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).
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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 is segmented on the basis of type and end users.
On the basis of type, the market is segmented into diagnostic & monitoring automation, therapeutic automation, lab & pharmacy automation, medical logistics & training, and others. The diagnostic & monitoring automation segment is sub-segmented into automated imaging, point-of-care testing (POCT), automated image analysis, and others. The therapeutic automation segment is sub-segmented into non-surgical automation, surgical automation, and others. The medical logistics & training segment is sub-segmented into logistic automation, trainers, and others.
On the basis of end users, the market is segmented into hospitals and diagnostic centers, pharmacies, research labs & institutes, research labs & institutes, and others.
The Americas dominate the global medical automation market owing to an increasing prevalence of diseases like cancer, diabetes, and others. Moreover, growing biotechnology and biopharmaceutical sector within the region is fuelling the market growth during the forecast period. Europe is the second largest market for the global medical automation. The presence of developed economies in the European region facilitates the market growth. According to the U.K HealthCare, approximately 970 robotic surgical procedures were performed within the region from 2012-2015. 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 drive the market growth. According to the Australian Institute of Health and Welfare, the healthcare expenditure in Australia reached USD 62 billion in 2014-2015 from 103 billion during 2004-05. The least share of the global medical automation market is held by the Middle East & Africa. This can be attributed to the presence of the low per capita income and stringent government policies, especially within the African region.
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
- Pharmaceutical companies
- Biotechnological institutes
- Research and Development (R&D) Companies
- Medical Research Laboratories
- Market Research and Consulting Service Providers
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