The global medical automation market is driven by the various technological advancements in the medical sector in order to reduce human work and risk factor involved with human work. rising prevalence of chronic diseases like cancer, diabetes, and others along with the increasing pharmaceutical & biotechnology sector is the significant drivers for the market growth during the forecast period. on the other hand, the high cost involved with automation, limitations with the robotic surgery along with the necessity of physician training are the major restraining factor for the market growth during the forecast period. According to a report published by Market Research Future (MRFR), the global medical automation market has been assessed to rise exponentially at a 7% CAGR over the forecast period. Favorable government initiatives, policies, and investments have contributed significantly to the global medical automation market, enabling market players to provide high-quality health care facilities for chronic health issues and complex surgeries that have chances of human error.
Segmental analysis
The global medical automation market is segmented on the basis of type, end users, and region.
Based on type, the medical automation market is segmented into diagnostic & monitoring automation, lab & pharmacy automation, therapeutic automation, medical logistics & training, and others. The diagnostic & monitoring automation segment is further segmented into electronic imaging, point-of-care testing (POCT), automated image analysis, and others.
Based on end users, the market is segmented into hospitals and diagnostic centers, pharmacies, research labs & institutes, research labs & institutes, and others. Based on the region, the global medical automation market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
Regional Analysis
The North American region dominates the global medical automation market due to affecting factors such as the rising prevalence of chronic diseases like cancer, diabetes, and others. Furthermore, advancements in biotechnology and biopharmaceutical sectors within the region are driving the market growth during the forecast period. North America is a global leader of technological advancements and is estimated to drive market growth significantly over the forecast period. The presence of major market players in the region, especially in the U.S. also contributes to the dominant market standing of North America in the global medical automation market.
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Europe is the second largest regional market for global medical automation due to factors such as the presence of developed economies in Europe which contribute to market growth. The high investment in healthcare facilities and growing demand for automated surgeries is estimated to drive the market over the forecast period. The high purchasing power of the consumers enables them to afford high-quality medical treatments, thus creating demand for medical automation in the region.
In the Asia Pacific region, influential factors such as the growing biotechnology and biopharmaceutical sectors, growing patient numbers and the increase in healthcare expenditure along with the escalating demand for robotic surgeries are driving the market growth. The growing need for proper healthcare facilities in developing nations such as China and India is driving market growth over the forecast period. Additionally, the rising purchasing power of the consumers is enabling them to afford high-quality medical treatments, thus raising the demand for medical automation in the region.
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Key players
The key market players in the global medical automation market are Siemens AG, Koninklijke Philips N.V., General Electric, Medtronic, Stryker, Accuray Incorporated, Danaher, and others. The market players have shifted their primary focus on creating technological advancements and invested in research and developments to provide solutions for chronic illness and high-quality medical facilities.
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