Medical Automation Market move up at CAGR of 7.0% | Growing in Pharmaceutical and Biotechnology Sector by MRFR till 2023

Medical Automation Market Report include on MarketReseacrhFuture.com with Extensive Study. The report aims to provide an overview of Medical Automation Market Report. Detail analysis on possible segments and sub segments of the market. – Forecast till 2023

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The global medical automation market is expected to grow at a CAGR of 7.0% during the forecast period. Medical automation is an emerging branch of the medical sector that is tended to evolve continuously in the presence of the technological advancements. Increasing prevalence of chronic diseases like cancer, diabetes, and others followed by the growing pharmaceutical and biotechnology sector are the major drivers for the market growth during the forecast period, 2017-2023. According to the Indian Brand Equity Foundation in 2017, the Indian biotech industry holds about 2% share of the global biotech industry. The biotechnology industry in India comprises of about 800 companies and is valued to be about USD 11.6 billion in 2017.

Additionally, rising demands for robotic surgery along with the rising healthcare expenditure boost the market growth. On the other hand, the high cost of automation, risks associated with the robotic surgery and the necessity for the physician training are estimated to restrain the market growth during the forecast period.

Regional Analysis:
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.
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Segmentation:
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.

Competitive Landscape:
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.

Industry Updates:
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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