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Healthcare Automation Market

Healthcare Automation Market

Healthcare Automation Market Analysis by Application (Therapeutic Automation, Lab & Pharmacy Automation, Logistics & Training Automation, Diagnostics & Monitoring Automation), by End User, by Region - Global Forecast 2021-2028

Healthcare Automation Market
FACT7224MR
  • Apr-2022
  • List of Tables : 25
  • List of Figures : 132
  • 170 Pages
  • Healthcare

Healthcare Automation Market Outlook (2021-2028)

The global healthcare automation market was valued at US$ 36.9 Bn in 2020. The healthcare automation market is projected to accelerate at a healthy CAGR of 8.4% to top a market valuation of US$ 88.9 Bn by the end of 2028.

Report Attributes

Details

Healthcare Automation Market Size (2020)

US$ 36.9 Bn

Projected Year Value (2028)

US$ 88.9 Bn

Global Market Growth Rate (2021-2028)

8.4% CAGR

North America Market Share (2022)

40%

Key Companies Profiled

  • Siemens AG
  • Koninklijke Philips N.V.
  • Medtronic plc
  • Intuitive Surgical, Inc.
  • Stryker Corporation
  • General Electric Company
  • Danaher Corporation
  • Swisslog Holding AG
  • Accuray, Inc.
  • Tecan Group Ltd.

Revenue Analysis of Healthcare Automation from 2017-2020 Vs Market Outlook for 2021-2028

“Rapid Implementation of Automation to Offer Superior Healthcare to Patients”

As per Fact.MR, a market research and competitive intelligence provider, the global market for healthcare automation was valued at US$ 36.9 Bn in 2020.

Use of control systems and information technology to reduce human effort in various operations is referred to as automation. Higher production rates, enhanced productivity, more effective use of raw materials, and improved safety are all benefits of automation.

Healthcare Automation Market forecast analysis by Fact.MR

Growing demand for data centralization and process automation is propelling the global healthcare automation industry forward. Furthermore, automation aids in the monitoring of real-time data, the optimization of inventory demand and supply, and the provision of real-time doctor and instrument location.

Furthermore, rising government initiatives and investments in the healthcare sector are propelling the market forward. These factors are expected to fuel the expansion of the healthcare automation market over the coming years.

Considering these factors, the market is projected to witness high growth over the forecast period, registering a CAGR of 8.4% to reach US$ 88.9 Bn by 2028.

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Which Growth Trend is Driving the Market for Healthcare Automation Solutions?

“Rise in Operational Efficiency to Augment Overall Market Growth”

The healthcare industry is quickly adopting innovations, such as medical automation, healthcare AI, healthcare RPA, EHR automation, and medical imaging technology and relying on maximum benefits to boost operational efficiencies, save costs, and improve the quality of treatment.

Healthcare automation programs are assisting healthcare professionals and emergency clinic administrators in running their day-to-day operations flawlessly, as well as treating and managing ongoing care more effectively.

Smart scheduling application allows patients to meet with attendants based on their proximity, coordinates pharmaceutical claims to the patient's needs, and then schedules the medical attendant to visit the patient at home. Medical attendants can access real-time patient data through a single interface, allowing them to provide the best possible care.

What are the Challenging Factors for Market Expansion?

“Lack of Skilled Professionals & High Installation Costs Hampering Market Growth”

High installation and maintenance costs, as well as privacy and security issues, are hindering the global healthcare automation market growth.

Furthermore, the limited programmability of automation systems is another reason that is predicted to hamper the worldwide expansion of healthcare automation over the forecast period.

Malware, defects, and breaches can make the systems vulnerable to a variety of attacks. Furthermore, a lack of highly skilled workers might impede the development and implementation of innovative technology.

An Adaptive Approach to Modern-day Research Needs

Which Region is Expected to Lead the Global Market for Healthcare Automation Systems?

“Rise in Clinical Research Activities to Propel Market Expansion in North America”

North America is expected to account for is expected to account 40% share of the healthcare automation market in 2022. Because of developments in healthcare and information technology, North America is one of the leading regions in the market.

Market growth for healthcare automation in North America is being driven by an increase in clinical research activities. The high adoption rate of high tech medical devices, as well as a developed healthcare reimbursement framework, are driving the market expansion in the region

Country-wise Insights

Why is the U.S. a Lucrative Market for Healthcare Automation System Providers?

“Rising Initiatives for Healthcare Automation System Innovation Boosting Market Value”

The global healthcare automation market is estimated to be dominated by the U.S. Government organizations in the U.S. are investing in research and development (R&D), which will help the healthcare automation sector innovate.

Individuals with a high prevalence of chronic diseases are driving demand for government support for healthcare automation technologies. The growing need for better healthcare services and increasing preference for diagnostics & monitoring automation are driving the market growth in the U.S.                                                                                   

What is the Healthcare Automation Market Outlook for China?

