The Global Medical Automation Industry is on the cusp of an extraordinary expansion, poised to surpass the USD 44.45 billion mark in 2022. Looking ahead, industry experts anticipate a robust compound annual growth rate (CAGR) of 10.6% from 2023 to 2033, paving the way for unparalleled advancements in healthcare automation.
In the wake of rapid technological innovations and a growing emphasis on efficiency in healthcare processes, the Global Medical Automation Industry is set to redefine the landscape of medical practices worldwide. The industry’s projected growth signals a transformative era where automation plays a pivotal role in enhancing patient care, streamlining operations, and driving overall efficiency.
Several key drivers underpin this impressive growth:
- Pharmaceutical Advancements: Pharmaceutical drug discovery departments are increasingly embracing automated instruments, revolutionizing the industry.
- Miniaturization Demand: Growing calls for miniaturization are fueling the adoption of medical automation.
- Technological Advancements: Ongoing technological innovations are aligning seamlessly with the growing need for robot-assisted surgeries, setting the stage for breakthrough developments.
The confluence of factors such as the rising prevalence of chronic diseases, including cancer and diabetes, the ever-evolving pharmaceutical and biotechnology sector, surging demand for robotic surgery, and increased healthcare expenditure, collectively serve as the propellers of this dynamic market.
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Despite these challenges, the advantages of automated systems, such as the automation of time-consuming tasks like sampling, quality monitoring, packaging, labelling, and scanning of medicines and devices, have reduced human efforts while increasing speed and accuracy, leading to a greater reliance on these systems.
Furthermore, the rising global prevalence of chronic illnesses such as diabetes, cancer, arthritis, and chronic obstructive pulmonary disease (COPD) is driving demand for faster and more productive therapeutic, laboratory, and pharmacy-automated pharmaceutical systems.
Key Takeaways-
- In 2021, North America had the largest market share in the healthcare automation business.
- The therapeutic automation sector now holds the biggest worldwide market share and is likely to continue this position during the forecast period.
- The Research Institution sector has the biggest market share in the global market in terms of end users.
- North America has the greatest market share (41% in the global healthcare automation business) by region.
- Nonetheless, the Asia-Pacific Medical Automation market is expected to develop the fastest.
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Competitive Landscape-
The major players in the Global Medical Automation Industry are-
- Accuray, Inc.
- Tecan Group Ltd.
- Medtronic Plc.
- Swisslog Holding AG
- GE Healthcare
- Intuitive Surgical, Inc.
- Stryker Corporation
- Siemens AG
- Koninklijke Philips N.V.
- Danaher Corporation
- Zimmer Biomet
Recent Developments-
- Becton, Dickinson, and Company, a medical technology company, announced a $1.5 billion acquisition of Parata Systems in January 2022. Parata Systems offers inventory management software, the high-speed robotic process for Medical Automation, robotic dispensers, workflow solutions, and adherence packaging tools. Becton, Dickinson’s major mission is to establish pharmacies that assist people live better lives.
- In 2021, Siemens Healthineers AG will acquire Varian Medical Systems, Inc. This is a German medical device company that gives the former greater access to the latter’s large portfolio while also increasing its position in the MedTech market.
- Philips will acquire Capsule Technologies, Inc. in 2021. They serve hospitals and healthcare institutions with medical device integration and data technology. The goal is to strengthen Philips’ position as a leader in patient care management solutions. Capsule Technologies, Inc offers medical device information platforms that include device integration, clinical surveillance services, and vital signs monitoring. Philips’ objective is to use integrated solutions to transform the delivery of healthcare in the health area. It aids in the connectivity of nearly all medical devices as well as EMRs in hospitals.
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Key Segments Profiled in the Global Medical Automation Industry Survey
By Application:
- Imaging
- therapeutic
- laboratory and pharmacy
- medical software
- Informatics
- logistics
By end use:
- Hospital and diagnostic center
- Research laboratories & institutes
- Pharmacies
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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