Healthcare Automation Market
Healthcare Automation Market (Application - Therapeutic Automation, Lab and Pharmacy Automation, Logistics and Training Automation, and Diagnostics and Monitoring Automation; End Use - Pharmacies, Research institutes and labs, and Home Care) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Healthcare Automation Market - Snapshot
The medical care industry has seen extreme measure of changes with robotization making ready for fresher methodologies portrayed by proficiency. Mechanization is probably going to help clinical experts center around better patient consideration and improved yields. Furthermore, it is additionally expected to lessen the expense caused by medical care suppliers on tedious work. Execution of computerization in medical care is extended to bring out better medical services offices, improved productivity, and increment medical services conveyance quality.
Expanding innovative progression is a significant factor answerable for the development of the worldwide medical care mechanization market internationally. Advances are changing and are getting progressed with different new highlights because of the expansion popular for robotization. The dynamic mechanical headway is supporting the interest for medical services computerization worldwide during the conjecture period. Computerization can be utilized in different manners in the medical care area, accordingly lessening the costs.
Expanding interest for wearable innovation is a significant pattern in the worldwide medical services robotization market. It is relied upon to acquire accommodation and precision while gathering clinical information of patients. Moreover, simple openness to this information is relied upon to bring about better quicker accessibility of medical services, consequently diminishing the expenses. Moreover, this innovation helps in far off checking and clinical consideration.
The growing prevalence of the novel COVID-19 pandemic has had a positive effect on the global healthcare automation market. Vendors operating in this market focused on the development of between technologies for diagnostic and therapeutic purposes. Adoption of Artificial Intelligence and Internet of Things are other strategies adopted by players operating in the healthcare automation market.Some of the players operating in this market include Medtronic PLC., General Electric Company, Stryker CorporationPhilips N.V.., Danaher Corporation, Koninklijke Philips, Tecan Group Ltd., and others.
Global Healthcare Automation Market: Snapshot
The healthcare industry has witnessed severe amount of changes with automation paving the way for newer approaches characterized by efficiency. Automation is likely to help medical professionals focus on better patient care and improved outputs. Additionally, it is also expected to reduce the cost incurred by healthcare providers on repetitive work. Implementation of automation in healthcare is projected to bring out better healthcare facilities, improved efficiency, and increase healthcare delivery quality. The research report states that the global healthcare automation market was valued at US$28.31 bn in 2016. However, over the forecast period of 2017 and 2025, the global market is likely to pace ahead at a CAGR of 8.8% to reach a valuation of US$58.98 bn by the end of 2025.
Increasing demand for wearable technology is an important trend in the global healthcare automation market. It is expected to bring in convenience and accuracy while gathering medical data of patients. Furthermore, easy accessibility to this data is expected to result in better faster availability of healthcare, thereby decreasing the costs. Additionally, this technology helps in remote monitoring and clinical care.
Increasing technological advancement is an important factor responsible for the growth of the global healthcare automation market globally. Technologies are changing and are getting advanced with various new features due to the increase in demand for automation. The dynamic technological advancement is bolstering the demand for healthcare automation globally during the forecast period. Automation can be employed in various ways in the healthcare sector, thereby reducing the expenses.
Therapeutic Automation Remains Dominant Technology due to its Superiority
The global healthcare automation market is bifurcated on the basis of application into therapeutic automation, lab and pharmacy automation, logistics and training automation and diagnostics and monitoring automation. In 2016, therapeutic automation market accounted for the highest market revenue share. Therapeutic automation is the computerized therapy system that are completely automated. This automation technology embraces devices and instruments that provide therapy to patient such as regulating physiological process. Need for accuracy and rising cost of labor are some of the major factors bolstering the demand of this segment globally during the forecast period. Against this background, the segment is expected to rise at a CAGR of 8.1% between 2017 and 2025.
Moreover, on the basis of end use the market is bifurcated into pharmacies, research institutes and labs, home care and others. Research institutes and labs held the highest market revenue globally during the forecast period as they are implementing automation to reduce erroneous work. In the coming years, use of automation is expected to lower the lab process cycle times, improve productivity, and enhance experimental data quality.
