New York, US, Aug. 30, 2021 (GLOBE NEWSWIRE) --
Medical Automation Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Medical Automation Market By Type, End User, and Region - Forecast Till 2027”, the market is projected to achieve a CAGR of 9.7% to reach USD 78.50 Billion by 2027.
Market Scope:
Medical automation is a rapidly growing part of the medical industry that is expected to continue to progress in the face of technological advancements. The primary drivers for market expansion over the forecast period are the rising prevalence of chronic diseases such as cancer, diabetes, and others and the developing pharmaceutical and biotechnology sector. Medical automation will change the way we receive medical treatment. Healthcare delivery that is automated can help to cut costs, minimize errors, and enhance outcomes. The continuously rising cost of healthcare creates a strong incentive to identify cost-cutting measures. Automation in factories has shown significant increases in production efficiency and product quality. Many of the principles gained in factory automation will be applied to the medical setting in medical automation. Automation will have to be adapted carefully and made safe for patients so that it has more flexibility to fit the hospital's complicated activities and that it can create a good return on investment.
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Market Competitive Landscape:
The Major Companies in the Medical Automation Market are:
- Koninklijke Philips NV (Netherlands)
- Siemens AG (US)
- General Electric (US)
- Medtronic (US)
- Stryker (US)
- Danaher (US)
- Accuray Incorporated (US)
Market Drivers:
The market is expected to develop due to the rising prevalence of chronic diseases such as cancer, diabetes, and others. Much of the market's growth would be fueled by significant development in the pharmaceutical and biotechnology industries. Due to the increasing speed of operations, increased transparency, and reduced errors. As a result, this leads to establishing a firm foundation for the global healthcare automation industry's growth. The improved spending potential is estimated to further bolster the market's expansion in the forecast period.
Market Restraints
The exorbitant cost of modern surgical equipment and the necessity for surgeon preparation would limit demand for the devices. Lacking a clear regulatory framework and cross-sector criteria, enterprises entering the medical automation industry would face a number of significant challenges.
COVID 19 Analysis
The COVID-19 is the most serious danger to the healthcare industry in recent times, and digital transformation will rise to the top of the corporate agenda. COVID-19 has a broad impact, affecting all major sectors of science, politics, and technology. Artificial intelligence and robots are here to stay, and their influence on healthcare systems will grow. Due to many COVID-19 patients, health care facilities around the country are experiencing a scarcity. When manpower becomes scarce, software robots and artificial intelligence are utilized to help with resource distribution, security, and efficiency gains. COVID-19 patients are increasingly overwhelming crucial resources in healthcare systems around the country. Furthermore, by automating and managing specific care activities brought on by the pandemic, these technologies are drastically reducing the amount of up-close interactions that could lead to coronavirus exposure.
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Market Segmentation
Based on type, the therapeutic automation segment of the prosthetic applications industry has increased over the last few years, leading to the growth of the market in the forecast period.
Based on the end-user, the hospitals & diagnostic segment is estimated to dominate the end-user segment through the forecast period owing to the increasing adoption of automated devices in treatment, diagnostics, and laboratories & pharmacies.
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Regional Analysis
The increased prevalence of diseases such as cancer and diabetes, among others, is predicted to create a huge market for medical automation in North and South America. The market is also influenced by the tendency of expanding the biotechnology and pharmaceutical industries in the region. The EU medical automation market is predicted to be one of the world's largest throughout this time period. The demand for robotic surgical tools is growing due to rising healthcare expenditures and the introduction of more robotic surgical techniques. Due to the developing entrepreneurial healthcare industry, an increasing patient population, and rising healthcare expenses, the Asia-Pacific region is predicted to be the fastest growing market. Owing to changes in many emerging regions, Asia Pacific will expect sustained demand increase in the near future.
After a successful year-long test of fully autonomous coding and charge capture, CorroHealth has purchased Medical Savant. The benefits of combining Medical Savant Autonomous Coding with the CorroHealth Advanced Coding Solution were demonstrated by the fact that 95% of contacts were automated (ACS). Many healthcare executives are concerned about the automation of revenue cycle procedures in the mid-cycle.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
