Healthcare Automation Market: Current Analysis and Forecast (2021-2027)

Healthcare Automation Market: Current Analysis and Forecast (2021-2027)

Global Healthcare Automation Market is anticipated to grow with an elevated CAGR of around 9% over the forecast period (2021-2027). Healthcare automation is an advanced method for delivering more accurate and faster test results. Automation in healthcare involves the use of different software that promotes efficiency in the provision of medical services. This technology employs modern techniques and tools for efficiency reasons. They help monitor safety, security, and the health status of the patient from home.

The growing adoption of healthcare automation can be attributed to the continuous technological advancement in automation solutions and rising labor costs. Moreover, increasing the adoption of the Internet of Things (IoT) and artificial intelligence (AI) to automate various processes in hospitals should be a good precursor to the market. For instance, according to the CDC, In 2011, 54% of physicians had adopted an electronic health record (EHR) system, and about three-quarters of adopters reported that using their EHR system resulted in enhanced patient care.

Furthermore, the healthcare automation market is anticipated to grow on account of a large number of ongoing research activities in this field, rising government and public-private investments, and providing high potential for early-stage detection and treatment of diseases. Some of the other factors include growing investment in healthcare automation in labs and research institutes across the globe, providing high-tech solutions, and enhancing the quality of research & other activities. However, some of the restraints in the market including stringent regulatory framework and increasing cost of automation are impeding the growth of this market all over the world. Siemens AG, Koninklijke Philips N.V., Medtronic plc, Intuitive Surgical, Inc., Stryker Corporation, General Electric Company, Danaher Corporation, Swisslog Holding AG, Accuray, Inc., Tecan Group Ltd., are some of the prominent players operating in the healthcare automation market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with automated healthcare solutions.

Insights Presented in the Report
"Amongst Application, medical logistics and training segment holds the major share”

Based on application, the healthcare automation market is divided into diagnostics and monitoring, therapeutics, lab and pharmacy automation, and medical logistics and training. The medical logistics and training segment occupied the major share of the healthcare automation market in 2020 and it is expected to grow with a substantial CAGR in the upcoming years. The logistics method consists of transporting samples from distinctive departments inside a hospital or from hospitals to laboratories etc. Lab automation facilitates in lowering the time required for sample transportation and results in decreased wastage, decrease error rates, and improved pace of processing which ultimately reduces affected person waiting times. However, the therapeutics segment is also expected to grow considerably during the projected timeframe.

“Amongst End-Users, hospitals segment holds the major share”

Based on end-users, the market is fragmented into hospitals, diagnostic centers, pharmacies, home care, and others. In 2020, the hospital segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the increase in continuous technological advancement in automation solutions, the increasing construction of hospitals, and the rising adoption of various automation solutions in hospitals. For instance, NIELIT Chandigarh Centre has developed Web-based Hospital Management Software for RML Hospital that takes the help of the latest technology to manage the working of the hospital. It reduces redundant testing procedures by automatically sending test results to the medical professionals who need them. However, diagnostic centers are also likely to witness the fastest growth during the forecast period.
"North America represents one of the largest markets of healthcare automation market”

For a better understanding of the market dynamics of the healthcare automation market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the healthcare automation market industry in 2020 owing to strong healthcare infrastructure and growing adoption of healthcare automation in the region.

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