Healthcare Automation Market Outlook 2028
- The global healthcare automation market was valued at US$ 36.9 Bn in 2020
- It is estimated to expand at a CAGR of 8.4% from 2021 to 2028
- The global healthcare automation market is expected to cross the value of US$ 88.9 Bn by the end of 2028
Healthcare Automation Benefitting Research Institutes in Streamlining Processes
Healthcare automation offers high-tech solutions in the field of hospital pharmacy automation, logistics & transport, and material handling applications. Labs and research institutes from all across the globe are investing in healthcare automation in order to streamline different activities and improve overall work efficiency. This automation is playing a monumental role for research institutes in order to leverage overall productivity in healthcare facilities, improve the experimental data quality, and lower their lab process cycle times.
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Increased automation adoption by these end users has resulted into making research institutes and labs the highest revenue-generating segment. The healthcare automation market is estimated to gather lucrative avenues from this segment in the upcoming decade.
AI Emerges as Recurring Trend for Healthcare Automation during Coronavirus Crisis
The ongoing novel coronavirus pandemic has had a positive effect on the global healthcare automation market. Vendors operating in this market are focusing on the development of technologies for therapeutic and diagnostic applications. The adoption of Artificial Intelligence (AI) and Internet of Things are other strategies adopted by players operating in the healthcare automation market.
Since AI is a subset of machine learning (ML), AI holds promising potentials in the development of mobile apps that can serve as intelligent symptom checkers in order to diagnose possible infections, illness, or chronic diseases. Deep learning platforms are providing doctors with real-time insights pertaining to patient medical history, radiology images, blood tests, and genomics, among others.
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Computerization of Medical Services Helping to Improve Patient Quality of Life
The expanding innovative progression is a significant factor answerable for the development of the worldwide medical care mechanization market internationally. These advancements are undergoing a significant change with new highlights in the sphere of the robotic technology. The dynamic mechanical headway is supporting the interest for medical services computerization worldwide during the forecast period. Computerization can be utilized in different cost-efficient manners in the medical care area.
The growing interest for wearable innovation is a prominent pattern in the market of robotic medical services. It is relied upon to acquire accurate and precise clinical information of patients. Moreover, simple openness to this information is relied upon to bring about better accessibility of medical services, consequently diminishing the expenses. Such innovations are being publicized for different clinical considerations and remote care of patients.
Governments Assisting Innovations in Healthcare Automation with Funding
The increase in government support is anticipated to fuel the growth of the global healthcare automation market during the forecast period. The usage of the smart technology such as therapeutic automation in the healthcare automation market is propelling market growth. Governments support for the implementation of automation in healthcare by providing funds and investments is helping to improve patient outcomes. For instance, government bodies in Europe, such as Medicines and Healthcare Products Regulatory Agency, are endorsing automated systems for pharmacies.
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Government authorities are investing in research & development (R&D), thereby assisting innovations in the healthcare automation market. The high prevalence of chronic diseases in individuals are triggering the demand for government funding in healthcare automation technologies.
Dynamic Technological Advancements Enhance Patient Outcomes
Technological advancements are a driving force for boosting the growth of the global healthcare automation market. Dynamic technological advancements in lab & pharmacy automation and diagnostic & monitoring automation are fueling the demand for healthcare automation globally.
Doctors have access to large volumes of patient medical history due to the utilization of Big Data and Artificial Intelligence. This enables them to take important decisions for the treatment of patients. The implementation of automation in healthcare is likely to increase revenue generation at healthcare facilities, enhance efficiency, and boost healthcare delivery for patients. The demand for wearable technology is increasing rapidly and is a key trend in the global healthcare automation market.
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Healthcare Automation Market: Overview
- The healthcare industry has witnessed significant changes in the past few years, especially in terms of how data is analyzed, stored, and accessed. The need of automation is increasing rapidly due to rise in demand for healthcare. Moreover, automation enable medical professionals to focus on caring for patients instead of getting involved in various repetitive work.
- Automation is likely to enable the healthcare industry to reduce the cost incurred by healthcare providers. Healthcare automation primarily offers high-tech solutions in the field of transport, material handling, and hospital pharmacy automation. Implementation of automation in healthcare is expected to increase healthcare facilities, enhance efficiency, and boost healthcare delivery quality.
Increase in Technological Advancements: Key Driver
- Increase in technological advancements is a major factor boosting the growth of the global healthcare automation market
- Dynamic technological advancements increases the demand for healthcare automation globally. Automation can be employed in various ways in the healthcare industry.
- Doctors have access to significant amount of medical history due to the utilization of big data and artificial intelligence. This enables them to take important decisions for the treatment of patients.
Therapeutic Automation to Emerge as Lucrative Segment
- In terms of application, the global healthcare automation market has been classified into therapeutic automation, lab & pharmacy automation, logistics & training automation, and diagnostics & monitoring automation
- The therapeutic automation segment accounted for the largest share of the global market in terms of revenue in 2020. Therapeutic automation is the computerized therapy system that is completely automated. This automation technology embraces devices and instruments that provide therapy to patients such as regulating physiological process. Need of accuracy and rise in cost of labor are the major factors projected to propel the demand for therapeutic automation during the forecast period.
- Based on end-user, the global market has been divided into pharmacies, research institutes & labs, home care, and others. The research institutes & labs segment held the largest share of the global market in 2020.
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North America to Dominate Healthcare Automation Market
- North America accounted for the largest share of the global market in 2020, followed by Europe and Asia Pacific
- Rise in clinical research activities is a key factor driving the demand for healthcare automation in North America
Major Players
- Key players operating in the global healthcare automation market include
- Siemens AG
- General Electric Company
- Swisslog Holding AG
- Koninklijke Philips N.V.
- Medtronic plc
- Intuitive Surgical, Inc.
- Stryker Corporation
- Danaher Corporation
- Accuray, Inc.
- Tecan Group Ltd.
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