Press release
Medical Automation Market Set to Reach $92.78 Billion by 2029 with 10.9% Yearly Growth
Medical Automation Market Size
The rising prevalence of chronic diseases is expected to drive the growth of the medical automation market. Chronic diseases, which are long-term and often worsen over time, are on the rise due to sedentary lifestyles, unhealthy diets, and an aging population. Medical automation helps optimize care for chronic diseases by facilitating precision monitoring and timely interventions. For example, the World Health Organization (WHO) reported in September 2022 that chronic diseases accounted for 74% of all global deaths, with 41 million deaths annually. The growing prevalence of chronic diseases is boosting the medical automation market.
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What is the projected compound annual growth rate (CAGR) of the medical automation market from 2025 to 2034, and what factors influence it?
The medical automation market will expand from $55.22 billion in 2024 to $61.43 billion in 2025 at a CAGR of 11.2%, fueled by healthcare digitization, workforce shortages, and the focus on preventive care.
The medical automation market is projected for rapid growth, reaching $92.78 billion by 2029 at a CAGR of 10.9%. Growth is fueled by demand for minimally invasive procedures, remote patient monitoring, hospital capacity optimization, and the shift toward value-based care. Major trends include gene editing, medical imaging adoption, 3D printing, telemedicine, IoT applications, and AI integration.
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How are the latest trends influencing the growth of the medical automation market?
Companies in the medical automation market are introducing clinician-controlled mobile apps to drive revenue growth. For example, in April 2024, Augmedix Inc., a US-based company, launched Augmedix Go, a clinician-controlled mobile app that uses AI to automate the creation of medical notes. This app reduces the time clinicians spend on administrative tasks, allowing them to focus more on patient care.
What are the major segments of the medical automation market and their role in driving growth?
The medical automation market covered in this report is segmented -
1) By Component: Equipment, Capital Equipment, Consumables, Software, Services
2) By Connectivity: Wired, Wireless
3) By Application: Diagnostics And Monitoring, Therapeutics, Lab And Pharmacy Automation, Medical Logistics And Training, Large-Joint Replacement, Spinal Fusion, Other Applications
4) By End User: Hospitals, Diagnostic Center, Pharmacies, Research Laboratories And Institutes, Homecare, Specialty Clinics, Ambulatory Surgical Centers (ASCs), Other End Users
Subsegments:
1) By Equipment: Diagnostic Equipment, Therapeutic Equipment, Monitoring Equipment
2) By Capital Equipment: Surgical Robots, Imaging Systems (MRI, CT Scanners), Patient Lifting Equipment, Automated Laboratory Equipment
3) By Consumables: Test Strips And Kits, Reagents And Chemicals, Single-Use Devices
4) By Software: Healthcare Management Software, Diagnostic Software, Automation Software For Laboratory And Pharmacy Systems, AI Or ML-Based Software Solutions For Medical Diagnostics
5) By Services: Maintenance And Support Services, Consulting Services, Integration And Implementation Services, Training Services
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Which regions are key players in the growth of the medical automation market?
North America was the largest region in the medical automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the medical automation market?
Major companies operating in the medical automation market are Johnson & Johnson Services Inc., F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Siemens Healthineers AG, Becton, Dickinson and Company, Royal Philips, Stryker Corporation, Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Agilent Technologies Inc., Terumo Corporation, Intuitive Surgical Inc., Smith & Nephew plc, Hologic Inc., ResMed Inc., Bio Rad Laboratories Inc., QIAGEN N.V., Carl Zeiss Meditec AG, Masimo Corporation, Elekta AB, Tecan Group Ltd., Accuray Inc.
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What Is Covered In The Medical Automation Global Market Report?
•Market Size Forecast: Examine the medical automation market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the medical automation market for a structured understanding.
•Key Players Overview: Analyze major players in the medical automation market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the medical automation market.
•Segment Contributions: Evaluate how different segments drive overall growth in the medical automation market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the medical automation market.
•Industry Challenges: Identify potential risks and obstacles affecting the medical automation market.
•Competitive Landscape: Review strategic developments in the medical automation market, including expansions, agreements, and new product launches.
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