“Rapid Deployment of Automated Technologies to Drive Market Expansion”

The healthcare automation market in China is predicted to reach new heights due to rapidly developing healthcare infrastructure and increased patient awareness, and the usage of automated technologies in the healthcare business is increasing.

The market is growing due to an ageing population and associated disorders, the availability of a large patient pool, and the development of healthcare infrastructure.

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Category-wise Insights

Which Healthcare Automation Application Accounts for Highest Revenue Generation?

“Rising Need for Accuracy in Healthcare Driving Demand for Therapeutic Automation Applications”

Demand for therapeutic automation applications is set to increase at a CAGR of 8.1% over the forecast period.

Therapeutic automation is the leading application in the healthcare automation market. Therapeutic automation, commonly referred to as therapeutic assistance or patient-specific gadgets, is a technical solution that aids patients in managing their ailments and achieving specified objectives.

Therapeutic devices are developed to help patients with specific conditions with daily tasks such as eating, dressing, bathing, and so on. These automated tools can be used by healthcare providers as part of their treatment plans, and they can also be prescribed to patients who can use them at home.

The term "therapeutic automation" refers to fully automated digital therapy systems. The system is gaining traction since it incorporates a variety of tools and technologies that provide superior therapies to patients, including physiological procedure regulation.

Which End User Will Emerge as Key Market Contributor?

Research Institutes and Labs Maintaining Lead with Efficient Solutions to Improve Overall Work Efficiency”

In research institutes and labs, healthcare automation offers a wide range of applications. It is used for a variety of reasons, including increasing the efficiency, accuracy, quality, reliability, and timeliness of testing; giving access to test results that would otherwise be difficult or impossible to obtain; lowering the risk of human error and providing an audit trail of test results to prove compliance requirements.

Research institutes and labs are investing to automate certain processes and enhance overall job productivity with lab digitization. This automation is assisting institutes in improving the quality of their experimental data, reducing lab process cycle times, and increasing overall productivity.

As a result of growing automation adoption by these end users, research institutes and labs have become the top revenue-generating segment. The healthcare automation industry is expected to gain attractive opportunities from this category over the coming years.

COVID-19 impact on Healthcare Automation System Demand

The COVID-19 pandemic had a significant impact on the healthcare industry as a whole, affecting all major scientific, medical, and technological sectors. The COVID-19 pandemic brought the issue of healthcare-associated illnesses to the forefront. Medical providers lost a large amount of revenue as a result of patients being pushed to postpone non-essential visits and procedures.

Healthcare organizations are adopting automation because it helps them to achieve previously unimaginable levels of performance while also supporting them in attaining various strategic goals with automated clinical insights. Artificial intelligence and robots are here to stay, and their impact on healthcare systems is only going to increase.

Artificial intelligence and software robots are being used to assist with resource distribution, security, and efficiency advantages. Furthermore, these technologies are paving the way for potential in the healthcare automation business over the coming years by automating and managing specialized care operations.

Competitive Landscape

Healthcare automation system providers are becoming increasingly interested in developing novel items. Aside from that, a number of businesses are engaging in collaboration, mergers, and acquisitions. All of these efforts are expected to propel the global healthcare automation market to new heights over the coming years.

For instance,

  • In 2020, Health Catalyst, Inc. agreed to purchase Healthfinch, Inc., a Madison, Wisconsin-based company that offers a workflow integration engine that combines insights and analytics into EMR workflows to enhance clinicians' efforts to address patient care gaps in real time.

Key Segments Covered in Healthcare Automation Industry Research

  • Healthcare Automation Market by Application:

    • Therapeutic Automation
    • Lab & Pharmacy Automation
    • Logistics & Training Automation
    • Diagnostics & Monitoring Automation
  • Healthcare Automation Market by End User:

    • Pharmacies
    • Research Institutes & Labs
    • Home Care
    • Others
  • Healthcare Automation Market by Region:

    • North America Healthcare Automation Market
    • Europe Healthcare Automation Market
    • Asia Pacific Healthcare Automation Market
    • Latin America Healthcare Automation Market
    • MEA Healthcare Automation Market

- FAQs -

The global healthcare automation market was valued at US$ 36.9 Bn in 2020.
The healthcare automation market is expected to rise at 8.4% CAGR from 2021 to 2028.
Siemens AG, General Electric Company, Swisslog Holding AG, Koninklijke Philips N.V., and Medtronic plc are key suppliers of healthcare automation systems.
North America accounts for 40% share of the global healthcare automation market.
Innovations in healthcare information technology, rising geriatric population, and increasing incidence of chronic diseases are driving market growth.
The U.S., U.K, Germany, Japan, and China are expected to drive most demand for healthcare automation systems and solutions.

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