The Business Research Company recently released a comprehensive report on the Global Medical Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The medical automation market size has rapid growth in recent years. It will grow from $49.92 billion in 2023 to $55.22 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to healthcare industry digitization, pandemics and infectious diseases, patient empowerment, healthcare worker shortage, and focus on preventive care.
The medical automation market size is expected to see grown rapidly in the next few years. It will grow to $83.76 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to demand for minimally invasive procedures, remote patient monitoring, hospital capacity optimization, the shift towards value-based care, and growing awareness about the benefits of automation in healthcare. Major trends in the forecast period include gene editing, the adoption of medical imaging, 3d printing, telemedicine, the Internet of Things (IoT), and the integration of artificial intelligence (AI).
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the medical automation market going forward. Chronic diseases refer to long-term medical disorders that remain for a long time and tend to get worse with time. The increase in chronic diseases is due to sedentary lifestyles, unhealthy eating patterns, and the aging demographic. Medical automation facilitates precision monitoring and timely interventions for chronic diseases, optimizing patient care and outcomes. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, 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. Furthermore, in September 2022, according to the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, chronic diseases accounted for 74% of all deaths globally, with 41 million deaths annually. Therefore, the increasing cases of chronic diseases are driving the growth of the medical automation market.
Major companies operating in the medical automation market are focusing on developing innovative solutions, such as clinician-controlled mobile apps, to drive revenue growth. A clinician-controlled mobile app is a software application designed by healthcare professionals, such as physicians, nurses, therapists, and other clinicians, to facilitate various aspects of patient care, communication, and management. For instance, in April 2024, Augmedix Inc., a US-based data services and medical documentation company, launched Augmedix Go. This clinician-controlled mobile app uses ambient AI technology and structured data to create a fully automated draft medical note after patients visit healthcare settings such as emergency departments. This automation simplifies the medical documentation process, allowing clinicians to spend more time on patient care by reducing time spent on administrative tasks like note-taking.
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Major Key Players of the Market:
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.
Medical Automation Market 2024 Key Insights:
• The medical automation market size is expected to see grown rapidly in the next few years. It will grow to $83.76 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• Rising Chronic Disease Rates Fuel Growth In Medical Automation Market
• Revolutionizing Medical Documentation With AI-Powered Mobile Software
• North America was the largest region in the medical automation market in 2023
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