Healthcare Automation Market Size Worth USD 88.9 Bn in 2028 Growing at a CAGR of 8.4%, TMR Study
Healthcare automation companies should work closely with their respective governments to increase funding for technological advancements. North America is anticipated to provide a significant share of the health automation market opportunities to regional and global manufacturers.
Wilmington, Delaware, United States, June 21, 2023 (GLOBE NEWSWIRE) — The global healthcare automation market stood at USD 36.9 billion in 2020 and the global market is projected to reach USD 88.9 billion in 2028. Global healthcare automation industry is anticipated to expand at a CAGR of 8.4% between 2021 and 2028.
Healthcare automation offers high-tech solutions in the field of hospital pharmacy automation, logistics and transport, and material handling applications. Labs and research institutes are investing in healthcare automation in order to streamline different activities and improve overall work efficiency from all across the globe.
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Automation is considerably playing a monumental role for research institutes in order to leverage overall productivity in healthcare facilities, improve experimental data quality, and lower their lab process cycle times. Increased automation adoption by the end users has resulted in making research institutes and labs the highest revenue-generating segment. Healthcare automation market is estimated to gather lucrative avenues from this segment in the upcoming decade.
Artificial Intelligence (AI) is said to be a subset of machine learning (ML), where AI holds promising potential in the development of mobile apps that can serve as intelligent symptom checkers for diagnosing possible infections, illnesses, or chronic diseases. Deep learning platforms a provision doctors with real-time insights that pertain to patient medical history, radiology images, blood tests, and genomics, among others.
Key Takeaways of Market Report
- Global healthcare automation market to generate absolute dollar opportunity worth US$ 88.9 billion until 2028.
- Global healthcare automation market from 2021 to 2028 is 8.7%
- Global healthcare automation market is currently valued at US$ 36.9 billion in 2020.
- Global healthcare automation market stood at US$ 50.5 billion in 2021.
- Market value of the global healthcare automation market management from 2018 to 2022 is 7.28%
- North America is said to have a market share of 44.3%
- Asia Pacific market region is estimated to have a market share of 24.1%
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Global Healthcare Automation Market: Growth Drivers
- Increase in government support is anticipated to fuel the growth of the global healthcare automation industry during the forecast period. 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.
- Technological advancements are a driving force for boosting the growth of the global healthcare automation market. Dynamic technological advancements in lab and pharmacy automation and diagnostic and monitoring automation are fuelling 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 which enables them to take important decisions for the treatment of patients. Implementation of automation in healthcare is likely to increase revenue generation at healthcare facilities, enhance efficiency, and boost healthcare delivery for patients.
Global Healthcare Automation Market: Regional Landscape
- North America accounted for the largest share of the global market in 2020. North America is the dominating region in the healthcare automation market owing to the rising application of healthcare automation in the healthcare industry in this region.
A high number of in-progress clinical testing in countries like the United States, and increasing demand for the application of technologically advanced healthcare devices in this region are also contributing to the growth of the healthcare automation market in the North American region.
- Asia Pacific is expected to be one of the fastest-growing markets during the forecast years. Increasing government expenses on medical research, increasing clinical trials, growing geriatric population coupled with the rising prevalence of chronic diseases in this region, and improvement in medical infrastructure are some of the major factors that are expected to bolster the Asia-Pacific healthcare automation market growth in terms of value sales during the forecast period.
Global Healthcare Automation Market: Key Players
- Siemens Healthineers Gmbh acquired Varian Medical Systems Inc. This German medical device company strengthens the former’s position in the Med Tech industry while granting it greater access to the latter’s extensive portfolio.
- Medical technology company Becton, Dickinson, and Company recently announced the acquisition of Parata Systems for US$ 1.5 billion. Arata Systems offers workflow and conformance packaging tools, high-speed robotic dispensers, inventory management software, and more. Bedcton, Dickinson was purchased to operate pharmacies to improve people’s lives.
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Global Healthcare Automation Market: Segmentation
- Therapeutic Automation
- Lab & Pharmacy Automation
- Logistics & Training Automation
- Diagnostics & Monitoring Automation
- Research Institutes & Labs
- Home Care
- Regions Covered
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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