Automation is defined as using the technology to perform a process or procedure without any human assistance. In the recent years, various technological advancements have been incorporated into the medical sector, which drives the growth of the medical automation market.
It is noted that the growing pharmaceutical and biotechnology sector facilitates the automation of the medical sector. The United States is the largest market for biopharmaceuticals and accounts for one-third of the global market. The Indian biotech industry holds around 2% share of the global biotech industry, suggested by the Indian Brand Equity Foundation in 2017.
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Other factors such as increasing prevalence of chronic diseases, rising healthcare expenditure, and the growing demand for robotic surgery are also propelling the growth of the market. According to the U.K. Healthcare, nearly 970 robotic surgical procedures were performed within the region from 2012 to 2015.
Despite these drivers, risks associated with the robotic surgery followed by the necessity of physician training and the high cost of automation are hampering the growth of the market.
The global medical automation market is expected to reach USD 42,284.6 million by 2023 at a CAGR of 7.0% during the forecast period.
On the basis of type, the market is segmented into diagnostic and monitoring automation, therapeutic automation, lab and pharmacy automation, and medical logistics and training. The therapeutic automation segment accounted for the largest market share and is also expected to be the fastest growing market at a CAGR of 7.43% during the forecast period.
On the basis of end-user, the market is segmented into hospitals and diagnostic centers, pharmacies, research labs and institutes, and others. Hospitals and diagnostic centers accounted for the largest market share. The others segment is expected to be the fastest growing market at a CAGR of 7.54% during the forecast period.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and the Middle East and Africa. The Americas dominated the medical automation market. The medical automation market for the Americas was USD 8,654.55 million in 2016 and is expected to reach USD 13,244.26 million by 2023 at a CAGR of 6.26%.
Key Players
Koninklijke Philips N.V, Siemens AG, GENERAL ELECTRIC, Medtronic, Stryker, Danaher, and Accuray Incorporated.
Study Objectives
• To provide a detailed analysis of the market structure along with a forecast of various segments and sub-segments of the global medical automation market
• To provide insights into factors influencing and affecting the market growth
• To provide historical and forecast revenue of market segments and sub-segments with respect to countries
• To provide historical and forecast revenue of market segments based on type, end-user, and regions for the global medical automation market
• To provide strategic profiling of key players in the market and comprehensively analyzing their market share, core competencies, and drawing a competitive landscape of the market
• To provide economic factors that influence the global medical automation market
• To provide a detailed analysis of the value chain and supply chain of the global medical automation market
Target Audience
• Medical Devices Manufacturers
• Manufacturers & Suppliers
• Research and Development (R&D) Companies
• Government Research Laboratories
• Independent Research Laboratories
• Government and Independent Regulatory Authorities
• Academic Institutes and Universities
Key Findings
• The Americas accounted for the largest market share in the global medical automation market with USD 8,654.55 million in 2016 and is expected to reach USD 13,244.26 million by 2023 at the highest CAGR of 6.26%
• Therapeutic automation is the fastest growing segment at a CAGR of 7.43% in the global medical automation market, by type
• Hospitals and diagnostic centers are contributing a remarkable share in the market and registered 32.5% in the global medical automation market, by procedure in 2016
Regional Analysis
• Americas
o North America
U.S.
Canada
o South America
• Europe
o Germany
o France
o U.K.
o Italy
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Republic of Korea
o Rest of Asia Pacific
• Middle East & Africa
o Middle East
o Africa
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Table of content
1 Report Prologue
2 Market Introduction
2.1 Introduction
2.2 Scope of Study
2.3 Research Objective
2.4 Assumptions & Limitations
2.4.1 Assumptions
2.4.2 Limitations
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Increasing prevalence of the chronic diseases like cancer, diabetes, and others (Impact Weightage- 33%)
4.2.2 Growing pharmaceutical and biotechnology sector facilitates the automation of the medical sector (Impact Weightage- 35%)
4.2.3 Growing demands for robotic surgery and rising healthcare expenditure (Impact Weightage- 32%)
4.3 Restrains
4.3.1 High cost of automation (Impact Weightage-55%)
4.3.2 Risks associated to the robotic surgery followed by the necessity of physician training (Impact Weightage-45%)
5 Market Factor Analysis
5.1 Porter’s Five Forces
5.1.1 Introduction
5.1.2 Bargaining power of suppliers
5.1.3 Bargaining power of buyers
5.1.4 Threat of new entrants
5.1.5 Threat of substitutes
5.1.6 Degree of rivalry
5.2 Value Chain Analysis
5.2.1 Engagement and Designing
5.2.2 Manufacturing
5.2.3 Distribution & Sales
5.2.4 Post-sales Follow-ups
6 Global Medical Automation Market, By Type
6.1 Introduction
6.2 Diagnostic & Monitoring Automation
6.3 Therapeutic Automation
6.4 Lab & Pharmacy Automation
6.5 Medical Logistics & Training
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