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Evolving Market Trends In The Medical Automation Industry: Revolutionizing Medical Documentation With AI-Powered Mobile Software
Medical Automation
What Is the Expected Medical Automation Market Size During the Forecast Period?
The medical automation market is projected to grow from $55.22 billion in 2024 to $61.43 billion in 2025 at a CAGR of 11.2%, driven by digitization in TH*Care, worker shortages, and a shift toward preventive care.
The medical automation market size is projected to see rapid growth in the coming years. It is expected to reach $92.78 billion by 2029, with a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to the demand for minimally invasive procedures, remote patient monitoring, hospital capacity optimization, the shift towards value-based care, and growing awareness of automation benefits in TH*Care. Key trends include gene editing, the adoption of medical imaging, 3D printing, telemedicine, the Internet of Things (IoT), and artificial intelligence (AI) integration.
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What Are the High-Growth Segments in the Medical Automation Market?
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: TH*Care 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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What Key Drivers Are Expected to Influence Future Medical Automation Market Growth?
The growing prevalence of chronic diseases is anticipated to drive the growth of the medical automation market. Chronic diseases are long-lasting conditions that worsen over time, often linked to sedentary lifestyles, poor eating habits, and aging. Medical automation enables precise monitoring and timely intervention, optimizing patient care and outcomes. For instance, in September 2022, the World Health Organization (WHO) stated that chronic diseases accounted for 74% of global deaths, equating to 41 million deaths annually. Consequently, the growing prevalence of chronic diseases is driving the growth of the medical automation market.
Which Companies Hold the Largest Share Across Different Medical Automation Market Segments?
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.
What Medical Automation Market Trends Are Gaining Traction Across Different Segments?
In the medical automation sector, leading companies have been concentrating on the development of novel solutions like clinician-controlled mobile apps to boost their revenue streams. These are software applications devised by health professionals, including physicians, nurses, therapists, and others, to assist with various dimensions of patient care, communication, and control. To illustrate, Augmedix Inc., a data services and medical documentation enterprise based in the U.S., unveiled Augmedix Go in April 2024. This mobile application, controlled by clinicians, utilises ambient AI technology and structured data, to produce a completely automated medical note draft following a patient's visit to TH*Care environments such as emergency departments. This automation makes the medical documentation procedure more straightforward, enabling clinicians to dedicate more time to patient care by minimizing the time consumed on administrative responsibilities likes note-taking.
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What Are the Emerging Geographies for The Medical Automation Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Medical Automation Market?
2. What is the CAGR expected in the Medical Automation Market?
3. What Are the Key Innovations Transforming the Medical Automation Industry?
4. Which Region Is Leading the Medical Automation Market?
Why This Report Matters:
Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.
Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.
Efficient Research: Quickly identify market growth, leading players, and major segments.
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