Overview and Scope
Medical automation refers to the process of applying technology and automated processes to improve efficiency, accuracy, and safety in various aspects of healthcare delivery, including diagnosis, treatment, monitoring, and administrative tasks. This encompasses many automation solutions designed to streamline workflows, improve efficiency, reduce errors, and enhance patient outcomes within healthcare facilities such as hospitals, clinics, and laboratories.
Sizing and Forecast
The medical automation market size has rapid growth in recent years. It will grow from $49.92 billion in 2023 to $55.22 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. 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 market size is expected to see grown rapidly in the next few years. It will grow to $83.76 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. 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 gene editing, the adoption of medical imaging, 3d printing, telemedicine, the Internet of Things (IoT), and the integration of artificial intelligence (AI).
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
The increasing prevalence of chronic diseases is expected to propel the growth of the medical automation market going forward. Chronic diseases refer to long-term medical disorders that remain for a long time and tend to get worse with time. The increase in chronic diseases is due to sedentary lifestyles, unhealthy eating patterns, and the aging demographic. Medical automation facilitates precision monitoring and timely interventions for chronic diseases, optimizing patient care and outcomes. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, the number of individuals aged 50 and older with at least one chronic illness is projected to increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Furthermore, in September 2022, according to the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, chronic diseases accounted for 74% of all deaths globally, with 41 million deaths annually. Therefore, the increasing cases of chronic diseases are driving the growth of the medical automation market.
Key Industry Players
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.
The medical automation market report table of contents includes:
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