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Medical Automation Market is Projected to Breach a Revenue of US$ 44.45 Bn in 2022 and is Estimated to Witness a CAGR of 10.6% to cross US$ 102.4 Bn between forecast period 2023-33 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The Europe medical automation market is expected to expand at a CAGR of 9.30% from 2023 to 2033. Therapeutic automation in the medical field is dominating the segment with 53.5% of total market revenue.
NEWARK, Del, Dec. 30, 2022 (GLOBE NEWSWIRE) -- The global medical automation market size is expected to surpass an impressive valuation of USD 44.45 billion in 2022 and is projected to exhibit a compound annual growth rate (CAGR) of 10.6% from 2023 to 2033.
The rising prevalence of chronic diseases like cancer, diabetes, and others, the growing pharmaceutical & biotechnology sector and rising demand for robotic surgery, and rising healthcare expenditure are the major drivers augmenting the market growth. However, the high cost of automation and risks associated with robotic surgery, followed by the necessity of physician training is anticipated to restrain the growth of the market. The increasing adoption of these devices is attributed to the advantages associated with automated systems.
For instance, the automation of tedious tasks such as sampling, monitoring of quality, quantity, packaging and labeling, and scanning of medicines and devices, have condensed human efforts and increased speed and accuracy, which has led to increased reliance on these automated systems. Moreover, the growing global prevalence of chronic conditions such as diabetes, cancer, arthritis, and chronic obstructive pulmonary disease (COPD) is further thrusting the demand for therapeutic, laboratory, and pharmacy-automated medication systems, which are faster and more productive.
Key Takeaways-
North American region dominated the healthcare automation market and accounted for the highest market share in 2021.
Based on Application, the therapeutic automation segment holds the largest market share in the global market and is expected to retain its dominance during the forecast period.
Based on end users, the Research Institute segment accounts for the largest market share in the global market.
By region, North America holds the largest market share 41% in the global healthcare automation market.
However, Asia-Pacific is anticipated to be the fastest-growing market for the medical automation market.
Competitive Landscape-
The major players in the medical automation market are-
• In Jan 2022, medical technology industry Becton, Dickinson, and Company declared acquisition with Parata systems for more than $1.5 billion. Parata systems offer automation products for pharmacies like inventory management software, the high-speed robotic process for medical automation, robotic dispensers, workflow solutions, and adherence packaging tools. The Becton, Dickinson company’s acquisition purpose is to operate pharmacies for people’s healthier lives.
• In 2021, Siemens Healthineers AG acquired Varian Medical Systems, Inc. This is a German medical device company that allows the earlier to increase access to the latter's comprehensive portfolio as well as strengthen its position in the MedTech sector.
• In 2021, Philips acquisition with Capsule Technologies, Inc. They are providers of medical device integration and data technologies for hospitals and healthcare organizations. The purpose is to enlarge Philips’s leadership in patient care management solutions. Capsule Technologies, Inc is providing medical device Information platforms such as device integration, clinical surveillance services, and vital signs monitoring. Philips’s strategy is to transform the delivery of healthcare in the health field with integrated solutions. It helps to connect almost all medical devices as well as EMRs in hospitals.
Key Segments Profiled in the Medical automation market Survey
The healthcare domain team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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