Healthcare Services

Comprehensive Analysis On Size, Share, And Drivers Of The Medical Automation Market

July 22, 2024 by The Business Research Company

The Business Research Company’s global market reports provide comprehensive analysis on the various markets in 27 industries across 60 geographies.

Market Overview

2023 to 2024 Growth: The medical automation market size has seen rapid growth, expanding from $49.92 billion in 2023 to $55.22 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%.
Factors Driving Growth: Key contributors include the digitization of the healthcare industry, pandemics, infectious diseases, patient empowerment, a shortage of healthcare workers, and a focus on preventive care.

Future Market Projections

2024 to 2028 Growth: The market is expected to continue its upward trajectory, reaching $83.76 billion in 2028, with a CAGR of 11.0%.
Drivers of Future Growth: This growth is attributed to the demand for minimally invasive procedures, remote patient monitoring, hospital capacity optimization, the shift towards value-based care, and increasing awareness about the benefits of automation in healthcare.
Major Trends: Significant trends include gene editing, medical imaging adoption, 3D printing, telemedicine, the Internet of Things (IoT), and artificial intelligence (AI) integration.

Chronic Diseases Boost Market Expansion

Rising Chronic Disease Rates: The increasing prevalence of chronic diseases is a major factor propelling market growth. Chronic diseases are long-term medical conditions that worsen over time due to sedentary lifestyles, unhealthy eating patterns, and aging populations.
Impact on Patient Care: Medical automation enhances precision monitoring and timely interventions for chronic diseases, optimizing patient care and outcomes.
Statistics: According to the National Center for Biotechnology Information (NCBI), the number of individuals aged 50 and older with at least one chronic illness is projected to increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. The World Health Organization (WHO) reported that chronic diseases accounted for 74% of all deaths globally, with 41 million deaths annually.

Key Players in the Market

Major Companies: Notable players in the medical automation market include Johnson & Johnson Services Inc., F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Siemens Healthineers AG, Becton, Dickinson and Company, Royal Philips, Stryker Corporation, Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Agilent Technologies Inc., Terumo Corporation, Intuitive Surgical Inc., Smith & Nephew plc, Hologic Inc., ResMed Inc., Bio Rad Laboratories Inc., QIAGEN N.V., Carl Zeiss Meditec AG, Masimo Corporation, Elekta AB, Tecan Group Ltd., and Accuray Inc.

Innovations in Medical Documentation

AI-Powered Mobile Software: Companies are focusing on innovative solutions such as clinician-controlled mobile apps to drive revenue growth. These apps facilitate various aspects of patient care, communication, and management.
Example: In April 2024, Augmedix Inc. launched Augmedix Go, a clinician-controlled mobile app that uses ambient AI technology and structured data to create fully automated draft medical notes, simplifying the medical documentation process and allowing clinicians to focus more on patient care.

Strategic Acquisitions

Oracle Corporation Acquires Cerner Corporation: In June 2022, Oracle Corporation acquired Cerner Corporation for $28 billion. This acquisition is expected to significantly expand Oracle’s presence in the healthcare market, leveraging Cerner’s expertise to transform healthcare delivery by providing better information to medical professionals.

Market Segmentation

By Component: Equipment, Capital Equipment, Consumables, Software, Services
By Connectivity: Wired, Wireless
By Application: Diagnostics And Monitoring, Therapeutics, Lab And Pharmacy Automation, Medical Logistics And Training, Large-Joint Replacement, Spinal Fusion, Other Applications
By End User: Hospitals, Diagnostic Centers, Pharmacies, Research Laboratories And Institutes, Homecare, Specialty Clinics, Ambulatory Surgical Centers (ASCs), Other End Users

Regional Insights