New healthcare technologies underpinned by next wave of automation in therapeutics and diagnostics; AI and machine learning to expand avenues in healthcare automation market
Adoption of labs and research institutes to unlock massive revenue prospects; North America market to witness vast lucrative opportunities from automation of medical services
ALBANY, N.Y., April 25, 2022 /PRNewswire/ -- An array of automation technologies has been instrumental in reducing the cost burden of hospitalization, and have underpinned the development of system for cost-effective and efficient patient care. The demand is rising in therapeutic, diagnostic, lab & pharmacy, and logistics with an aim to streamline workflows. Smart automation of processes in research institutes is fueling growth prospects of the healthcare automation market. The global valuation is projected to surpass US$ 88.9 Bn by the end of 2028.
Automation of the clinical processes will support the healthcare industry to improve the patients' satisfaction, and is a key underpinning of the expansion of the healthcare automation market. Furthermore, state-of-the-art platforms based on artificial intelligence, machine learning, and Internet-of-things (IoT) in hospital pharmacy automation are helping end users to unlock new operational gains.
Governments in numerous nations are keenly supporting process automation of health systems to mitigate the various cost pressures and human resource constraints faced by healthcare providers. This, the TMR analysts opine, will expand the horizon for investments in the healthcare automation market. Doctors are increasingly accepting healthcare automation, given its role in supporting their clinical decision making.
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Key Findings of Healthcare Automation Market Study
Benefits of Automation in Reducing Cost and Other Pressures to Improve Quality of Life: The increasing trend of workflow automation in the healthcare industry has been propelling revenue gains for the healthcare automation market. The primary healthcare has found automation to be effective in reducing the burden of skill and staff shortage, budget constraints, and the high expectations of the patient population. The growing demand for automation in pharmacy and logistics to improve the patient care delivery has also spurred profitable opportunities.
Next-gen Technologies to Underpin Cost-Effective and Efficient Patient Care: A number of new-age technologies based on machine learning and AI is being increasingly utilized in electronic health records to improve patient outcomes and enrich satisfaction. Automation technologies have made significant penetration in computerized therapy system, due to which therapeutic automation has contributed sizable revenues to the global healthcare automation market. The segment, found the TMR analysts in this in-depth study, held a leading share globally in 2020. AI and machine learning have been empowering clinicians in the decision making in disease diagnosis and treatment. Furthermore, the analysts at TMR find enterprises in the healthcare automation market witness value-grab opportunities in automating administrative and operational workflows. Of note, lab & pharmacy automation is expected to unlock incredible avenues in the healthcare automation market.
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Healthcare Automation Market: Key Drivers
Continuous initiatives by governments in various countries to boost patient satisfaction in primary healthcare care have strengthened the required infrastructure development
The expanding wave of next-gen automation is opening new frontiers in therapeutics development and disease diagnosis. This is generating impetus to the growth of the healthcare automation market. The shift toward widespread use of electronic health records and electronic medical records is a pivotal trend in bolstering the revenue prospects of the healthcare automation market.
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Healthcare Automation Market: Regional Growth Dynamics
North America held a major share of the global healthcare automation market in 2020. Rapidly increasing uptake of automation in clinical research activities has spurred the revenue prospects of the North America healthcare automation market. Furthermore, the drive for innovative automation technologies in medical services is expected to create massive revenue streams.
Asia Pacific is expected to witness massive lucrative avenues during the forecast period. The revenue generation has been promoted by the need for cost-effective and efficient healthcare.
Healthcare Automation Market: Key Players
Some of the key players in the healthcare automation market are Tecan Group Ltd., Accuray, Inc., Danaher Corporation, Stryker Corporation, Intuitive Surgical, Inc., Medtronic plc., Koninklijke Philips N.V., Swisslog Holding AG, and General Electric Company.
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Global Healthcare Automation Market: Segmentation
Healthcare Automation Market, by Application
Lab and Pharmacy Automation
Logistics & Training Automation
Diagnostics & Monitoring Automation
Healthcare Automation Market, by End-user
Research Institutes & Labs
Healthcare Automation Market, by Region
Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Modular Laboratory Automation Market: Major pharmaceutical companies are increasingly realizing the value of R&D and are investing in it to maintain a competitive edge. This focus on R&D is likely to propel the modular laboratory automation market during the forecast period. Moreover, the trend of system miniaturization is anticipated to drive the global modular laboratory automation market.
Medical Automation Market: Companies and medical institutions are channeling more funds into medical automation systems and software enticed by benefits such as cost containment, increased speed, greater transparency in processing, and reduction in errors. This thus lays a strong foundation for the growth of the global medical automation market.
Clinical Laboratory Services Market: increasing incidence of infectious diseases, rising prevalence of chronic diseases, rising geriatric population, and the increasing awareness of early detection and prevention have enabled the clinical laboratory testing and services market gain pace especially in the Middle East countries.
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