Global Medical Automation Technologies Market by Type (Medical Logistics & Training (Logistic Automation and Trainers), Lab & Pharmacy Automation, Therapeutic Automation (Non-Surgical and Surgical) and Diagnostic & Monitoring Automation (Automated Monitoring, Point-of-Care Testing and Automated Image Analysis)), by End User (Hospitals & Diagnostic Centers, Pharmacies, Research labs & Institutes and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2023
Medical automation is an emerging branch of the medical sector that is tended to evolve continuously in the presence of the technological advancements. Increasing prevalence of chronic diseases like cancer, diabetes, and others followed by the growing pharmaceutical and biotechnology sector are the major drivers for the market growth during the forecast period, 2017-2023. According to the Indian Brand Equity Foundation in 2017, the Indian biotech industry holds about 2% share of the global biotech industry.
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The biotechnology industry in India comprises of about 800 companies and is valued to be about USD 11.6 billion in 2017. Additionally, rising demands for robotic surgery along with the rising healthcare expenditure boost the market growth. On the other hand, the high cost of automation, risks associated with the robotic surgery and the necessity for the physician training are estimated to restrain the market growth during the forecast period.
The global Medical Automation Technologies Market is expected to grow at a CAGR of 7.0% during the forecast period.
The global Medical Automation Technologies Market is segmented on the basis of type, and end users.
On the basis of type, the market is segmented into diagnostic & monitoring automation, therapeutic automation, lab & pharmacy automation, medical logistics & training, and others. The diagnostic & monitoring automation segment is sub-segmented into automated imaging, point-of-care testing (POCT), automated image analysis, and others. The therapeutic automation segment is sub-segmented into non-surgical automation, surgical automation, and others. The medical logistics & training segment is sub-segmented into logistic automation, trainers, and others.
On the basis of end users, the market is segmented into hospitals and diagnostic centers, pharmacies, research labs & institutes, research labs & institutes, and others.
The Americas dominate the global Medical Automation Technologies Market owing to an increasing prevalence of the diseases like cancer, diabetes, and others. Moreover, growing biotechnology and biopharmaceutical sector within the region is fuelling the market during the forecast period. In 2016 according to the National Cancer Institute, approximately 1,685,210 new cases of cancer were diagnosed in the United States and approximately 595,690 deaths were reported due to the same, Europe is the second largest market for the global medical automation. The market growth in the European region is facilitated by the presence of developed economies. Huge patient population and rising healthcare expenditure within the region is further fuelling the market growth within the region. In Asia Pacific region growing biotech and biopharmaceutical factor, increasing patient population and rising healthcare expenditures along with the increasing demands for the robotic surgery is driving the market growth. Moreover, favorable government policies are boosting the market growth within the region. The Middle East & Africa & Africa holds the least market share. This can be attributed to the presence of the low per capita income and stringent government policies, especially within the African region.
The increasing prevalence of chronic diseases like cancer, diabetes, and others, along with the growing pharmaceutical & biotechnology sector and rising demand for robotic surgery are the major drivers propelling market growth. For instance, according to a report published by the National Cancer Institute in 2016, approximately 1,685,210 new cases of cancer were diagnosed in the US. Moreover, rising healthcare expenditure is also projected to boost market growth. However, the high cost of automation and risks associated with robotic surgery, followed by the necessity of physician training are expected to constrain the growth of the market.
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The report for Global market by Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the market and industry performance. The report gives a clear picture of the current market scenario which includes past and estimated future market size with respect to value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information about and strategies used by top key players in the industry. The report also gives a broad study of the different market segments and regions.
The key players in the global Medical Automation Technologies Market are Koninklijke Philips N.V., Siemens AG, GENERAL ELECTRIC, Medtronic, Stryker, Danaher, Accuray Incorporated, and others.
- Report Prologue 2. Market Introduction
- 2.1 Definition
- 2.2 Scope of the Study
- 2.2.1 Research Objective
- 2.2.2 Assumptions
- 2.2.3 Limitations
- 3. Research Methodology
- 3.1 Introduction
- 3.2 Primary Research
- 3.3 Secondary research
- 3.4 Market Size Estimation
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