Medical Automation Global Market Report 2024

The medical automation market size has rapid growth in recent years. It will grow from $49.92 billion in 2023 to $55.22 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The expansion observed during the historical period can be attributed to several factors including the digitization of the healthcare industry, the impact of pandemics and infectious diseases, the empowerment of patients, shortages in healthcare workers, and an increased focus on preventive care.

The medical automation market size is expected to see grown rapidly in the next few years. It will grow to $83.76 billion in 2028 at a compound annual growth rate (CAGR) of 11%. The anticipated growth in the forecast period can be attributed to several factors, including 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. Major trends expected in this period include advancements in gene editing technologies, the widespread adoption of medical imaging techniques, the utilization of 3D printing in healthcare applications, the expansion of telemedicine services, the integration of the Internet of Things (IoT) in healthcare systems, and the incorporation of artificial intelligence (AI) into various aspects of healthcare delivery.

The increasing prevalence of chronic diseases is poised to drive the growth of the medical automation market in the foreseeable future. Chronic diseases, which are long-term medical conditions that often worsen over time, are on the rise due to factors such as sedentary lifestyles, poor dietary habits, and an aging population. Medical automation plays a crucial role in enabling precise monitoring and timely interventions for chronic diseases, thereby optimizing patient care and outcomes. For example, a study by the National Center for Biotechnology Information (NCBI) in January 2023 projects a 99.5% increase in the number of individuals aged 50 and older with at least one chronic illness, from 71.522 million in 2020 to 142.66 million by 2050. Additionally, according to the World Health Organization (WHO) 2022 Highlights in September 2022, chronic diseases contribute to 74% of all global deaths, totaling 41 million deaths annually. Thus, the rising prevalence of chronic diseases is a key driver behind the growth of the medical automation market.

Leading companies in the medical automation market are concentrating on developing innovative solutions, such as clinician-controlled mobile apps, to stimulate revenue growth. Clinician-controlled mobile apps are software applications designed by healthcare professionals, including physicians, nurses, and therapists, to support various aspects of patient care, communication, and management. For instance, in April 2024, Augmedix Inc., a US-based company specializing in data services and medical documentation, introduced Augmedix Go. This clinician-controlled mobile app utilizes ambient AI technology and structured data to generate a fully automated draft medical note following patient visits to healthcare settings such as emergency departments. This automation streamlines the medical documentation process, allowing clinicians to dedicate more time to patient care by reducing administrative tasks such as note-taking.

In June 2022, Oracle Corporation, a US-based computer technology company, completed its acquisition of Cerner Corporation for $28 billion. This acquisition is expected to significantly bolster Oracle's presence in the healthcare market, leveraging Cerner's expertise to revolutionize healthcare delivery by providing enhanced information to medical professionals. Cerner Corporation, a US-based health information technology company specializing in medical automation solutions, brings valuable capabilities to Oracle's portfolio.

Major companies operating in the medical automation market are Johnson & Johnson Services Inc., F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Siemens Healthineers AG, Becton, Dickinson and Company, Royal Philips, Stryker Corporation, Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Agilent Technologies Inc., Terumo Corporation, Intuitive Surgical Inc., Smith & Nephew plc, Hologic Inc., ResMed Inc., Bio Rad Laboratories Inc., QIAGEN N.V., Carl Zeiss Meditec AG, Masimo Corporation, Elekta AB, Tecan Group Ltd., Accuray Inc.

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

Medical automation involves the application of technology and automated processes to enhance efficiency, accuracy, and safety across various aspects of healthcare delivery, encompassing diagnosis, treatment, monitoring, and administrative tasks. This entails a multitude of automation solutions aimed at streamlining workflows, improving efficiency, reducing errors, and ultimately enhancing patient outcomes within healthcare facilities such as hospitals, clinics, and laboratories.

The primary components of medical automation include equipment, capital equipment, consumables, software, and services. Equipment encompasses a wide range of devices, instruments, machines, and tools utilized in healthcare settings for patient diagnosis, treatment, monitoring, and rehabilitation, often interconnected via wired or wireless connectivity. Automation finds application in various areas such as diagnostics and monitoring, therapeutics, lab and pharmacy automation, medical logistics and training, large-joint replacement, spinal fusion, among others. These solutions cater to diverse end-users including hospitals, diagnostic centers, pharmacies, research laboratories and institutes, homecare providers, specialty clinics, ambulatory surgical centers (ASCs), among others.

The medical automation market research report is one of a series of new reports that provides medical automation market statistics, including medical automation industry global market size, regional shares, competitors with a medical automation market share, detailed medical automation market segments, market trends and opportunities, and any further data you may need to thrive in the medical automation industry. This medical automation 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 market consists of revenues earned by entities providing services such as electronic health records (EHR) management, patient engagement and education, 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 market also includes sales of automated vaccine storage and handling systems, sensors, automated sterilization 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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