Medical Automation Technologies Global Market Report 2024

The medical automation technologies market size has grown rapidly in recent years. It will grow from $5.59 billion in 2023 to $6.27 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The expansion observed during the historical period can be attributed to the digitization of the healthcare industry, the impact of pandemics and infectious diseases, the empowerment of patients, the shortage of healthcare workers, and a heightened focus on preventive care.

The medical automation technologies market size is expected to see rapid growth in the next few years. It will grow to $10.06 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The anticipated growth in the forecast period can be attributed to the increasing demand for minimally invasive procedures, remote patient monitoring solutions, optimization of hospital capacity, the transition towards value-based care models, and the growing recognition of the benefits of automation in healthcare. Key trends expected in this period include the advancement of robotic surgery technologies, the integration of artificial intelligence in diagnostics, the expansion of telemedicine and remote monitoring services, automation in drug discovery and development processes, as well as the development of smart hospitals and integrated healthcare systems.

The anticipated rise in chronic diseases is set to drive the growth of the medical automation technology market in the foreseeable future. Chronic diseases, characterized by their prolonged duration and gradual progression, such as diabetes, require ongoing management and treatment to control symptoms and prevent complications. The increasing prevalence of chronic diseases can be attributed to factors such as sedentary lifestyles, poor dietary habits, environmental pollutants, and an aging population. Medical automation technology plays a crucial role in enhancing chronic disease management through personalized treatment plans, remote patient monitoring, and automated data analysis. This improves efficiency and outcomes while alleviating healthcare burdens. For example, the IDF Diabetes Atlas Tenth Edition 2021 report projected a global increase in the number of people aged 20-78 years with diabetes, reaching 643 million by 2030 and 783 million by 2045 from 537 million in 2021. Hence, the growing prevalence of chronic diseases propels the expansion of the medical automation technology market.

Key players in the medical automation technologies market are embracing innovative solutions, such as AI-driven medical coding, to drive revenue growth. AI-driven medical coding involves utilizing artificial intelligence algorithms to automatically assign accurate medical codes to patient diagnoses, treatments, and procedures, streamlining healthcare billing and administrative tasks while minimizing errors and enhancing efficiency. For instance, in December 2023, CorroHealth Inc., a US-based healthcare technology company, introduced Pulse, a groundbreaking advancement in medical coding automation. Pulse incorporates adaptive learning capabilities and real-time insights to continuously enhance coding accuracy. Its user-centric design prioritizes process optimization, productivity enhancement, and value delivery to healthcare practitioners. Seamlessly interfacing with any electronic health record (EHR), Pulse is fully customized to meet the specific needs of each healthcare facility.

In May 2023, Medical Manufacturing Technologies Inc., a US-based medical device manufacturing company, acquired Somex Automation Ltd. for an undisclosed sum. Through this strategic acquisition, Medical Manufacturing Technologies, Inc. aims to bolster its automated medical device production capabilities, improving efficiency, quality, and innovation speed. The company seeks to streamline manufacturing processes, expedite product development, and ensure compliance with regulatory standards. Somex Automation Ltd. is an Ireland-based provider of medical automation technologies.

Major companies operating in the medical automation technologies market are Johnson & Johnson Services Inc., F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Danaher Corporation, Siemens Healthineers AG, Koninklijke Philips N.V., Becton Dickinson and Co, GE HealthCare Technologies Inc., Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Olympus Corporation, Terumo Corporation, Intuitive Surgical Inc., Oracle Cerner, Hologic Inc., Illumina Inc., Mindray Medical International Limited, Nikon Corporation, Sysmex Corporation, Bio Rad Laboratories Inc., QIAGEN N.V., Carl Zeiss Meditec AG, Yuyama Co Ltd.

North America was the largest region in the medical automation technologies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical automation technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medical automation technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Medical automation technologies encompass the application of automated systems, robotics, artificial intelligence, and other advanced technologies in healthcare delivery, diagnosis, treatment, and management. These technologies are designed to streamline processes, enhance efficiency, improve accuracy, and ultimately enhance patient outcomes while mitigating human error and reducing workload.

The primary types of medical automation technologies include diagnostic and monitoring operations, therapeutic automation, lab and pharmacy automation, and home healthcare automation. Diagnostic and monitoring operations involve technologies utilized for disease identification and patient health tracking. The applications of medical automation technologies span across various functions such as imaging and radiology, clinical chemistry analysis, vital signs monitoring, surgery, and rehabilitation. These technologies find utility across various end-user settings including hospitals and diagnostic centers, research institutes and laboratories, as well as homecare settings.

The medical automation technologies market research report is one of a series of new reports that provides medical automation technologies market statistics, including medical automation technologies industry global market size, regional shares, competitors with a medical automation technologies market share, detailed medical automation technologies market segments, market trends and opportunities, and any further data you may need to thrive in the medical automation technologies industry. This medical automation technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical automation technologies market consists of revenues earned by entities providing services such as electronic health records (EHR) management, patient engagement and education, telemedicine platforms, medical imaging automation, and patient monitoring systems. The market value includes the value of related goods sold by the service provider or included within the service offering. The medical automation technologies market also includes sales of automated vaccine storage and handling systems, automated sterilization systems, automated drug delivery systems, automated external defibrillators (AEDs), and automated laboratory instruments. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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