The Continuous technological advancements in automation solutions, increasing government financial support for medical automation, rising labour costs, and growing need for reproducibility and accuracy are key factors fuelling the growth of the medical automation market. Increasing demand for automation in laboratories and pharmacies and high potential for early detection and treatment of diseases due to automation are some other prime factors offering growth opportunities for players in the market. However, high cost of automation is one of the key restraints for this market.
According to the new market research report “Medical Automation Market by Application (Diagnostics & Monitoring, Therapeutics, Lab & Pharmacy Automation, Medical Logistics & Training), End-User (Hospital, Diagnostic Center, Research Institute, Home/Ambulatory Care) – Global Forecast”, published by MarketsandMarkets™.
Revenue Growth Opportunities:
Medical Automation Marketis projected to reach USD 55.03 Billion, at CAGR of 9.5%
Market Segmentation in-Detailed:-
On the basis of application, the market is divided into four major segments, namely, diagnostic and monitoring automation (automated imaging, automated image analysis, and point-of-care testing), therapeutic automation (non-surgical automation and surgical automation), laboratory and pharmacy automation (laboratory automation and pharmacy automation), and medical logistics and training (logistics automation and trainers).
The therapeutic automation segment is estimated to hold the largest share of the global medical automation market. Increasing application of automated devices (such as defibrillators, surgical robots, surgical navigation systems, and automated medication systems) in therapeutics and rising incidences of various chronic diseases are driving the growth of this market segment.
On the basis of end users, the global market is divided into four segments, namely, hospitals and diagnostic centers, pharmacies, research laboratories and institutes, and home/ambulatory care settings and other end users.
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Worldwide Geographical Segmentation in-detailed:
The Medical Automation therapy market is segmented into four regional segments, namely, North America, Europe, the Asia Pacific, and the Rest of the World. North America is estimated to hold the largest share of the global market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR of 11.6% from 2015 to 2020. Presence of a large geriatric population; increasing prevalence of CVDs, diabetes, and cancer; rising number of clinical research activities; and growing government expenditure on healthcare and life sciences research are propelling the growth of the Asia-Pacific market
Emerging Asia-Pacific countries, including India and China, offer high growth potential for companies engaged in the development and marketing of automated solutions for the healthcare industry.
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Leading Key Players in the Worldwide Industry:
The major players operating in the Medical Automation Market are Koninklijke Philips N.V. (Netherlands), Siemens AG, (Germany), General Electric Company (U.S.), Medtronic plc. (U.S.), Tecan Group Ltd. (Switzerland), Intuitive Surgical, Inc. (U.S.), Stryker Corporation (U.S.), Accuray Incorporated (U.S.), Danaher Corporation (U.S.), and Swisslog Holding AG (Switzerland)