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Healthcare Automation Market to Reach US$ 88.9 Billion by 2028 at 8.4% CAGR, Says Transparency Market Research
According to the report, the global healthcare automation market was valued at US$ 36.9 Bn in 2020 and is projected to expand at a CAGR of 8.4% from 2021 to 2028. Automation is expected to aid the healthcare industry to reduce the cost incurred by healthcare providers.
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Healthcare automation offers high-tech solutions in the field of transport, material handling, and hospital pharmacy automation. Implementation of automation in healthcare is likely to increase healthcare facilities, enhance efficiency, and boost healthcare delivery quality. Demand for wearable technology is increasing rapidly and is a key trend in the global healthcare automation market.
Wearable technology is used to collect real-time data, continuous monitoring, empowering patients, and predicting & alerting patients about their health. Moreover, wearable technology helps in tracking surgical recovery, and presents detailed information to doctors and better understand patients' recovery time.
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Increase in Government Support: Key Driver
Government support is anticipated to fuel the growth of the global healthcare automation market during the forecast period. Usage of smart technology in the healthcare automation market propels the demand for healthcare automation. Currently, governments support implementation of automation in healthcare by providing funds and investments. For instance, government bodies in Europe, such as Medicines and Healthcare Products Regulatory Agency, are endorsing automated systems for pharmacies.
Government authorities invest in research & development, thereby assisting innovation in the healthcare automation market. Rise in health issues is a major concern globally. Hence, newer types of automation technologies have to be implemented in the healthcare automation market to overcome such issues.
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Research Institutes & Labs Segment to Dominate Healthcare Automation Market
In terms of end-user, the global healthcare automation market has been classified into pharmacies, research institutes & labs, home care, and others. The research institutes & labs segment is likely to account for the largest share of the global market in terms of revenue during the forecast period. Increase in demand for automation is a major factor driving the segment.
Therapeutic Automation Segment to Dominate Global Market
In terms of application, the global market has been classified into therapeutic automation, lab & pharmacy automation, logistics & training automation, and diagnostics & monitoring automation. The therapeutic automation segment held the largest share of the global healthcare automation market in 2020. Therapeutic automation is the computerized therapy system that is completely automated.
This automation technology embraces devices and instruments that provide therapy to patient such as regulating physiological process. Need of accuracy and rise in cost of labor are the major factors expected to propel the segment during the forecast period.
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North America to Dominate Healthcare Automation Market
The global healthcare automation market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the global market in 2020, followed by Europe and Asia Pacific. Increase in clinical research activities is a major factor propelling the demand for healthcare automation in North America. The market in Europe is driven by rise in chronic diseases.
Major Players
Key players operating in the global healthcare automation market include Siemens AG, General Electric Company, Swisslog Holding AG, Koninklijke Philips N.V., Medtronic plc, Intuitive Surgical, Inc., Stryker Corporation, Danaher Corporation, Accuray, Inc., and Tecan Group Ltd.
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Transparency Market Research is a global market intelligence company providing market research reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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