Global Medical Automation Technologies Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Overview Of The Global Medical Automation Technologies Market?
Medical automation technologies refer to the application of automated systems, robotics, artificial intelligence, and other advanced technologies in healthcare delivery, diagnosis, treatment, and management. These technologies aim to streamline processes, improve efficiency, enhance accuracy, and improve patient outcomes while reducing human error and workload.
Medical Automation Technologies Global Market Report 2024 provides data on the global medical automation technologies market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Medical Automation Technologies market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Medical Automation Technologies?
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 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 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 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 robotic surgery, artificial intelligence in diagnostics, telemedicine and remote monitoring, automation in drug discovery and development, and smart hospitals and integrated healthcare systems.
What Are The Leading Drivers Of Growth In The Medical Automation Technologies Market?
The increasing prevalence of chronic diseases is expected to propel the growth of the medical automation technology market going forward. Chronic diseases, such as diabetes, require ongoing management due to their prolonged duration and gradual progression, influenced by sedentary lifestyles and aging demographics. Medical automation technology improves chronic disease management through personalized treatment plans, remote patient monitoring, and automated data analysis, enhancing efficiency and outcomes while reducing healthcare burdens. For instance, the IDF Diabetes Atlas Tenth Edition 2021 projects a rise in global diabetes cases to 643 million by 2030 and 783 million by 2045, up from 537 million in 2021. Therefore, the increasing prevalence of chronic diseases is driving the growth of the medical automation technology market.
Get Your Free Sample of the Global Medical Automation Technologies Market ReportHow Are The Segments Defined Within The Global Medical Automation Technologies Market?
The medical automation technologies market covered in this report is segmented –
1) By Type: Diagnostic And Monitoring Operations, Therapeutic Automation, Lab And Pharmacy Automation, Home Healthcare Automation
2) By Application: Imaging And Radiology, Clinical Chemistry Analysis, Vital Signs Monitoring, Surgery And Rehabilitation
3) By End Use: Hospitals And Diagnostics Centers, Research Institutes And Laboratories, Homecare Settings
How Are New Trends Expected To Influence The Growth Of The Medical Automation Technologies Market?
Companies in the medical automation technologies market are adopting AI-driven medical coding to boost revenue growth. This technology uses AI algorithms to assign accurate medical codes to diagnoses, treatments, and procedures, streamlining billing and administrative tasks. For instance, in December 2023, CorroHealth Inc., a US-based healthcare technology firm, introduced Pulse, a new advancement in medical coding automation. Pulse features adaptive learning and real-time insights to enhance coding accuracy, interfaces seamlessly with any electronic health record (EHR), and is tailored to meet the specific needs of healthcare facilities.
Which Region Drives The Highest Growth In The Medical Automation Technologies Market?
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.