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Medical Automation Technologies Market Report 2024 - Medical Automation Technologies Market Share And Size
Medical Automation Technologies Market
According to The Business Research Company's, The medical automation technologies market size has grown rapidly in recent years. It will grow from $5.59 billion in 2023 to $6.27 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to healthcare industry digitization, pandemics and infectious diseases, patient empowerment, healthcare worker shortage, and focus on preventive care.
The medical automation technologies market size is expected to see rapid growth in the next few years. It will grow to $10.06 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to demand for minimally invasive procedures, remote patient monitoring, hospital capacity optimization, the shift towards value-based care, and growing awareness about the benefits of automation in healthcare. Major trends in the forecast period include robotic surgery, artificial intelligence in diagnostics, telemedicine and remote monitoring, automation in drug discovery and development, and smart hospitals and integrated healthcare systems.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the medical automation technology market going forward. Chronic diseases are long-term health conditions characterized by their prolonged duration and typically gradual progression, such as diabetes, often requiring ongoing management and treatment to control symptoms and prevent complications. The increasing prevalence of chronic diseases is due to sedentary lifestyles, poor dietary choices, environmental pollutants, and an aging population. Medical automation technology enhances chronic disease management through personalized treatment plans, remote patient monitoring, and automated data analysis, improving efficiency and outcomes while reducing healthcare burdens. For instance, in July 2021, according to the IDF Diabetes Atlas Tenth Edition 2021 report published by the International Diabetes Federation, a Belgium-based national diabetes association organization, the global number of people aged 20-78 years having diabetes is expected to reach 643 million by 2030, and 783 million by 2045 from 537 million in 2021. Therefore, the increasing prevalence of chronic diseases is driving the growth of the medical automation technology market.
Major companies operating in the medical automation technologies market are adopting innovative technologies, such as AI-driven medical coding, to drive revenue growth. AI-driven medical coding refers to utilizing artificial intelligence algorithms to automatically assign accurate medical codes to patient diagnoses, treatments, and procedures, streamlining healthcare billing and administrative tasks while minimizing errors and improving efficiency. For instance, in December 2023, CorroHealth Inc., a US-based healthcare technology company, launched Pulse, a revolutionary advancement in the automation of medical coding. With adaptive learning capabilities and real-time insights, it continuously improves the accuracy of its coding. Its user-centric design prioritizes process optimization, productivity enhancement, and unmatched value delivery to healthcare practitioners. It effortlessly interfaces with any electronic health record (EHR) and is fully tailored to the specific requirements of every healthcare facility.
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Major Key Players of the Market:
Johnson & Johnson Services Inc., F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Danaher Corporation, Siemens Healthineers AG, Koninklijke Philips N.V., Becton Dickinson and Co, GE HealthCare Technologies Inc., Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Olympus Corporation, Terumo Corporation, Intuitive Surgical Inc., Oracle Cerner, Hologic Inc., Illumina Inc., Mindray Medical International Limited, Nikon Corporation, Sysmex Corporation, Bio Rad Laboratories Inc., QIAGEN N.V., Carl Zeiss Meditec AG, Yuyama Co Ltd.
Medical Automation Technologies Market 2024 Key Insights:
• The medical automation technologies market size is expected to see rapid growth in the next few years. It will grow to $10.06 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%.
• Escalating Chronic Diseases Fuels Growth In The Medical Automation Technology Market
• Innovative AI-Driven Medical Coding Revolutionizes Medical Automation Technologies
• North America was the largest region in the medical automation technologies market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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