Worldwide Medical Automation Industry is Projected to Reach USD 42,284.6 Million By 2023

Medical automation is an emerging branch of the medical sector that is tended to evolve continuously in the presence of the technological advancements. Increasing prevalence of chronic diseases like cancer, diabetes, and others followed by the growing pharmaceutical and biotechnology sector are the major drivers for the market growth during the forecast period, 2017-2023. According to the Indian Brand Equity Foundation in 2017, the Indian biotech industry holds about 2% share of the global biotech industry. The biotechnology industry in India comprises of about 800 companies and is valued to be about USD 11.6 billion in 2017. Additionally, rising demands for robotic surgery along with the rising healthcare expenditure boost the market growth. On the other hand, the high cost of automation, risks associated with the robotic surgery and the necessity for the physician training are estimated to restrain the market growth during the forecast period.

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Key Players

The key players in the global medical automation market are Koninklijke Philips N.V., Siemens AG, GENERAL ELECTRIC, Medtronic, Stryker, Danaher, Accuray Incorporated, and others.

The global medical automation market is segmented on the basis of type, and end users.

On the basis of type, the market is segmented into diagnostic & monitoring automation, therapeutic automation, lab & pharmacy automation, medical logistics & training, and others. The diagnostic & monitoring automation segment is sub-segmented into automated imaging, point-of-care testing (POCT), automated image analysis, and others. The therapeutic automation segment is sub-segmented into non-surgical automation, surgical automation, and others. The medical logistics & training segment is sub-segmented into logistic automation, trainers, and others.

the basis of end users, the market is segmented into hospitals and diagnostic centers, pharmacies, research labs & institutes, research labs & institutes, and others.
The increasing global burden of diseases like cancer, diabetes and others have increased the demands for correct and timely diagnostics, so as to be followed by accurate therapeutics. For instance, in 2016, according to the National Cancer Institute, approximately 1,685,210 new cases of cancer were diagnosed in the United States and approximately 595,690 deaths were reported due to the same. The U.S. is the largest market for biopharmaceuticals and accounts for one third of the global market. Moreover, it is estimated that the U.S. biopharmaceutical sector accounts around 17% of all domestic R&D funded by the U.S. businesses and added an estimated USD 1.2 trillion in economic output of 2014 this has led to the expansion and indulgence of various advanced paradigms of the technology in the medical sector, resulting in its automation. Over the last few years, the companies are focusing more toward product developments and product launch activities in order to improve the quality of the products and introduce better technology to ease the work of the healthcare professionals. Companies like Koninklijke Philips N.V., Siemens AG, and many more seems to be involved in these product launches. These launches help companies to enhance the technology and also increase the product portfolio in their list, which increase the market share and their presence around the world.

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The Americas dominate the global medical automation market owing to an increasing prevalence of the diseases like cancer, diabetes, and others. Moreover, growing biotechnology and biopharmaceutical sector within the region is fuelling the market during the forecast period. In 2016 according to the National Cancer Institute, approximately 1,685,210 new cases of cancer were diagnosed in the United States and approximately 595,690 deaths were reported due to the same, Europe is the second largest market for the global medical automation. The market growth in the European region is facilitated by the presence of developed economies. Huge patient population and rising healthcare expenditure within the region is further fuelling the market growth within the region. In Asia Pacific region growing biotech and biopharmaceutical factor, increasing patient population and rising healthcare expenditures along with the increasing demands for the robotic surgery is driving the market growth. Moreover, favorable government policies are boosting the market growth within the region. The Middle East & Africa & Africa holds the least market share. This can be attributed to the presence of the low per capita income and stringent government policies, especially within the African region.

The medical automation market has been on the rise over the past few years. Based on the MRFR analysis, the market is projected to reach USD 42,284.6 million by 2023 at a healthy CAGR of around 7.00%. The global market was valued at USD 26,332.7 million in 2016. The global market for medical automation is expected to grow at an exponential rate owing to the growing biotechnology and pharmaceutical sector and rising demands for robotic surgery. Majority of market players are focusing on the development of new products and product expansion in the emerging markets.

Increasing prevalence of the chronic diseases like cancer, diabetes, and others. Thus, the increasing patient population have generated demand for better treatment, which helps them to get effective outcomes. Also increasing research and developments funding’s by various public and private sectors has also lead the demands for better drugs in coming future.

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This release was published on openPR.