New York, United States – Medical Automation market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Medical Automation market by region.
The global medical automation market is projected to grow at a CAGR of 7.0% during the forecast period (2017-2023).
Medical Automation Market Research Report: By Type (Diagnostic and Monitoring Automation, Therapeutic Automation, Lab & Pharmacy Automation, Medical Logistics & Training), By End Users (Hospitals, Pharmacies, Research Labs) – Global Forecast till 2023
The digital economy affects the world’s trajectory and the societal well-being of common citizens. In addition, it influences everything from resource assignment to income allocation and economic growth. The adoption of the Internet of Things is pushing significant market growth. Additionally, in 5-10 years, the latest technologies such as robotics, AI, and augmented reality can illustrate around 27% of ICT spending. Consumer demand for access to content and products at any time and from any location is propelling the ICT market forward. The ICT sector is lucrative for vendors since it has about 7 billion mobile subscribers and 3 billion Internet, users.
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Lately, different mechanical headways prompted the automation of the healthcare sector which has empowered the controlled utilization of healthcare systems and related innovations. This has reduced the requirement for human labor in the generation of products and services. Expanding pervasiveness of the chronic diseases like diabetes, cancer and others alongside the developing pharmaceutical and biotechnology industry are the significant drivers for the market development of the global medical automation market amid the forecast period. The growing demand for robotic surgeries is also boosting the growth of the market. Besides, it is recommended that blood transfusion rates amid robotic medical procedures are insignificant when contrasted with the open medical procedure blood transfusion rates that might be up to 40%. However, the higher automation costs, improper training of the physicians and the risks of performing robotic surgeries are hampering the market growth. The global medical automation market is projected to grow at a CAGR of 7.0% during the forecast period (2017-2023).
The global medical automation market is distinguished on the basis of its end users and type. Based on its end users, the market is sectioned into pharmacies, research labs & institutes, hospitals, and diagnostic centers, research labs & institutes, among others. On the basis of its type, the global medical automation market is classified into therapeutic automation, diagnostic & monitoring automation, medical logistics & training, lab & pharmacy automation, and others.
Geographically, the global medical automation market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
The major industry players included in the global medical automation market are Siemens AG, Koninklijke Philips N.V., GENERAL ELECTRIC, Accuray Incorporated, Medtronic, Stryker, Danaher, among others.
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What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes. During the forecast period, the report analyzes the growth rate, market size, and market valuation. The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic has affected almost every industry. The market witnessed a significant decline in investments, mainly in the energy and power sector. According to the estimations by the International Energy Agency, investments in the energy and power domain are projected to decrease by 10% in 2020 as compared to the pre-pandemic statistics. This indicate the condition of global marketplace along with severe challenges faced during pandemic.
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
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