Medical Automation Market is Expected to reach USD 79.4 Billion by 2024

The global medical automation market is expected to reach USD 79.4 billion by 2024, according to a new report by Grand View Research, Inc. The increasing demand for accuracy and reproducibility required during medical procedures is the high impact rendering driver for the medical automation market. 

The rising adoption of these devices is attributed to the advantages associated with automated systems. For example, the automation of tedious tasks such as sampling, monitoring of quality, quantity, packaging and labeling, and scanning of medicines and devices, have reduced human efforts and increased speed and accuracy, which has led to increased dependency on these automated systems. 

Moreover, the growing global prevalence of chronic conditions such as diabetes, cancer, arthritis, and chronic obstructive pulmonary disease (COPD) is further pushing the demand for therapeutic, laboratory and pharmacy automated medication systems, which are faster and more productive. As per the World Health Organization (WHO) estimates, cardiovascular diseases (CVDs) is the leading cause of mortality around the globe; in addition, an exponential rise has been witnessed in the diabetes cases from 108 million in 1980 to 422 million in 2014. The aforementioned factors are responsible for creating the need for automated medical equipments over the forecast period. 

North America medical automation market share, by application, 2014-2024 (USD Million)

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Further key findings from the study suggest:

• The therapeutic segment was observed to dominate in terms of revenue share in 2015owing to the high usage rate of automated devices in the non-surgical procedures, such as external defibrillators, an implantable cardioverter, and wearable/ implantable drug pumps 

• On the other hand, the medical logistics and training segment is expected to grow at a lucrative CAGR of over 10.0%. The rising adoption of advanced systems, such as Pneumatic Tube Systems (PTS) used in material transportation and Real Time Location System (RTLS) in location-tracking, contributes towards the overall medical automation market growth during the forecast period. 

• The research laboratories and institutes segment is also identified as a lucrative segment due to, the rising demand for automated research laboratories that are helpful in the detection and the treatment of chronic diseases. These laboratory automated systems help in reducing demand and supply gaps by mechanization, which yields rapid results and increases overall productivity. This is expected to further enhance its usage over the forecast period. 

• With an aim to address the increasing demand for advanced molecular diagnostic techniques in cancer, the Leiden University Medical Center have recently succeeded in isolating DNA and RNA from small tissue samples using a high-throughput, fully automated solution by Siemens. Innovations like these are expected to present the market with significant growth opportunities. 

• Some key players in this industry include Accuray, Inc., Tecan Group Ltd., Medtronic Plc., Swisslog Holding AG, GE Healthcare, Intuitive Surgical, Inc., Stryker Corporation, Siemens AG, Koninklijke Philips N.V., and Danaher Corporation. 

• These industry players are adopting strategies such as technological innovation, new product launches, and strategic collaborations including mergers and acquisitions to capitalize untapped opportunities. For instance, in July 2015, Medtronic Plc. acquired RF Surgical Systems, Inc., for further expansion of its business and with the aim of capturing a huge market share of the medical automation market in the coming years. 

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