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How has the medical automation market grown in recent years?

The size of the medical automation market has seen a swift increase in the past few years. It’s projected that it will expand from $55.22 billion in 2024 to $61.43 billion in 2025, at a compound annual growth rate (CAGR) of 11.2%. Factors such as the digitization of the healthcare industry, pandemics and infectious diseases, enhancing patient autonomy, a lack of healthcare workers, and an emphasis on preventive care have all contributed to the growth in this historical phase.

How is the medical automation market size expected to evolve during the forecast period?

Expectations are high for the medical automation market size to experience swift expansion in the ensuing years. The projections suggest a growth to $92.78 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 10.9%. The predicted growth in the forecast period can be ascribed to the increasing demand for processes such as minimally invasive treatments, remote monitoring of patients, optimizing hospital capacity, the transition towards value-based treatment, and the heightened awareness about the advantages of incorporating automation in healthcare. Key trends expected during the forecast period involve gene editing, the uptake of medical imaging, 3d printing, telemedicine, the Internet of Things (IoT), and the embedding of artificial intelligence (AI).

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Which key drivers are propelling the medical automation market’s growth?

An upswing in chronic diseases is anticipated to fuel the expansion of the medical automation market in the future. These diseases, which persist for prolonged periods and typically worsen over time, are becoming more widespread because of sedentary lifestyles, poor dietary habits, and an aging population. Medical automation supports precise monitoring and prompt treatment for chronic diseases, thereby maximizing patient care and health outcomes. For example, a report titled “2022 Highlights” by the World Health Organization (WHO), an intergovernmental health organization based in Switzerland, stated in September 2022 that chronic diseases were the cause of 74% of all worldwide deaths, leading to 41 million deaths every year. Hence, the escalating occurrences of chronic diseases are propelling the growth of the medical automation market.

What are the market segments in the medical automation industry?

The medical automation market covered in this report is segmented –

1) By Component: Equipment, Capital Equipment, Consumables, Software, Services

2) By Connectivity: Wired, Wireless

3) By Application: Diagnostics And Monitoring, Therapeutics, Lab And Pharmacy Automation, Medical Logistics And Training, Large-Joint Replacement, Spinal Fusion, Other Applications

4) By End User: Hospitals, Diagnostic Center, Pharmacies, Research Laboratories And Institutes, Homecare, Specialty Clinics, Ambulatory Surgical Centers (ASCs), Other End Users

Subsegments:

1) By Equipment: Diagnostic Equipment, Therapeutic Equipment, Monitoring Equipment

2) By Capital Equipment: Surgical Robots, Imaging Systems (MRI, CT Scanners), Patient Lifting Equipment, Automated Laboratory Equipment

3) By Consumables: Test Strips And Kits, Reagents And Chemicals, Single-Use Devices

4) By Software: Healthcare Management Software, Diagnostic Software, Automation Software For Laboratory And Pharmacy Systems, AI Or ML-Based Software Solutions For Medical Diagnostics

5) By Services: Maintenance And Support Services, Consulting Services, Integration And Implementation Services, Training Services

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Which leading companies are shaping the growth of the medical automation market?

Major companies operating in the medical automation market are 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., Accuray Inc.

What emerging trends are influencing the growth of the medical automation market?

Prominent companies in the medical automation market are intensifying their focus on creating innovative solutions like clinician-controlled mobile apps to enhance their revenue growth. Clinician-controlled mobile apps are software applications crafted by healthcare professionals like doctors, nurses, therapists, and various other clinicians. Their purpose lies in simplifying different facets of patient care, communication, and management. One example of this is Augmedix Go, launched in April 2024 by Augmedix Inc., a medical documentation and data services firm based in the US. Utilizing ambient AI technology and structured data, this clinician-controlled mobile app generates a completely automated draft medical note following a patient’s visit to healthcare facilities including emergency departments. This automation streamlines the medical documentation procedure, freeing up more time for clinicians to dedicate towards patient care by lessening the time required for administrative duties such as note-taking.

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Which geographic areas are influencing the growth of the medical automation market?

North America was the largest region in the medical automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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