Healthcare Automation Market to Reach an Opportunity of US$58.98 bn by the End of 2025
The healthcare industry has witnessed severe amount of changes with automation paving the way for newer approaches characterized by efficiency. Automation is likely to help medical professionals focus on better patient care and improved outputs. Additionally, it is also expected to reduce the cost incurred by healthcare providers on repetitive work.
Implementation of automation in healthcare is projected to bring out better healthcare facilities, improved efficiency, and increase healthcare delivery quality. The research report states that the global healthcare automation market was valued at US$28.31 bn in 2016. However, over the forecast period of 2017 and 2025, the global market is likely to pace ahead at a CAGR of 8.8% to reach a valuation of US$58.98 bn by the end of 2025.
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Increasing demand for wearable technology is an important trend in the global healthcare automation market. It is expected to bring in convenience and accuracy while gathering medical data of patients. Furthermore, easy accessibility to this data is expected to result in better faster availability of healthcare, thereby decreasing the costs. Additionally, this technology helps in remote monitoring and clinical care.
Increasing technological advancement is an important factor responsible for the growth of the global healthcare automation market globally. Technologies are changing and are getting advanced with various new features due to the increase in demand for automation. The dynamic technological advancement is bolstering the demand for healthcare automation globally during the forecast period. Automation can be employed in various ways in the healthcare sector, thereby reducing the expenses.
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Therapeutic Automation Remains Dominant Technology due to its Superiority
The global healthcare automation market is bifurcated on the basis of application into therapeutic automation, lab and pharmacy automation, logistics and training automation and diagnostics and monitoring automation. In 2016, therapeutic automation market accounted for the highest market revenue share.
Therapeutic automation is the computerized therapy system that are completely automated. This automation technology embraces devices and instruments that provide therapy to patient such as regulating physiological process. Need for accuracy and rising cost of labor are some of the major factors bolstering the demand of this segment globally during the forecast period. Against this background, the segment is expected to rise at a CAGR of 8.1% between 2017 and 2025.
Moreover, on the basis of end use the market is bifurcated into pharmacies, research institutes and labs, home care and others. Research institutes and labs held the highest market revenue globally during the forecast period as they are implementing automation to reduce erroneous work. In the coming years, use of automation is expected to lower the lab process cycle times, improve productivity, and enhance experimental data quality.
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Increasing Expenditure on Healthcare in North America Keeps Region in the Forefront
The geographical split of the global healthcare automation market encompasses North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America holds the highest market share followed by Europe and Asia Pacific in 2016. Rising clinical research activities is one of the important factors bolstering the demand of healthcare automation in the region of North America. This regional market is slated to account for a share of 39.5% by the end of 2025. The growing government expenditure on healthcare and increasing research activities across North America has expected to keep this regional market in the lead.
Some of the principal players in the global healthcare automation market are Stryker Corporation, Siemens AG, Swisslog Holding AG, General Electric Company, Koninklijke Philips N.V., Medtronic PLC, Intuitive Surgical, Inc., Danaher Corporation, and Tecan Group Ltd. among others.
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