The global medical automation market was valued at USD 34.21 billion in 2015. The rising prevalence of chronic diseases and the increasing adoption of automated equipment for diagnosis and therapy are the factors propelling the market growth.
According to the World Health Organization (WHO) with chronic diseases being one of the leading factors of mortality in world, chronic conditions such as cancer, stroke, heart disease, diabetes, and respiratory diseases cause approximately 60% of the deaths. Moreover, as per NCBI by 2030, approximately 40.5% of U.S. population is projected to face one or more cardiovascular diseases, thereby enlarging the consumer base for this market.
The growth over the forecast period is attributed to the growing demand for accuracy and reproducibility during medical procedures offered by CyberKnife series and the automated defibrillators for the treatment of cancer. In addition, the rising automation in laboratories and pharmacies provide benefits such as cost savings, miniaturization of errors in huge sampling, speed, and reliability, which is expected to exert a positive impact on the future demands for medical automation over the forecast period.
Moreover, technological advancements such as robotic radio surgery systems and automated material handling systems used in the hospitals are the factors expected to drive the market growth.
North America medical automation market share, by application, 2014-2024 (USD Million)
Therapeutic automation held the largest share of over 35.0% of the application segment in 2015. This dominance is attributed to the increasing usage of automated devices, such as orthopedic navigation systems, portable imaging devices, automated microscopes, surgical robots, defibrillators, and therapeutic dispensing systems.
The increasing demand for minimally invasive surgeries is further increasing the uptake of robotic surgery systems, which is expected to boost the overall medical automation market in the near future. The benefits offered by these systems include improved patient safety, increased efficiency of the procedures, and they serve as standard emergency care; these advantages are estimated to influence the penetration of automated systems in the near future.
Hospitals & diagnostic centers dominated the end-use segment in 2015 with a market share of over 25.0% owing to the rising adoption of automated devices in diagnostics, treatment, and in laboratories & pharmacies.
Automation in the hospitals and pharmacy segment, especially in tier 2 and tier 3 cities of the emerging economies of Asia Pacific, such as India, is spearheading the growth of this industry. For instance, in India, hospitals such as Apollo and Fortis are striving to provide automated healthcare services that are operational in tier 2 and tier 3 cities.
Furthermore, the presence of government agencies such as National Patient Safety Agency to improve the incorporation of medical automation in hospital settings is anticipated to account for the increasing adoption of automation in healthcare services in the coming years.
North America held a substantial revenue share of the overall medical automation market in 2015 at over43.0%. This can be attributed to the rising government healthcare expenditure in the life sciences & healthcare sectors along with the ongoing clinical research activities in this region.
North America is followed by Europe in capturing a large market share owing to the rising geriatric population base prone to chronic diseases in this region thereby pushing the demand for point-of-care (PoC) testing.
In addition, the presence of government organizations, such as the Medicines and Healthcare Products Regulatory Agency is instrumental in validating pharmacy automated systems and other devices with European regulations, which is expected to provide this regional market with growth opportunities in the near future.
The Asia Pacific region is expected to witness lucrative growth opportunities in the future due to the rapidly improving healthcare infrastructure, the rising awareness amongst patients, and the soaring incidences of diabetes, cancer, orthopedic, and cardiovascular diseases (CVDs).
Competitive Market Share Insights
Some key players in this industry include Accuray, Inc., Tecan Group Ltd., Medtronic Plc., Swisslog Holding AG, GE Healthcare, Intuitive Surgical, Inc., Stryker Corporation, Siemens AG, Koninklijke Philips N.V., and Danaher Corporation.
The industry is highly competitive in nature and the market players are involved in strategic activities, such as collaborations, new product launches, technological advancements, and acquisitions. For example, in November 2015, Tecan completed the acquisition of Sias AG with an aim to expand its partnering business in providing complete lab mechanization solutions.
In addition, the presence of a competitive environment facilitates high R&D investments, distributive agreements, and contracts that are expected to keep the industry rivalry at par over the forecast period. For instance, in May 2016, Accuray, Inc., entered into a collaborative agreement with medPhoton GmbH in an attempt to strengthen its distribution and sales network.
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