Increasing Expenditure on Healthcare in North America Keeps Region in the Forefront
The geographical split of the global healthcare automation market encompasses North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America holds the highest market share followed by Europe and Asia Pacific in 2016. Rising clinical research activities is one of the important factors bolstering the demand of healthcare automation in the region of North America. This regional market is slated to account for a share of 39.5% by the end of 2025. The growing government expenditure on healthcare and increasing research activities across North America has expected to keep this regional market in the lead.
Some of the principal players in the global healthcare automation market are Stryker Corporation, Siemens AG, Swisslog Holding AG, General Electric Company, Koninklijke Philips N.V., Medtronic PLC, Intuitive Surgical, Inc., Danaher Corporation, and Tecan Group Ltd. among others.
Global Healthcare Automation Market: Scope
This report offers calculated analysis of the global healthcare automation market, and the market growth forecast for 2017 to 2025. Competitive analysis of numerous market splits based on the application and end use of the market across different regional segments are covered in the scope of the report.
Increasing demand for Internet of Things is an important trend in the global healthcare automation market. With the help of this technology, gathering medical data of patients easily accessible. Moreover, it helps in improving the health by increasing its quality and availability of care and also decreases the costs. Additionally, this technology helps in remote monitoring and clinical care. Demand for wearable technology is increasing rapidly and is an important trend in the global market. Wearable technology is employed for collecting real-time data, continuous monitoring, empowering patients, and predicting and alerting patients about their health. Furthermore, wearable technology helps in tracking surgical recovery that is likely to present more detailed information to doctors and better understand patients’ recovery time.
Global Healthcare Automation Market: Trends and Opportunities
Implementation of automation is anticipated to reduce the amount of labor intensive tasks such as lab tests and clinical diagnostics, thereby helping hospitals or clinics to save costs pertaining to the processes. Automation allows medical individuals to carry out other important tasks since it helps in performing repetitive tasks. This is estimated to help in carrying out the tasks efficiently. These technologies are employed to carry out different critical tasks that need accuracy and can be accomplished through automated machines, which again indicates reduction of overhead counts.
Moreover, automation decreases wastage of time as compared to manual labor. This factor is likely to have a medium impact during the short-term period. Increasing government investment is an important factor propelling the global market during the forecast period. Usage of smart technology in the market is propelling the demand for healthcare automation. Currently, the government is supporting implementation of automation in healthcare by providing funds and investments in the healthcare industries.
For instance, in Europe, government bodies, such as Medicines and Healthcare Products Regulatory Agency, are endorsing automated system for pharmacies. Government authorities are investing funds in research and development assisting innovation in the healthcare automation sector. Rising health issues is a major concern, globally, so to overcome such issues newer types of automation technologies have to be implemented in the healthcare automation section. Rising advancement in technology is another driving factor in this market. Technological advancement helps in developing energy efficient technologies that are likely to help in real-time data collection, continuous monitoring, predicting and alerting the increasing risk of possibly serious health issue, and alert the healthcare providers that an interference is required.
Global Healthcare Automation Market: Segmentation
The global healthcare automation market is bifurcated on the basis of application into therapeutic automation, lab and pharmacy automation, logistics and training automation and diagnostics and monitoring automation. In 2016, therapeutic automation market accounted for the highest market revenue share. Need for accuracy and rising cost of labor are some of the major factors bolstering the demand of this segment globally during the forecast period. Moreover, on the basis of end use the market is bifurcated into pharmacies, research institutes and labs, home care and others. Research institutes and labs held the highest market revenue globally during the forecast period. The geographical split of the global market encompasses North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America holds the highest market share followed by Europe and Asia Pacific in 2016.
Key Players Mentioned in the Report are:
Some of the principal players in the global healthcare automation market are Siemens AG (Germany), General Electric Company (U.S.), Swisslog Holding AG (Switzerland), Koninklijke Philips N.V. (the Netherlands), Medtronic PLC (Ireland), Intuitive Surgical, Inc. (U.S.), Stryker Corporation (U.S.), Danaher Corporation (U.S.), Accuray Inc. (U.S.) and Tecan Group Ltd. (Switzerland) among others.
The market has been segmented as follows:
by End Use