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Medical Automation Market to Witness Growth Acceleration During 2020-2027

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Depp Gaikwad

Global Medical Automation Market revenue is expected to register a CAGR of 7.0% and is anticipated to reach USD 42.28 Billion by 2023. New robotic surgical procedures and increasing healthcare costs are major factors that are driving the demand in this sector.

COVID-19 Analysis

The COVID-19 is posing the biggest threat to the healthcare sector in modern years, and digital transformation will climb to the top of the business agenda. The influence of COVID-19 is pervasive, being felt in all major fields of science, politics, and technology. Artificial intelligence and robots are here to stay and their impact on healthcare systems are going to escalate. Health care facilities around the country are facing a shortage due to the overwhelming number of COVID-19 patients. When staffing becomes more limited, software robots and artificial intelligence are used to assist in the distribution of resources, ensure protection and drive efficiencies.

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Segmentation

The global medical automation market is segmented on the basis of type, and end users.

On the basis of type, the market is segmented into diagnostic & monitoring automation, therapeutic automation, lab & pharmacy automation, medical logistics & training, and others. The diagnostic & monitoring automation segment is sub-segmented into automated imaging, point-of-care testing (POCT), automated image analysis, and others. The therapeutic automation segment is sub-segmented into non-surgical automation, surgical automation, and others. The medical logistics & training segment is sub-segmented into logistic automation, trainers, and others.

On the basis of end users, the market is segmented into hospitals and diagnostic centers, pharmacies, research labs & institutes, research labs & institutes, and others.   

Regional Analysis

The Americas dominate the global medical automation market owing to an increasing prevalence of the diseases like cancer, diabetes, and others. Moreover, growing biotechnology and biopharmaceutical sector within the region is fuelling the market during the forecast period. In 2016 according to the National Cancer Institute, approximately 1,685,210 new cases of cancer were diagnosed in the United States and approximately 595,690 deaths were reported due to the same, Europe is the second largest market for the global medical automation. The market growth in the European region is facilitated by the presence of developed economies. Huge patient population and rising healthcare expenditure within the region is further fuelling the market growth within the region. In Asia Pacific region growing biotech and biopharmaceutical factor, increasing patient population and rising healthcare expenditures along with the increasing demands for the robotic surgery is driving the market growth. Moreover, favorable government policies are boosting the market growth within the region. The Middle East & Africa & Africa holds the least market share. This can be attributed to the presence of the low per capita income and stringent government policies, especially within the African region. 

Key Players

The key players in the global medical automation market are Koninklijke Philips N.V., Siemens AG, GENERAL ELECTRIC, Medtronic, Stryker, Danaher, Accuray Incorporated, and others.

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