim Biotech will use automation technology of Siemens for the biopharmaceuticals development and manufacture. The automation will facilitate greater scalability of processes.
- In June 2018, a UK-based medical equipment developer, CRM Surgical collected funds from investors for commercializing its next-generation surgical robotic system. The financers include Zhejiang Silk Road Fund, Escala Capital Investments, Watrium, LGT and Cambridge Innovation Capital. The company will use the funds to complete validation studies for approval of the system.
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