Global Medical Automation Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Definition Of The Global Medical Automation Market?
Medical automation refers to the process of applying technology and automated processes to improve efficiency, accuracy, and safety in various aspects of healthcare delivery, including diagnosis, treatment, monitoring, and administrative tasks. This encompasses many automation solutions designed to streamline workflows, improve efficiency, reduce errors, and enhance patient outcomes within healthcare facilities such as hospitals, clinics, and laboratories.
Medical Automation Global Market Report 2024 provides data on the global medical automation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Medical Automation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Medical Automation Market Size Expected To Change, And What Are The Growth Rate Projections?
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 growth in the historic period can be attributed to healthcare industry digitization, pandemics and infectious diseases, patient empowerment, healthcare worker shortage, and 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 11.0%. The growth in the forecast period can be attributed to demand for minimally invasive procedures, remote patient monitoring, hospital capacity optimization, the shift towards value-based care, and growing awareness about the benefits of automation in healthcare. Major trends in the forecast period include gene editing, the adoption of medical imaging, 3d printing, telemedicine, the Internet of Things (IoT), and the integration of artificial intelligence (AI).
Which Drivers Are Accelerating Growth In The Medical Automation Market?
The increasing prevalence of chronic diseases is expected to drive the growth of the medical automation market going forward. Chronic diseases, characterized by long-term medical disorders that worsen over time, are rising due to sedentary lifestyles, poor dietary habits, and an aging population. Medical automation enhances precision monitoring and timely interventions for chronic diseases, optimizing patient care and outcomes. For instance, according to the National Center for Biotechnology Information (NCBI), the number of individuals aged 50 and older with at least one chronic illness is projected to increase by 99.5%, reaching 142.66 million by 2050 from 71.522 million in 2020. Additionally, chronic diseases accounted for 74% of all global deaths, totaling 41 million annually, as reported by the World Health Organization (WHO) in September 2022. Therefore, the increasing cases of chronic diseases are driving the growth of the medical automation market.
Get Your Free Sample of the Global Medical Automation Market ReportWhat Are The Core Segments Of The Global Medical Automation Market?
The medical automation market covered in this report is segmented –
1) By Component: Equipment, Capital Equipment, Consumables, Software, Services
2) By Connectivity: Wired, Wireless
3) By Application: Diagnostics And Monitoring, Therapeutics, Lab And Pharmacy Automation, Medical Logistics And Training, Large-Joint Replacement, Spinal Fusion, Other Applications
4) By End User: Hospitals, Diagnostic Center, Pharmacies, Research Laboratories And Institutes, Homecare, Specialty Clinics, Ambulatory Surgical Centers (ASCs), Other End Users
Which Emerging Trends Are Reshaping The Medical Automation Market Size?
Major players in the medical automation market are focusing on creating innovative solutions, such as clinician-controlled mobile apps, to drive revenue growth. These apps are designed to enhance various aspects of patient care, communication, and management. For example, in April 2024, Augmedix Inc., a US-based data services and medical documentation company, launched Augmedix Go. This clinician-controlled mobile app uses ambient AI technology to generate automated draft medical notes after patient visits, simplifying documentation and allowing clinicians to focus more on patient care by reducing administrative tasks.
What Is The Largest Region In The Medical Automation Market?
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.