Medical Automation Market Will Be Worth USD 79.4 Billion By 2024: Grand View Research, Inc.
The global medical automation market is expected to reach USD
79.4 billion by 2024, according to a new report by Grand View Research, Inc.
The increasing demand for accuracy and reproducibility required during medical
procedures is the high impact rendering driver for the medical automation
market.
The rising adoption of these
devices is attributed to the advantages associated with automated systems. For
example, the automation of tedious tasks such as sampling, monitoring of
quality, quantity, packaging and labeling, and scanning of medicines and
devices, have reduced human efforts and increased speed and accuracy, which has
led to increased dependency 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 pushing the demand for
therapeutic, laboratory and pharmacy automated medication systems, which are
faster and more productive. As per the World Health Organization (WHO)
estimates, cardiovascular diseases (CVDs) is the leading cause of mortality
around the globe; in addition, an exponential rise has been witnessed in the
diabetes cases from 108 million in 1980 to 422 million in 2014. The
aforementioned factors are responsible for creating the need for automated
medical equipments over the forecast period.
Furthermore, with the advent of
technologically advanced defibrillators and ablation therapies, this market is
expected to gain swift growth in its market share in the near future. For
instance, automation in the following pharmacy-based functions, medication
dispensing, storage, and retrieval enables traceability and tracking, which in
turn improves patient safety and reduces errors. Furthermore, there is an
increased focus on incorporating automation in hospitals due to the associated
benefits, such as reduction of errors and operational costs; these factors
altogether are expected to present this market with high growth opportunities
in the near future.
North America medical
automation market share, by application, 2014-2024 (USD Million)
Browse full research report on
Medical Automation Market
Further key findings from
the report suggest:
- The
therapeutic segment was observed to dominate in terms of revenue share in
2015owing to the high usage rate of automated devices in the non-surgical
procedures, such as external defibrillators, an implantable cardioverter,
and wearable/ implantable drug pumps
- On the other
hand, the medical logistics and training segment is expected to grow at a
lucrative CAGR of over 10.0%. The rising adoption of advanced systems,
such as Pneumatic Tube Systems (PTS) used in material transportation and
Real Time Location System (RTLS) in location-tracking, contributes towards
the overall medical automation market growth during the forecast
period.
- The research
laboratories and institutes segment is also identified as a lucrative
segment due to, the rising demand for automated research laboratories that
are helpful in the detection and the treatment of chronic diseases. These
laboratory automated systems help in reducing demand and supply gaps by
mechanization, which yields rapid results and increases overall
productivity. This is expected to further enhance its usage over the
forecast period.
- With an aim
to address the increasing demand for advanced molecular diagnostic
techniques in cancer, the Leiden University Medical Center have recently
succeeded in isolating DNA and RNA from small tissue samples using a high-throughput,
fully automated solution by Siemens. Innovations like these are expected
to present the market with significant growth opportunities.
- Some key
players in this industry include Accuray, Inc., Tecan Group Ltd.,
Medtronic Plc., Swisslog Holding AG, GE Healthcare, Intuitive Surgical,
Inc., Stryker Corporation, Siemens AG, Koninklijke Philips N.V., and
Danaher Corporation.
- These
industry players are adopting strategies such as technological innovation,
new product launches, and strategic collaborations including mergers and
acquisitions to capitalize untapped opportunities. For instance, in July
2015, Medtronic Plc. acquired RF Surgical Systems, Inc., for further
expansion of its business and with the aim of capturing a huge market
share of the medical automation market in the coming years.
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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