Medical Automation Market Forecasts to 2028 - Global Analysis By Type (Diagnostic & Monitoring Automation, Therapeutic Automation, Lab & Pharmacy Automation and Medical Logistics & Training), Component (Equipment, Service and Software), Connectivity (Wire

Medical Automation Market Forecasts to 2028 - Global Analysis By Type (Diagnostic & Monitoring Automation, Therapeutic Automation, Lab & Pharmacy Automation and Medical Logistics & Training), Component (Equipment, Service and Software), Connectivity (Wired and Wireless), End User (Hospitals and Diagnostic Centers, Pharmacy, Research Labs & Institutes, Homecare, Diagnostic Center, Ambulatory Surgical Centers (ASCS) and Other End Users) and Geography

According to Stratistics MRC, the Global Medical Automation Market is accounted for $44.44 billion in 2022 and is expected to reach $83.30 billion by 2028 growing at a CAGR of 11.04% during the forecast period. Medical automation increases control, which improves operational growth and the patient experience. There are many benefits to medical automation, including fewer human errors, better patient monitoring & management, increased clinical precision, and quicker data retrieval. The rising incidence of chronic diseases, as well as the expanding pharmaceutical and biotechnology industries, are all factors contributing to the expansion of the global market for medical automation. Additionally, the growing demand for robotic surgery is a factor in the expansion of the global market.

According to the Centers for Disease Control and Prevention (CDC), in 2018, 1,708,921 new cancer cases were reported, with 599,265 people dying of cancer in the US.

Market Dynamics:

Driver:

Increasing prevalence of chronic diseases

Better diagnostics and therapeutics are becoming more essential as chronic diseases like cancer and diabetes become more popular. Chronic diseases are diagnosed and treated properly earlier because of automation in medical procedures. The automation of customary practises for the management and treatment of chronic diseases is the alternative to the growing demand currently occurring throughout the world in light of the technological advancements in the healthcare sector. To aid in the management of chronic diseases, there are various tools available, including sensors and apps. It has the capacity to track stress levels, heartbeats, and breathing.

Restraint:

High cost of automation

During the forecast period, the medical automation market's growth may be constrained by the high cost of automation in the healthcare industry, which is a significant affordability factor. It's expensive to adopt automation in the medical world, and expanding businesses might not be able to afford it. The technology of laboratory automation is only available to large, for-profit organizations due to the high cost of implementing it. Furthermore, the cost of medical automation takes into consideration maintenance and auxiliary costs. To increase their production life, the automation machines should receive the proper maintenance and servicing. As a result, the organisation is being financially burdened. It is anticipated that the high cost of automation systems and their maintenance will restrain the growth of the global medical automation market over the forecast period.

Opportunity:

Growing need for medical automation

Automation in the medical field can accelerate patient access to better care. A 2020 survey revealed that 90% of significant healthcare organisations around the world claimed to have an AI and automation strategy, up from 53% in 2019. Automation in the healthcare sector has the potential to save lives. The idea of medical care facilities has transformed as automation becomes more widely accepted in the healthcare industry. Since it minimises the possibility of human error and fatigue, it can vastly enhance quality and consistency. Additionally, healthcare automation in medicine allows for early disease detection, which facilitates early treatment and slows the progression of disease.

Threat:

Insufficient government investment in economically developing nations

The growth of the medical automation market in these economies is being constrained by insufficient government investment in developing nations like Sri Lanka, Africa, Pakistan, and other areas. In order to increase government investment in technological advancement, healthcare automation manufacturers can collaborate with the government. As a result, it aids in boosting the credibility of the government and healthcare automation providers. Additionally, the ongoing ""Digital India"" Movement, which was originated by the Indian government, has a big impact on developing the nation's medical network and infrastructure.

Covid-19 Impact

Many healthcare systems are seeing an increase in demand for medical automation systems as a result of the COVID-19 pandemic. Healthcare professionals can now provide better services owing to medical automation. Automation and artificial intelligence solutions had an impact during the pandemic by streamlining workflows and assisting in lowering clinician burnout because staffing and supplies were scarce. By automating and coordinating particular care tasks, it also decreased the number of close encounters that could lead to coronavirus exposure.

The therapeutic automation segment is expected to be the largest during the forecast period

Owing to the expansion of surgical automation, the therapeutic automation segment is expected to hold the largest market share during the forecast period. This is the result of a combination of technological advancements and an increase in the strategic initiatives taken by the businesses. For instance, strategic initiatives from organisations like the BPCI, CJR, and advanced value-based reimbursement models have allowed manufacturers to provide supplemental products and services that will successfully broaden the continuum of care.

The hospitals and diagnostic centers segment is expected to have the highest CAGR during the forecast period

Due to the increasing use of automated equipment in diagnostics, treatment, and laboratories, hospitals and diagnostic centres commanded the highest growth rate in 2022 and is anticipated to have the highest CAGR during the forecast period. Furthermore, automation in hospitals, particularly in tier 2 and tier 3 cities of Asia Pacific's expanding economies, including India, is a factor driving the growth of this industry in this segment. For instance, organisations in India such as Apollo and Fortis are working to provide computerised healthcare services that are operational in tier 2 and tier 3 towns.

Region with largest share:

Due to significant government initiatives, product launches, and R&D expenditures, North America dominated the worldwide market during the forecast period. Furthermore, the expansion can be attributed to the region's developed healthcare infrastructure, which has increased the use of laboratory automation there. Additionally, the favourable reimbursement structure and the regional presence of significant players in this region are promoting the market penetration of novel solutions. Moreover, the demand for high-quality medical services, robotic surgery, and diagnostics & monitoring automation is growing in the U.S., which is boosting market expansion in this region.

Region with highest CAGR:

Because of the rising demand for technology-driven systems, the presence of major players, and the region's established and advanced healthcare infrastructure, the Europe medical automation market is anticipated to grow at the highest CAGR during the projection period. Furthermore, the existence of government organisations like the Medicines and Healthcare Products Regulatory Agency is essential in certifying pharmacy automation systems and other devices with European standards, which is anticipated to provide growth opportunities in the upcoming years for this regional market.

Key players in the market

Some of the key players in Medical Automation market include Siemens Healthcare GMBH, Koninklijke Philips N.V., Medtronic, GE Healthcare, Accuray Incorporated, Asahi kasei medical co., ltd, Asteres inc., Baxter, Brainlab AG, Cardinal Health, Hollysys Asia Pacific PTE Ltd, Johnson & Johnson Services, Inc and 3M.

Key Developments:

In January 2020, Siemens Healthcare GmbH had launched ACUSON Redwood Ultrasound system at IRIA 2020 Indian Radiological and Imaging Association. The system is device on the company’s new platform base that features more advanced applications for higher clinical confidence. This product launch is estimated to bolster company’s product portfolio and growth pace.

Types Covered:
• Diagnostic & Monitoring Automation
• Therapeutic Automation
• Lab & Pharmacy Automation
• Medical Logistics & Training

Components Covered:
• Equipment
• Service
• Software

Connectivities Covered:
• Wired
• Wireless

End Users Covered:
• Hospitals and Diagnostic Centers
• Pharmacy
• Research Labs & Institutes
• Homecare
• Diagnostic Center
• Ambulatory Surgical Centers (ASCS)
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements