Medical Automation Market Size was valued at USD 24.17 billion in 2023 and is projected to grow from USD 26.32 Billion in 2024 to USD 41.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.82% during the forecast period (2024 - 2032). The adoption of automated instruments by pharmaceutical companies' drug development departments, the growth in demand for miniaturization, and technical advancements along with the rise in demand for robot-assisted surgeries are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
In June 2024, Intuitive Surgical, a leading company in robotic-assisted surgery, unveiled its next-generation Da Vinci Xi surgical system at the American College of Surgeons (ACS) annual scientific meeting. This innovative platform boasted enhanced surgical precision, improved visualization capabilities, and streamlined instrument control for surgeons. The Da Vinci Xi aimed to address growing demand for minimally invasive procedures while offering surgeons greater dexterity and flexibility during complex surgeries. This launch marked a significant advancement in the field of robotic surgery, potentially leading to improved patient outcomes and faster recovery times.
In April 2024, Medtronic, a global leader in medical technology, received CE Mark approval in Europe for its Hugo robotic-assisted surgery (RAS) system. This regulatory clearance marked a significant milestone for Medtronic's entry into the rapidly growing RAS market. The Hugo system boasts a unique design with a flexible robotic arm and enhanced surgeon ergonomics, aiming to improve accessibility and maneuverability during minimally invasive procedures. This launch intensified competition within the medical robotics space, offering surgeons a new option for robotic-assisted surgery with the potential to improve patient outcomes.
The growing demand for more efficient healthcare systems is one of the major drivers for medical automation. Medical automation technology such as robotics, artificial intelligence, and machine learning can assist healthcare providers in streamlining procedures, reducing errors, and improving patient outcomes.
Surgery is one area where medical automation is becoming increasingly popular. Robotic surgical systems, for example, have grown in popularity in recent years because they provide numerous advantages over traditional surgical approaches. These systems provide higher precision, less invasive operations, and quicker patient recovery times. In recent years, the number of robotic surgical procedures has rapidly increased. According to Definitive Healthcare's estimate, the number of surgical robotic procedures conducted in the United States increased by 27% between 2018 and 2019, from about 878,000 to 1.1 million procedures. According to the data, robotic surgical procedures accounted for almost 15% of all surgical procedures conducted in the United States in 2019. This is a considerable rise from 1% in 2012, demonstrating the expanding use of robotic surgical technologies in healthcare.
Diagnostic testing is another area where medical automation is gaining pace. Artificial intelligence and machine learning algorithms can assist healthcare providers in analyzing massive volumes of medical data and identifying patterns that may suggest the presence of a certain disease or condition. This can result in early detection and treatment, improving patient outcomes and lowering healthcare expenditures. Such factors have enhanced the Medical Automation market CAGR across the globe in recent years, which is driving Medical Automation market revenue.
Based on type, the global Medical Automation market segmentation includes Diagnostic & Monitoring Automation, Therapeutic Automation, Lab & Pharmacy Automation, and Medical Logistics & Training. In 2022, the therapeutic automation category held the largest proportion of the worldwide medical automation industry. The prevalence rates of many chronic diseases, as well as developments in technology and medicine systems, are all contributing to the market's overall expansion in terms of value sales. Nonetheless, the medical logistics automotion and training area is predicted to increase at a rapid pace during the projection period. This is due to the growing acceptance of healthcare automation (AGV, pneumatic tubes, RFID, and RTLS) in hospitals and diagnostic centers around the world.
October 2021: A study published in the Journal of NeuroEngineering and Rehabilitation in 2021 discovered that robotic exoskeletons were successful in improving walking abilities in stroke-related hemiparesis patients.
The global Medical Automation market segmentation, based on end users, includes Hospitals & Diagnostics Centers, pharmacies, Research Labs & Institutes, and Others. In 2022, hospitals and diagnostic centers are predicted to have the greatest market share. Because hospitals and diagnostic centers are the key healthcare facilities that require automation to increase operational efficiency and patient care, they are the primary healthcare facilities that require automation. Automation in hospitals and diagnostic centers can help to cut wait times, reduce errors, and streamline healthcare personnel's workflow. Hence, rising hospitals and diagnostic centers impact the market growth.
FIGURE 1: MEDICAL AUTOMATION MARKET, BY END-USERS, 2023 & 2032 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Because of significant R&D spending, new launches, and government initiatives, North America will dominate the sector in 2022. Furthermore, a well-established healthcare infrastructure has contributed to the region's greater use of laboratory automation. Furthermore, the supporting reimbursement system and the local presence of significant firms in this region are driving market penetration of revolutionary solutions.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MEDICAL AUTOMATION MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The European medical automation market is predicted to grow at a CAGR of 9.30% from 2023 to 2030. The region's market expansion is likely to be aided by increased demand for technology-driven systems, the presence of key players, and the presence of well-established and developed healthcare infrastructure. Furthermore, the presence of government agencies, such as the Medicines and Healthcare Products Regulatory Agency, is critical in certifying pharmacy automation systems and other devices with European standards, which is expected to provide growth opportunities for this regional market in the coming years. Further, the Germany Medical Automation market held the largest market share, and the UK Medical Automation market was the fastest growing market in the European region
Furthermore, the markets in Asia Pacific Medical Automation market are expected to grow at the fastest compound annual growth rate (CAGR) over the forecast period, owing to the region's developing healthcare sector, increasing cases of chronic diseases, and growing government and corporate investment in the healthcare sector, which are the region's major growth factors. Moreover, China Medical Automation market held the largest market share, and the India Medical Automation market was the fastest growing market in the Asia-Pacific region
The increased interest in digital health and healthcare innovation in the Asia-Pacific area is a new phenomenon. Many governments in the region are investing in digital health projects and encouraging the growth of healthcare companies and innovation hubs. For example, the Indian government started the Digital India programme in 2015 with the goal of improving access to healthcare and other public services through the use of technology. Singapore's government has established a number of initiatives to stimulate healthcare innovation and is investing in the development of new technologies such as artificial intelligence (AI) and robotics for healthcare.
