Medical Automation Market is an emerging branch of the medical sector that is tended to evolve continuously in the presence of the technological advancements. Increasing prevalence of chronic diseases like cancer, diabetes, and others followed by the growing pharmaceutical and biotechnology sector are the major drivers for the market growth during the forecast period, 2017-2023.
Medical Automation Market 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.
The global medical automation market is expected to grow at a CAGR of 7.0% during the forecast period.
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Medical Automation Market 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.
Medical Automation Market Regional Analysis
The Americas dominate the global medical automation market owing to an increasing prevalence of diseases like cancer, diabetes, and others. Moreover, growing biotechnology and biopharmaceutical sector within the region is fuelling the market growth during the forecast period. Europe is the second largest market for the global medical automation. The presence of developed economies in the European region facilitates the market growth. According to the U.K HealthCare, approximately 970 robotic surgical procedures were performed within the region from 2012-2015. 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 drive the market growth. According to the Australian Institute of Health and Welfare, the healthcare expenditure in Australia reached USD 62 billion in 2014-2015 from 103 billion during 2004-05. The least share of the global medical automation market is held by the Middle East & Africa. This can be attributed to the presence of the low per capita income and stringent government policies, especially within the African region.
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