Medical Automation Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Medical Automation market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. For example, Ortho Development announced in May 2021 that the FDA had approved the use of its BKS and BKS TriMax implants with THINK Surgical's TSolution One TKA programme. Corin Group, on the other hand, announced updates to its cloud-based digital ecosystem in May 2021, including a significant software update for CorinConnect. Competitors in the Medical Automation industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global Medical Automation industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Medical Automation industry has provided with greatest benefits with some of the most significant benefits. The Medical Automation market major player such as Koninklijke Philips N.V. (Netherlands), General Electric Company (US), Stryker Corporation (US), Siemens AG (Germany), Medtronic Plc (Ireland), Becton (US), Dickinson and Company (US), M Company (US), Tecan Trading AG (Switzerland), Danaher Corporation (US), Intuitive Surgical (US), and Others.
Koninklijke Philips N.V. (Royal Philips) is a Dutch multinational firm that operates in the healthcare, lighting, and consumer products sectors. The healthcare division of the corporation provides a diverse range of medical equipment and services, such as diagnostic imaging systems, patient monitoring solutions, and healthcare informatics. With operations in over 100 countries, Philips has a strong presence in the worldwide healthcare sector. The company is focused on innovation and has a considerable R&D budget dedicated to developing innovative technology and solutions for the healthcare industry.
General Electric (GE) is a worldwide conglomerate based in Boston, Massachusetts, with businesses in energy, aviation, healthcare, and finance. GE Healthcare provides a variety of medical equipment and services, including diagnostic imaging systems, patient monitoring solutions, and healthcare information technology. GE is actively involved in the development of medical automation technology, with the goal of improving patient outcomes and enhancing healthcare delivery efficiency. The corporation is making significant investments in artificial intelligence (AI) and machine learning technologies that can be used in healthcare. GE's healthcare IT solutions are intended to improve clinical decision-making, streamline healthcare operations, and boost the effectiveness of healthcare delivery.
Key Companies in the Medical Automation market includes
Medical Automation Industry Developments
Jan 2022: Becton, Dickinson, and Company, a medical technology company, announced a $1.5 billion acquisition of Parata Systems. Inventory management software, high-speed robotic dispensers, workflow solutions, and conformance packaging tools are all available from Parata Systems. The acquisition goal of Becton, Dickinson is to operate pharmacies to help people live better lives.
Jan 2021: Varian Medical Systems, Inc. was purchased by Siemens Healthineers GmbH. This is a German medical device firm that allows the former to have more access to the latter's extensive portfolio while also strengthening its position in the MedTech sector.
April 2021: Philips acquires Capsule Technologies, Inc. They serve hospitals and healthcare institutions with medical device integration and data technology. The goal is to strengthen Philips' position as a leader in patient care management solutions. Capsule Technologies, Inc offers medical device information platforms that include device integration, clinical surveillance services, and vital signs monitoring. Philips' objective is to use integrated solutions to transform the delivery of healthcare in the health area. It aids in the connectivity of nearly all medical devices as well as EMRs in hospitals.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 24.17 billion |
| Market Size 2024 | USD 26.32 billion |
| Market Size 2032 | USD 41.4 billion |
| Compound Annual Growth Rate (CAGR) | 5.82% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-Users, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Koninklijke Philips N.V. (Netherlands), General Electric Company (US), Stryker Corporation (US), Siemens AG (Germany), Medtronic Plc (Ireland), Becton (US), Dickinson and Company (US), M Company (US), Tecan Trading AG (Switzerland), Danaher Corporation (US), Intuitive Surgical (US), and Others. |
| Key Market Opportunities | Emerging markets and untapped opportunities in developing countries Development of home healthcare devices and services Partnerships and collaborations between technology companies and healthcare providers |
| Key Market Dynamics | Rising demand for automation in healthcare to reduce errors and increase efficiency Increasing need to minimize healthcare costs Growing prevalence of chronic diseases and the aging population Advancements in technology such as the development of AI and robotics in healthcare |
Medical Automation Market Highlights:
Frequently Asked Questions (FAQ) :
The global Medical Automation market size was valued at USD 24.17 Billion in 2023.
The global market is projected to grow at a CAGR of 5.82% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are Koninklijke Philips N.V. (Netherlands), General Electric Company (US), Stryker Corporation (US), and Siemens AG (Germany).
The Therapeutic Automation category dominated the market in 2022.
The Hospitals & Diagnostics Centers had the largest share in the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
